Slideshow The 11 Smartest Things We Heard at BISA 2013

  • March 13 2013, 4:53pm EDT
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Smartest Things Heard at BISA 2013

Bank Investment Consultant spent the past few days at the Bank Insurance and Securities Association’s annual conference in Hollywood, Florida. We attended as many sessions as possible and here we have culled the best bits to bring you the most interesting things we heard. We couldn’t make it to all the sessions, unfortunately, so let us know what you would add to our list.

Keeping Your Finger on the Pulse

The narrative has changed in the past six months. The online world has begun to detach advice from investments and accounts. Now, the big question has centered on the idea of how financial firms can inject an advisory role into a self-directed account and get paid for it.

Jim Goodwin, president of Riperian

Session: Impact and Importance of the Self-Directed Service Channel

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Stand Out or Stand Down

Few bank executives could state a clear and comprehensive wealth strategy. And most had trouble identifying something about their wealth management efforts that was unique.

Wayne Cutler, managing director at Novantas (citing a study from Novantas and BISA)

Session: Bridging the Organizational Divide—Sharing Success Stories

They Love Me, They Love Me Not

Your client breakdown: 21% love you, 22% like you, 38% tolerate you, and 19% dislike you. Help your clients get their house in order (literally). Buy them a fireproof safe for hard copies of all of their important documents and a $12 USB drive for digital copies. This is what will make clients love you, not flowers and cards.

Mark Zinder, trainer and speaker, Mark Zinder and Associates

Session: The Business Model has Changed- Change With It

Word of Mouth Faster than Ever

Recognize the importance of social media and the spread of information in the digital age. Treat everyone like your Grandma, if your Grandma had 80,000 Twitter followers. That's how quickly word spreads.
Jean Chatzky, financial editor at the Today Show

Session:Money Rules To Help Your Clients Manage Retirement Income--And the Other Financial Challenges They Face

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Tomorrow and Tomorrow and Tomorrow

Saving money is, was and never will be, any fun. It's delayed gratification and we don't like that.

Jean Chatzky, financial editor at the Today Show

Session:Money Rules To Help Your Clients Manage Retirement Income--And the Other Financial Challenges They Face

Subprime Loans Rev Up

I’m always looking for the negative and I see a lot of subprime car loans and the car companies are saying that as long as there is economic expansion, things will be fine. And if not, they can always repossess the cars. That sounds very similar to the run-up to the subprime home loan mess.

Dr. Quincy Krosby, chief market strategist at Prudential Annuities

Session: Insight & Understanding for Today’s Markets

Start the Tough Conversations

Clients might not bring it up first, but advisors have an opportunity to help people a lot if they can broach the subject. Even though it’s difficult, people want and need to talk about the costs associated with health care and long term care, she said.

Wendy Boglioli, Olympic swimmer and Genworth spokesperson

Session: Live Financially Sound, Physically Strong

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Ask Better Questions

You need to frame your questions just right to get the best information. When you're talking with a woman client, don't ask what do you do? Instead, ask, Who are the most important people in your life and what are your responsibilities?

Holly Buchanan, CEO, Buchanan Marketing

Session: Selling Financial Services to Women and Couples

Coming Off the Sidelines

The emerging investor presents an opportunity for bank advisors. According to Fidelity research, theinvestor 2.0 is increasingly female, Gen X or Y, and often sitting on the market sidelines.

What's more, the investor 2.0 trusts banks and uses traditional bank products, giving bank advisors a huge advantage.

Alexandra Taussig, Fidelity Investments marketing senior vice president

Session: Strategies for Developing Successful Advisors

Measure Twice, Cut Once

If you can't measure it you, you can't manage it. It's important for advisors to set and track goals. By formulating, writing, tracking and regularly communicating your goals, you have a 95% chance of achieving your goal.

Nathan Bergeland, the founder of SuccessQuest

Session: Referral and Activity Management -If You Can't Measure It, You Can't Manage It!

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Just Wait Till Next Year!

Take care of yourself and buy me some time.

Tom Ricketts, chairman of Incapital and chairman of the Chicago Cubs, on his usual response when fans approach him and (after inevitably stating their age) ask for a World Series victory before they die

Session: From Bonds to Baseball