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• W98075346 abstract "The different investment needs of the upper mass market and mass affluent as well as the affluent and wealthy markets is prompting banks to better organize themselves to meet those needs. The annual Kehrer-Essex Bank Investment Program Benchmarking Study collected data on 94 measures of investment program performance for 618 financial institutions. Highlights are presented in this report. Emergence of platform investment reps Training and licensing branch platform staff to supplement fulltime investment counselors continues to capture the imagination of the banking industry. Over half of the consumer investment programs studied deploy such a hybrid investment sales force. In 1997, less than four of ten banks participating in our annual benchmarking study deployed a hybrid sales force [Exhibit 1]. The prevalence of what have come to be called platform investment reps is much higher among larger banks. By our count, 22 of the 25 largest banks are now selling investments through licensed platform bankers. Among participants in the study, only 31% of community banks and credit unions have licensed platform bankers to sell investments, compared with 60% of regional banks, 80% of super regionals, and 86% of money center and mega banks. Overall, we estimate that there are now more than 38,000 platform reps in U.S. banks, compared to about 16,000 full time financial advisors. The typical licensed banker earns 12% of the commission revenue in sales incentives, compared to 33% for a retail broker working in a bank. Because of that differential, banks that license their branch staff usually have had higher profit margins from branch staff investment sales than from traditional broker sales. Last year hybrid consumer investment programs had revenue margins from consumer investment services which were 15 percentage points higher than programs that relied exclusively on full-time brokers [Exhibit 2]. These higher profit margins have been only partly the result of lower sales compensation. These programs also have a much higher sales mix of fixed annuities, which generate 50% to 75% higher commission revenue per dollar invested than mutual fund sales. In 2003 fixed annuity sales accounted for 46% of revenue in banks that supplemented their broker sales force with platform reps, compared to only 25% in traditional broker-only consumer investment sales programs. However, adding platform reps to a broker-only program does cannibalize some of the broker's sales. Brokers who work in banks that do not have platform investment reps produced average annual gross commission revenue of $251,138 for the consumer investment program in 2003, 14% more than brokers who worked alongside platform reps [Exhibit 3]. Nonetheless, hybrid consumer investment programs generally produce higher revenue for the size of the bank than traditional broker-only sales forces. In 2003 hybrid sales programs had average deposit revenue penetration of $1,834 per million, 4% better than banks that provided consumer investment services only through full-time brokers. So while platform reps may take some sales away from the bank's brokers, their sales are additive on a net basis [Exhibit 4]. The combination of fatter profit margins and higher revenue results in much higher profit contribution from hybrid investment sales forces, relative to the size of the bank. Last year hybrid investment programs contributed $637 in profit per million of bank retail deposits, 61% more than broker-only programs. Hybrid investment programs have had higher deposit profit penetration than traditional broker-only sales forces in every year that we have conducted our benchmarking survey [Exhibit 5]. A shift to wealth management units As bank consumer investment sales programs have matured, the responsibility for consumer investments in many large banks has moved to the retail bank. The number of banks where the consumer investment organization was integrated into the retail bank doubled between 1995 and 2002, becoming the most common management structure. …" @default.
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• W98075346 date "2004-12-01" @default.
• W98075346 modified "2023-09-24" @default.
• W98075346 title "Banks Rethink Sales Structures: The Hybrid Approach Continues to Grow, but a New Integrated Wealth Management Structure Is Taking Hold, Research Shows" @default.
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