Banks own brokerages and do well with their investments. Banks that buy and take over the operation make you the employee feel like a teller or a financial advisor on a good day. Buy a policy and you get a toaster. LOL…. Give me a professional insurance organization any day over a bank.
We just come from different worlds. Sales vs Service. Banks do not sell anything and really do not provide much service accept take your money and invest it. So it is funny to watch those in the banking field try to eplain to those that come from the property and casualty world how to sell.
I agree with Sara for the most part, however, the concept of owning all those bank accounts and a captive audience makes it real easy to suggest to your banking clients to give our insurance arm a look and maybe we can help you. How easy is that. Next step is to refer them to a “real” insurance agency staffed with real agents. BB&T is the only such outfit I’ve seen handling that task professionally in this area. They write for preferred carriers and and can do it all. Personal lines, commercial lines, etc. We do better, however, they’ve got their act together.
Heres my take: wells is going to sell brokerage business. All the growth in revenue is coming from bank sold policies eg credit, life and personal. Brokerage side hasn’t made their numbers in years; current CEO is MIA for past seven weeks; he’s the third CEO in less than five years; blew millions trying to get a bank type technology platform for biz only to walk away; roll up strategy is dead so everything has to be organic; they have put tons of expenses on the business ( producers, watch your comp % do south. all up you have bankers who love bureaucracy and think they understand the business, but wind up putting it in slow death spiral. My conclusion, its sold.
Banks own brokerages and do well with their investments. Banks that buy and take over the operation make you the employee feel like a teller or a financial advisor on a good day. Buy a policy and you get a toaster. LOL…. Give me a professional insurance organization any day over a bank.
We just come from different worlds. Sales vs Service. Banks do not sell anything and really do not provide much service accept take your money and invest it. So it is funny to watch those in the banking field try to eplain to those that come from the property and casualty world how to sell.
I agree with Sara for the most part, however, the concept of owning all those bank accounts and a captive audience makes it real easy to suggest to your banking clients to give our insurance arm a look and maybe we can help you. How easy is that. Next step is to refer them to a “real” insurance agency staffed with real agents. BB&T is the only such outfit I’ve seen handling that task professionally in this area. They write for preferred carriers and and can do it all. Personal lines, commercial lines, etc. We do better, however, they’ve got their act together.
Heres my take: wells is going to sell brokerage business. All the growth in revenue is coming from bank sold policies eg credit, life and personal. Brokerage side hasn’t made their numbers in years; current CEO is MIA for past seven weeks; he’s the third CEO in less than five years; blew millions trying to get a bank type technology platform for biz only to walk away; roll up strategy is dead so everything has to be organic; they have put tons of expenses on the business ( producers, watch your comp % do south. all up you have bankers who love bureaucracy and think they understand the business, but wind up putting it in slow death spiral. My conclusion, its sold.