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BISA Research Reports

As the leading financial services industry association, BISA is dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance, and other financial products and advisory services through financial institutions. Central to our mission is to provide high-value information to senior executives representing all segments of the financial services industry. In 2019, BISA formed a Research Committee whose purpose is to add exclusive value for BISA Membership by promoting the sponsorship of industry research reports.  Click here to learn more about the Research Committee.

Access to BISA Research Reports is exclusive to BISA member firms.  To view the full information about research reports and to download the report, please log into your member account.  For more information about BISA membership, please visit or contact E. Lyles Morgan at or 202-367-2394.


Smart Investment: Evaluating the Total Return on Investment Services to the Banking Enterprise

For the inaugural report, the Committee chose to conduct a research study designed to help BISA members determine the value of the investment services business and demonstrate the value of increasing the investment services penetration of the retail customer base to the overall banking enterprise. The Committee then created and completed an exhaustive RFP process that culminated in the selection of Kehrer Bielan Research & Consulting as our partner to conduct this important study.

The study is being conducted in two parts.  Part 1, released in the fall of 2019, analyzes consumer data from a highly regarded national financial survey.  Part 2 will survey both bank-owned broker dealers and financial institutions that partner with 3rd party broker dealers to ascertain the breadth and depth of their penetration of the host institution’s customers and their assets, with a focus on mass affluent households. Part 2 will be shared with BISA members in the fall of 2020.


Part 1 (released November 2019)

In the first of a two-stage study, the BISA Research Committee selected Kehrer Bielan Research and Consulting to analyze consumer data from a highly regarded national financial survey to measure the impact of the investment relationship on the growth of deposits and loans. The study also examined the difference in investment services penetration between mass market, mass affluent, and higher net worth households, defining the mass affluent as households with between $100,000 and $1 million in investable assets, and the implications for the overall banking enterprise.

Log into your BISA member account to access the Smart Investment Part 1 report.


Webinar: Using BISA's Smart Investment Study to Engage with Your Institution’s Management

In this webinar, co-authors of the report Ken and Tim Kehrer of Kehrer Bielan Research & Consulting and Mike Miroballi, chair of the BISA Research Committee, will describe:

  • how the estimates of the impact of investment services on the use of deposit and loan products were constructed
  • the data sources that impacted the report
  • how to translate the estimates of increases in deposit and loan balances into income to the bank

The webinar will provide an interactive demonstration of the Smart Investment Calculator, and how you can leverage the Calculator to engage with the management of your institution about the impact of increasing investment services penetration on core banking income.

Log into your BISA member account to access this webinar recording.


Part 2 (to be released Fall 2020)

Please check back later this year for access to Part 2 of Smart Investment.


The BISA Research Committee seeks to add exclusive value for BISA Membership by promoting the sponsorship of industry research reports, which would be delivered to members via reports, whitepapers and Portfolio articles. 


If you are interested in learning more about BISA research, please contact us at 202-367-1111 or

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