Business Transformation | 07.18.23

The Leadership Advisory Board: A Conversation With Rich Koll

by: BISA Staff & Rich Koll

In this installment of BISA Portfolio’s committee spotlight series, we had the opportunity to speak with Richard Koll, the co-chair of the Leadership Advisory Board (LAB) alongside Brett Carmichael. Richard is senior vice president of client experience at Infinex Financial Group, the financial institution channel of Osaic. Rich sheds light on the interaction between the LAB and the Board, the LAB's priorities for the year and reflects on their achievements in 2022.

How would you describe the LAB’s role in BISA’s mission, and why is this important?  

The Leadership Advisory Board is an integral part of BISA's mission. It was established several years ago with a clear objective in mind.  The LAB represents the individuals and organizations that support BISA — the product partners, technology firms and other key players — who contribute significantly to BISA's success by investing their resources and intellectual capital.

The LAB serves as a vital link between the board members and the organization itself. It ensures that all voices are not merely heard through anecdotes but are directly and formally considered. But it's not just about being heard. The LAB is all about engagement and collaboration. We want to tap into their expertise and gain a deeper understanding of the industry landscape. We ask them, "What are you seeing out there? How can we improve? What can we do to provide more value to our  members?"

Can you explain the interaction between the LAB and the Board?

The interaction between the Leadership Advisory Board (LAB) and the Board is a crucial aspect of our organization. As a subset of the LAB, the Steering Committee — made up of members that make higher financial commitments — has a significant say in how the organization is run. While we value input from everyone, regardless of their level, this committee meets regularly. We bring them together to validate our decisions and make sure we're hitting the mark. It's about keeping the communication lines wide open and transparent. Brett Carmichael and I serve as the conduits between the Steering Committee, the LAB and the Board. 

Our primary goal is to ensure that the organization remains relevant to the LAB and its members. We engage in discussions about suggestions, feedback and improvements related to our conferences and the organization’s value proposition. We emphasize the importance of the LAB's support and remind them that the organization's existence relies on their backing. By addressing their needs and concerns, we strive to maintain our relevance and value in their eyes. During these interactions, we cover a range of industry topics. We aim to bring up discussions that are topical and beneficial to a broader group.

Brett and I combine our expertise, drawing from our experiences in banks and credit unions, and working with different product partners and service providers. This collaboration helps us determine the topics that would make sense and provide value to the LAB. Additionally, I regularly communicate with program managers at Infinex and get feedback on real-life issues that face investment programs within the financial institution channel.   

How do you ensure multiple voices are heard?

To ensure multiple voices are heard, we organize small discussion groups as a means of gathering diverse perspectives and soliciting feedback. These discussions provide an opportunity for individuals to share their viewpoints and contribute to the conversation. It is important to create an environment where every voice is valued and given the opportunity to be heard. 

How do you address LAB members’ ideas and concerns?

We understand that not all issues can be resolved solely as a group. If one financial institution is having a specific issue, it’s probably not going to be solved by the LAB. However, we encourage open discussions and idea-sharing within the forums and focus on grassroots activities and initiatives that can address industry problems effectively. While the LAB may not be directly involved in resolving every issue, we promote collaboration and encourage individuals to take proactive steps to tackle challenges within their respective areas of expertise. We encourage individuals to share their insights and work collectively to find practical solutions within their own spheres of influence.

What challenges have you seen in the industry that you’d like to prioritize this year?

From my perspective, one of the biggest priorities for the year is addressing the recurring processing issues related to new business and 1035 exchanges in the industry. The current rate environment is unprecedented, with rates not seen in many years, primarily prior to 2008. While it's exciting to have safe money alternatives driving sales, it has brought its share of challenges with the dramatic increase in sales volumes.  

The record-breaking sales have led to an influx of processing demands, resulting in operational issues. The speed of rate increases caught many off guard, despite having some anticipation. Recruiting has become more difficult with low unemployment rates, making it challenging to scale up and meet the increased volume. From my perspective, these processing and operational challenges have been the most significant issues I've encountered this year.

What 2022 LAB/BISA success or achievement are you most proud of?  

I take great pride in the re-engagement of our industry and niche. It was a significant accomplishment to bring everyone together again after the pandemic. We were the last conference held before the pandemic hit, and being able to organize one of the first industry events to reunite everyone was truly heartwarming and fulfilling. It demonstrated the strong position of our organization as the go-to organization for banks and credit unions that offer investment programs to their end customers.

Additionally, I consider the well-attended and successful Regulatory & Compliance Summit as another notable achievement. It was a testament to the effectiveness and impact of the LAB's efforts. As part of the LAB, I see this accomplishment as a significant win in promoting and ensuring compliance awareness within our space.

What are you excited to see about BISA this year?

I'm particularly excited to see how the BISA members approach certain aspects of product distribution moving forward. Specifically, I'm intrigued by the dynamics of annuity products within fee-based accounts, where an annuity may serve as the fixed income component in a true 60/40 portfolio. The nature of this topic has always been interesting to me.

Securities and investment advisory services are offered through the firms: FSC Securities Corporation, Osaic Wealth, Inc., SagePoint Financial, Inc., Triad Advisors, LLC, Infinex Investments, Inc., and Woodbury Financial Services, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Securities America, Inc., American Portfolios Financial Services, Inc., and Ladenburg Thalmann & Co., broker-dealers and member of FINRA and SIPC. Advisory services are offered through Arbor Point Advisors, LLC, American Portfolios Advisors, Inc., Ladenburg Thalmann Asset Management, Inc., Securities America Advisors, Inc., and Triad Hybrid Solutions, LLC, registered investment advisers. Advisory programs offered by FSC Securities Corporation, Osaic Wealth, Inc., SagePoint Financial, Inc., Securities America Advisors, Inc., Triad Advisors, LLC., and Woodbury Financial Services, Inc., are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser.