Turn banks into allies to pursue the ultra-affluent

Banks, with their wide range of financial services, can often position themselves as advisors to the ultra-affluent on a range of tax and financial planning issues, not just insurance. Rather than trying to compete with a bank, it can be far more profitable to find ways to partner with one in sellin...

Full description

Saved in:
Bibliographic Details
Published in:National Underwriter 2003-10, Vol.107 (42), p.4
Main Author: Brink, Michael J
Format: Article
Language:English
Subjects:
Advisors
Affluence
Agreements
Alliances
Banks
Banks in insurance
Financial planners
Financial services
Guidelines
Insurance industry
Joint ventures
Portfolio management
Revenue sharing
Success
Target markets
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Banks, with their wide range of financial services, can often position themselves as advisors to the ultra-affluent on a range of tax and financial planning issues, not just insurance. Rather than trying to compete with a bank, it can be far more profitable to find ways to partner with one in selling to high-end individuals. In fact, it may be critical to remain competitive in the emerging environment. Selecting the bank partner, structuring the arrangement and cultivating the strong relationships needed between the agency and bank organizations are all critical components of a successful venture. Forming a successful alliance is a process rather than an event. Each organization involved should designate a point person responsible for driving the relationship's strategies and activities and accepting responsibility for its ultimate success or failure.
ISSN:1940-1345