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Bank advisers move up to ‘second story,’ forego referrals

For many bank advisers, it's a near nirvana-like situation: working their books of business without having to deal with branch traffic.

Their dream may be closer than they imagined. Banks increasingly are experimenting with the relatively new idea of graduating their most successful branch-based advisers to “second-story” status.

As second-story advisers, they can focus on their books and deepen relationships with existing clients without the burden of helping the branches with training and sales development. They’re sometimes relocated to a corporate office or simply moved “upstairs” from the ground floor of a branch.

[…]The skeptics
Not everyone was aware of second-story advisers or thought they were a good idea. Many industry observers were skeptical of their long-term viability, saying that not having branch referrals would be hard for advisers to accept.

“To turn the spigot off completely doesn’t make sense to me,” said Paul Werlin, president of Human Capital Resources, a training and consulting services firm.

Other skeptics cited the natural attrition that occurs in advisers’ books, noting that clients die or move to other states. “That’s a recipe for disaster if you just sit back on your existing clients. There’s always churn in the industry,” said Wayne Cutler, an executive vice president at analytics and advisory firm Novantas.

Read the full article on Bank Investment Consultant

For more information, contact Novantas Marketing

+1 (212) 901-2772


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