Slideshow Smartest Ideas We Heard at BISA

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  • March 22 2016, 10:54am EDT
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Smartest Ideas We Heard at BISA

Bank Investment Consultant descended upon Hollywood, Fla., last week for the annual Bank Insurance & Securities Association conference. In addition to the articles we posted on our website while the conference was in session, we've also gathered the best nuggets we heard for a quick overview here. The following quotes and statistics were either part of the stories or simply noteworthy ideas that weren't included in our coverage.

Click through to see the smartest things we heard at BISA.

Smartest Ideas We Heard at BISA

Financial institutions just don't know what the Labor Department's final fiduciary rule is going to demand of them and of the industry, says Moon. Even banks that are gearing up for change have reservations about all the effort they're making. "They don't know yet if they're all the right things that they should be doing," Moon says.

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Smartest Ideas We Heard at BISA

Brennan encouraged advisors and program managers to address disruptors, rather than ignoring them and risk turning into "disuptees." The disruptions caused by digital advice providers and the Labor Department's impending fiduciary rule are opportunities for bank wealth management businesses to up their game, Brennan says.

Smartest Ideas We Heard at BISA

Comfort and the panel he moderated spelled out the ways in which LPL is helping its advisors and financial institutions prepare for the coming regulatory changes. In addition to slashing fees on centrally managed platforms and reducing account minimums, the firm plans to create a simplified brokerage mutual-fund only platform that is geared toward smaller investors in a new fiduciary environment.

Smartest Ideas We Heard at BISA

The sobering finding in Kehrer Bielan's recently released report will force banks and credit unions to rethink how they are going to generate future growth, says the firm's senior research director, Tim Kehrer.

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Smartest Ideas We Heard at BISA

Mason argued the DoL's "terrible new rule" doesn't work and will hurt small investors who will no longer be able to receive any kind of advice because their accounts are too small to do fee-based planning. He expects a huge customer outcry to start this year and reach a crescendo in 2017.

Smartest Ideas We Heard at BISA

In a speech titled "Understanding the Economy and Navigating the Market," Quincy Krosby cited William McChesney Martin, the longest-serving Fed chairman who guided the central bank from 1951 to 1970, on the limitations of the Fed's power on the economy.

Smartest Ideas We Heard at BISA

While moderating a panel discussion titled "Growing the Franchise," Paul DiBenedetto cited statistics that came from a study, which Kehrer Bielan Research & Consulting conducted for the conference, that illustrate the low "share of wallet" rates most bank programs enjoy.

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Smartest Ideas We Heard at BISA

In a speech titled "Increasing Branch Investment Revenue by 34%," industry consultant Anthony Cole emphasized the idea that simply hoping for better results without putting a new process in place will not parlay into any gains.