Topic for Branch Meeting?

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Aug 1, 2006 1:36 pm

All,


I have been at my current position as an FA at a Regional bank for almost 1 month now.  It is going great so far.  My 2nd week here I led a branch meeting, where I discussed a variety of topics including:


What the branch can expect from me, profiling, ideal referrals, and I briefly touched on products. 


I have to lead another branch meeting this thursday and I want to make the meeting interesting and informative.  Do you all have any suggestions for topics?  Thank you in advance.


Chris

Aug 1, 2006 2:11 pm

wow well if you've been there a WHOLE MONTH you certainly know enough to judge how well things are going!!!

Aug 1, 2006 2:23 pm

Teach them something that they can use,...


Explain to them the difference in asset classes.  (i.e.  G&I, income, etc.)  Show them how asset allocation works.  And then show them how to apply it to their 401k.


Once you have taught them something, they will be more likely to refer people.


P.S. Make sure you let them know this is a general discussion.  That way if someone asks you a question you don't know the answer for, you can explain to that person that this more of a general discussion and you will talk to them one-on-one basis. (after you get the answer, of course)


Hope this helps.

Aug 1, 2006 2:28 pm

joe, I said so far...  I have only been in the field for 2 weeks now, and the business I have done so far has completely exceeded my expectations, therefore, things are in fact going great so far.  No reason to be an ass, even though this forum tends to bring out the worst in people.


exEJIR:

Teach them something that they can use,...


Explain to them the difference in asset classes.  (i.e.  G&I, income, etc.)  Show them how asset allocation works.  And then show them how to apply it to their 401k.


Once you have taught them something, they will be more likely to refer people.


P.S. Make sure you let them know this is a general discussion.  That way if someone asks you a question you don't know the answer for, you can explain to that person that this more of a general discussion and you will talk to them one-on-one basis. (after you get the answer, of course)


Hope this helps.



Thank you very much.  This is the type of information I was looking for.  I appreciate it.


Chris

Aug 1, 2006 5:04 pm

ChrisB,


I would advise NOT doing the above.  The reason is, you'll have about 10 precious minutes before they glaze over and you start sounding like Charlie Brown's teacher.  Just a fact of life, folks have short attention span's, especially in THIS area.


You can't do an an adequate job explaining this in 10 minutes, and of whatever you do get in, they'll retain about 10% of it.


A MUCH better strategy is to use those precious 10 minutes when they are actually absorbing what you are saying to help them learn to identify referral opportunities.


Example:  "Do any of you see Edward Jones (insert firm here) check come through to be deposited/cashed?  Well, chances are, they would be a great prospect!"


Talk about checks coming in from title companies, law firms, and insurance companies.  All potentially good opportunities.


If you try to teach them the difference between a growth stock and a value stock, you are wasting your time and wasting opportunities.


PS.  While retail is fine, don't underestimate the value of commercial/secondary lenders.  They see the financial statement for pete's sake!

Aug 1, 2006 6:23 pm

Talk about stocks that are undervalued and that may fit many client's portfolios


Then talk about what a shame it is YOU can't sell stocks because you work at a bank.

Aug 1, 2006 7:05 pm

Find a packaged deposit product.


I know that your bank has one.


All banks have a packaged deposit product for their top clients.  It probably has a deposit minimum of $15,000+.  This account usually wraps a checking account and a brokerage account together.  Additionally, it should pay the branch staff some bonus (from the bank, not from your pocket) that is somewhat more than a CD or equity line.  The account will have a sweep feature that allows you to put the client in a money market and get a higher rate on their idle cash.  That way you can simply collect the assets.  This also removes the "chinese wall" between you and retail banking with each client that you put in the packaged account(s).  That way you can see all of their banking transactions when you view their account because technically they will be opening a brokerage account with check writing privleges.


I am not sure what it would be called at your bank but at other institutions this account is called:  Money Manager (Bank of America), CAP (Wachovia), Signature Advantage (SunTrust), and CMA (Merrill Lynch.


Find out what the product is called where you work and learn it inside and out.  Then teach your branch staff about this account and let them know that it isn't just about the minimum account balance but also the relationship balance.  Then give each member of your branch staff a goal of 5 names to come up with each week for this type of account.

Aug 1, 2006 7:23 pm

Walk them through your first 5 minutes of a client meeting, this will help them identify what you do (they have no idea) have someone roleplay with you, and then tell them how they can help put qualified prospects in front of you. (Hint: never talk about college planning to the staff, 95% of the referrals you'll get are highly unqualified if you do decide you like that set a minimum say 10,000).



