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Article: The Gold Standard: What best practices make some bank brokerage programs stand out from the competition?
- Article from:
- Banking Wire
- Article date:
- June 11, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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During its eight-year tenure at Key Bank, broker-dealer McDonald Investments made some big mistakes. For one, "it wanted Key's bank reps to become wirehouse reps, so it moved them out of the branches and into offices," says Marc Vosen, president and CEO of Key Bank's Key Investment Services. "Revenue dropped from $60 million a year to $23 million."
Vosen, who meets regularly with program managers from other banks to discuss best bank brokerage practices, knew how to fix the problems. In just two years, he has brought revenues back up to $60 million a year, and the number of advisors up from a mere 50 to 175. Programs like Vosen's show that how one manages a ...