Insights | 04.15.19
2019 BISA Conference Recap and Key Takeaways
Let's clear up one thing right off the bat: while BISA literally stands for the "Bank Insurance & Securities Association", BISA has, in reality, become symbolic of a much higher purpose and the 2019 Annual Convention reinforced this in no uncertain terms: BISA represents unparalleled collaboration towards the goal of building thriving financial planning-based wealth management businesses within banks and credit unions. It ain't about selling products.
And at the 2019 event held March 6–8 at the Diplomat Hotel in Hollywood, Florida. I once again experienced first-hand the event that few come close to in terms of the level of sharing and transparency the participants have with one another….during sessions and in the halls. There is a general sense of “we’re in this together”. That extends to the bank and CU spirit of partnership with the sponsors whether they be tech providers, product providers, or practice management, business strategy and technology consultants like yours truly.
This spirit of sharing was evidenced no better than in an opening peer roundtable session moderated by Peter Bielan, Frank Drago who heads up Santander's broker-dealer and Frank Consalo who does the same for Citi. Bank brokerage presidents shared strategies and tactics they're employing along with ongoing challenges for two full hours with non-stop engagement and energy.
And with bank broker-dealers and RIAs maturing in the centrality of financial planning and advice-based practices, there were more data points than ever pointing to the success firms can have across all of those business drivers.
A common theme at conferences is the focus on providing practical ideas we can take back and implement in our businesses. So with that sentiment, here are my top 5 takeaways from BISA 2019:
1. How Digital Tools Are Enhancing the Client Experience and Role of the Advisor
I was particularly encouraged by where the dialogue has evolved to in terms of moving past conversations of just a couple of years ago of how to "beat robo's" to how do we leverage technology, digitization and data to improve our client experiences and our own operational efficiency, for example...
Read the full article on the Wealth Consulting Partners, LLC blog!
Gavin Spitzner has over 25 years of experience helping banks, RIAs and broker dealers overcome complex obstacles standing in the way of accelerated, profitable growth. Operating at the intersection of business strategy, the fintech landscape and execution, Gavin has helped dozens of organizations launch or enhance wealth management platform solutions leveraging innovative technologies and processes designed to improve business performance and enhance client experiences. Gavin’s consulting firm Wealth Consulting Partners, LLC helps wealth management organizations break through corporate inertia with applied strategy support and guidance. More information can be found on Gavin’s corporate website at https://wealthconsultingpartners.com/