ADDRESSING 'BANK REP' DEVELOPMENT
Sales Management
Robert F. Grieb

Robert F. Grieb is a Managing Director of the BISA He developed and manages the BISA Sales Management Best Practices Workshops, and works with financial institutions to enhance their investment and insurance programs and overall sales culture.

Email: Robert F. Grieb

 
 
 
 

FOR THIS column, I will divert from my usual 'program' sales management topics to address the industrywide issue of 'rep' development. Historically, the responsibilities of training and developing bank financial advisors have rested with the sales manager, program manager, or third-party brokerage firm, and there has not been consistency in content or quality.

As this issue of Bank Insurance & Securities Marketing goes to press, the BISA is launching its first "Bank" Financial Advisor Development Workshop in Columbus, Ohio. This program was developed in response to members' requests for a program specifically for advisors in banks, thrifts, and credit unions. When rolled out, it will provide the first industrywide open forum for those advisors to come together, meet, share experiences and ideas, and learn from their peers in other financial institutions.

Increasingly, "bank reps" are on a professional par with those at wirehouse and regional firms. They do, however, operate in very special environments that present issues and opportunities not found in other firms. The BISA workshops provide a special opportunity for advisors in depository institutions to hear how others are dealing with some of the unique issues they face. It should be noted that these workshops are only for producing advisors in depository institutions. Sales and program managers are not invited; this allows for more-open and candid discussions. This also addresses concerns of some program managers about potential recruitment of their reps by competing managers.

Increasingly, 'bank reps' are on a professional par with those at wirehouse and regional firms; however, they do operate in very special environments that present issues and opportunities not found in other firms.

The BISA Bank Financial Advisor Development Workshop was developed by a group of Board members and other program managers. Committee co-chairs are Marc Vosen of Keycorp and Sam Guerrieri of M&T Bank. Other members include BISA Immediate Past President Rob Comfort of Huntington Bank, Guy DiGeronimo of AmTrust, Brent Randol of Citicorp, and Doug Singer of National City Bank. The committee designed a program that includes small facilitated discussion groups, focused topic sessions, and dynamic keynote presentations. In addition, considerable time will be allowed for informal discussion and networking. At the end of the workshop, each participant will complete a short action plan in which advisors will list some key 'take-aways' from the program and steps they will take over the next month(s) to improve their individual practices. Finally, each of the four discussion groups will re-convene by conference call in the next few weeks to share their post-conference activities and results.

A critical element in these workshops is the support of our sponsors, who are also BISA Leadership Members. Sponsors for the inaugural workshop are John Hancock, Hartford/Planco, ING, Lincoln Financial, Symetra, and Wells Real Estate Funds. These firms recognize that this program is designed to complement, and not compete with, their regular due-diligence meetings, and consequently, they have been most supportive. Their financial support has allowed advisors from BISA member institutions to register at no cost, and Bank Leadership and Participating members may each receive a certain number of 'comprehensive registrations' that also cover hotel room charges.

In addition to their financial support, the sponsors are providing significant human resources. Working with the Workshop Planning Committee, each sponsor has provided an expert, 'product-neutral' speaker/trainer to lead one of the sessions. This partnership allows the Association to tap the sponsors' considerable, value-added resources in a most effective manner.

The workshops are designed to be regional, with advisors arriving (mostly by car) on Thursday morning and departing after a 'get-away' lunch on Friday. BISA expects to run a series of these workshops across the country starting in the second quarter of 2008. Watch for an announcement of the schedule early in 2008; or, if you would like to receive a direct notice of the 2008 schedule when it is set, please e-mail me at rfgrieb@BISAnet.org.