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New research proves the importance of Bank Wealth Management Divisions in a Post-COVID environment

New research proves the importance of Bank Wealth Management Divisions in a Post-COVID environment

The Bank Insurance & Securities Association (BISA) released a new research report titled Bank Insurance andamps / Securities Organization (PCA), Wednesday, Sept. 14, 2021 - The bank The Future of Bank Investment Sales: The Branch's Future: Bank-Investors Future. It takes a deep dive into how bank-affiliated broker dealers expect to grow in fewer dependent economies. The report is based on qualitative interviews with 24 broker-dealer executives and 4 bank executives with oversight of the branch channel.

The study examines the current state of traditional financial advisor branch coverage, the evolution of virtual and call center channels and the impact of advisory businesses within banks, performance and profitability differences by sales channels, and key investment priorities to continue to drive growth.

"Over the last 18 months we have experienced a drastic change in our interactions with clients and prospects. The Bank affiliated wealth management firms had to pivot rapidly in 2020 due to necessity and accelerated changes that could have taken years to achieve, states Michael Miroballi, CFA, President of The Huntington Investment Company and Chair of the B This study provides valuable insights into how these changes affect our business and the role of branch banking and digital presence in helping grow in the future."

The sample key that we have taken from the report include:

  • Bank wealth management divisions and their BD affiliates are more important today to banks' strategic objectives of diversifying revenue sources and increasing client share of wallet, especially among mass-affluent clients.
  • As the banking activity continues to expand, the role of the branch is shifting from a place that handles transactions to an area where customers want to address more complex financial needs.
  • Bank BDs play a critical role in helping banks create differentiated service for disadvantaged clients, in part by branch-based FAs. BDs need to improve their digital and virtual service capabilities to compete with digital incumbents and challengers if they are to attract the investment assets of Gen Xers and millennials.

To learn more about joining BISA and obtaining this report, contact [email protected].

SOURCE Bank Insurance andamp; Securities Association (BISA) (SOURCES) SourCE, Inc.

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