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• W47785730 abstract "In a recent article, Consumer Reports shot an arrow at the heart of bank mutual-fund investment programs. In a highly critical report, the magazine attacked bank mutual fund representatives, describing them as a generally unsavory lot that offers misleading or ignorant advice on the nature and use of mutual funds and annuities. The magazine conducted fictitious sales interviews with investment reps at banks around the country and concluded that the advice received was often inappropriate, sometimes wildly so. Money magazine came to similar conclusions based on its own survey, reported in the May 1994 issue. These survey results, at the least, should cause senior bank managers to reassess their investment-sales programs and recognize the potential for serious damage to their branch franchises. Once the destructive potential is acknowledged, an alternative approach can be adopted that will position banks as the providers of choice for investment products. Rush to generate fees Several powerful forces have driven banks to an ever-deeper commitment to investment and insurance products. As banks were allowed to enter these businesses, they naturally turned to the securities and insurance industries to help them establish their programs. Unfortunately, this led many banks to import the problems of these industries as well as their promise, and their biggest problem is unsavory sales practices. In the securities and insurance businesses, new reps must gain customers quickly or they won't survive. The company sponsoring a new hire typically provides office space and a telephone plus a small stipend. Without an existing customer base or franchise, and with minimal salary or draw, the pressure is on the fledgling broker right off the bat to sell, sell, sell. It is a system that produces inappropriate selling, misrepresentation, and heavy-handed manipulation--all the selling techniques for which these industries have become known and loathed. Witness the recent woes of MetLife and Prudential Securities in this regard. By bringing such high-pressure practices into their branches, and by allowing them to be used to sell products to their existing, conservative customer base, some banks have unwittingly allowed their franchises to become debased, and their position of trust devalued. We're not pushers Executives at banks where this happens, who most likely have never worked in investment sales, either do not understand the degree of damage being done or are in a state of denial. I once attended a sales rally at my previous bank employer. The meeting included branch managers and their reps and was held to address a huge shortfall in actual sales production from the original goals. Senior managers repeated over and over that the investment reps were not product pushers, but rather problem solvers with the clients' best interests at heart. In reality, investment reps are typically under tremendous financial strain, given their commission-dependent compensation plans and the limited territories they serve. They are constantly worried about meeting their production requirements. These pressures inevitably lead to pushing. And the greater the push, the more distrustful customers become, which weakens their relationship with the bank. Further, as in the brokerage business at large, sales-rep turnover at banks can be high--which means that branch customer lists are worked over again and again by a parade of new reps replacing the washouts. …" @default.
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• W47785730 date "1994-08-01" @default.
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• W47785730 title "The Wrong Way to Run a Bank Investment Program, and How to Change It" @default.
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