They are going to be thinking (what's in it for me), so you have to show value. Talk about goals, talk about bonuses, dream up a contest for referrals, I hand out dollars during your meeting to people volunteering to keep people focused and answering questions.

Aug 1, 2006 8:45 pm

How about talking about the same topic over and over again; because at the next meeting you will have an entirely different group of people from all the tellers, personal bankers, and management having left the bank. It's fun believe me.

Aug 1, 2006 9:12 pm

Chris, I think bankrep1 hit the nail on the head.  My guess would be that most of those in attendance are thinking, "I had to get out of bed a half hour early for this!?"


You've got to find some reason for them to believe that there's something in it for them.

Aug 1, 2006 9:36 pm
ezmoney:

How about talking about the same topic over and over again; because at the next meeting you will have an entirely different group of people from all the tellers, personal bankers, and management having left the bank. It's fun believe me.





My favorite is the "style" presentation I have given it at least 200 times, heres one for you new guys, write STYLE across a whiteboard, ask the audience what clients look for in an investment, hand out dollars for those who get the correct answers (help them out a bit):



S=safety

T=taxes

Y=Yield

L=Liquidty

E-Estate



Then circle the word and provide an example for each category.

Aug 1, 2006 10:47 pm
vbrainy:

Talk about stocks that are undervalued and that may fit many client's portfolios


Then talk about what a shame it is YOU can't sell stocks because you work at a bank.



Tell us about how you had to go independent because it was the only way you could live off $100,000 in production...

Aug 2, 2006 10:09 am

you've got some good info here- to add:



- remember that Bankers do not and will not ever understand PRODUCT, so don't try to make them VA experts.


-your job is to get them to introduce you to good prospects- this means anyone they do intro you to (good or not), is not to be discouraged


- RECOGNIZE the bankers who refer with whatever you can get from the wholesalers- tell interesting stories about the good job they do.


- if you can, get the wholesalers to take you to lunch or beers and take a producing banker with you, good perk.


-getting a banker to open their mouths about a topic (investments) they are not very educated in takes training - ie: how to talk generally about it so they aren't exposed as fools on the subject- teach them this art. Ex: " mr. client, how's your retirement plan doing?" answer: "Good" "OK" "Bad" (it doesn't matter), reply:  "that's good, let me intro you to Chris, he's an expert with that"


as for Thurs meetings- showcase yourself--talk passionately- net/net it's a great way for the Bankers to start believing in you and trusting their clients with you- be confident, honest and fun-


Aug 2, 2006 10:43 am

And stress your desire to help them by cross selling the many services of the bank.  Come across as a team player, just as eager to help the commercial lenders as you are for them to help you.

Aug 2, 2006 11:02 am

NASD,


Are you okay?  That was actually a positive, helpful response.  Are you turning over a new leaf?

Aug 2, 2006 6:31 pm

I was pretending to be NASD for fun

Aug 4, 2006 9:33 am

Thank you for all the help.  The meeting went well.


I ended up going with two topics.


1) The Importance of contributing to our 401(K) plan, taking advantage of company matching, and allocation within the plan. 


This topic went over great, especially the allocation part.  I met with a few employees after the meeting and we adjusted their allocation.


2)  I then spoke for a while on ways to identify referrals, and used some of the examples given in this thread. 


Thanks again for the insight.


Chris B

Aug 4, 2006 9:44 am
ChrisB:

I met with a few employees after the meeting and we adjusted their allocation.



You've been in the business for a month and you're offering advice to those with whom you work?


What if that advice blows up--how receptive will they be to giving you referals?

Aug 4, 2006 9:52 am
NASD Newbie:
ChrisB:

I met with a few employees after the meeting and we adjusted their allocation.



You've been in the business for a month and you're offering advice to those with whom you work?


What if that advice blows up--how receptive will they be to giving you referals?




Believe me, the advice I gave will hardly blow up in my face.  The first person I spoke with is 23 years old and had 100% of their contributions going to the money market account.  The 2nd person I spoke with had 80% going to Small Cap and 20% going to International. 


The advice I gave will do the exact opposite of what you state. 


I do understand your point though.


Chris

Aug 4, 2006 6:15 pm
BankFC:
vbrainy:

Talk about stocks that are undervalued and that may fit many client's portfolios


Then talk about what a shame it is YOU can't sell stocks because you work at a bank.



Tell us about how you had to go independent because it was the only way you could live off $100,000 in production...


Touche...that was funny, but in reality, if you're at 100K production as an indy, I doubt if you'll make any more than you would as a 40% captive...too much overhead for too little production...