Integrating Investment and Wealth Management Services

Integrating Investment and Wealth Management Services Virtual Study Group

November 12, 2020,
3:30–5:00 pm Eastern

 

Kehrer Bielan has formed a study group of executives who are responsible for managing all of the wealth management businesses in their institution – Trust, asset management, and retail securities. The objective is to share best practices and look to find ways to better integrate the delivery of financial advice across the banking enterprise, improve the client experience, and capture a greater share of the opportunity.

Interested in Attending this Meeting?

Contact Tim Kehrer (tim.kehrer@kehrerbielan.com)

The impetus for the study group comes from two directions:

  • Bank executives responsible for Trust and asset management as well as securities brokerage have reached out to us to see if we could provide the kind of benchmarking of the wealth management business that we pioneered for securities brokerage in the early 1990s.
  • Our research suggests that the typical bank’s wealth management businesses — Trust, asset management, and securities brokerage — have captured only 5 percent of the bank’s customers’ investible assets.

 

Previous attempts to address the wealth management integration in a roundtable discussion group have brought together senior executives in bank brokerage, and those discussions have deteriorated into therapy sessions complaining that bank retail financial advisors are excluded from working with the bank’s most affluent customers. For our study group, we are looking for executives who are responsible for all the components of wealth management and are in a position to identify the elements of each business model that result in top performance and consider alternative organizational structures. 

Meet the Core Contributors for this study group
Rhomes Aur, CEO, First Horizon Advisors

First Horizon Advisors is the wealth management business of First Horizon Bank, formerly First Tennessee National Bank.  The business includes the Broker Dealer, RIA, Trust Department, Financial Planning, Insurance Services, and a robust Licensed Banker Program.  First Horizon is currently completing a merger-of-equals with IberiaBank, which will result in an $85 billion banking organization with a footprint in the Southeastern United States.  The combined organizations have $12.7 billion in assets under management, $43.8 billion in assets under administration, 370 wealth management professionals, 37 registered platform bankers, and another 223 bankers licensed to sell annuities and insurance, and $120 million in annualized revenue.

Kelly Brennan, Enterprise Sales Manager, eMoney Advisor

eMoney provides technology solutions and services that help people talk about money. Rooted in comprehensive financial planning, eMoney’s solutions strengthen client relationships, streamline business operations, enhance business development and drive overall growth. More than 70,000 financial professionals across firms of all sizes use the eMoney platform to serve more than 4 million households throughout the U.S.

Jim Fujinaga, President & CEO, Hancock Whitney Investment Services

Hancock Whitney Investment Services (HWIS) is the bank Broker Dealer/RIA and part of the Hancock Whitney Wealth Management Group. HWIS has approximately $5.2 billion in AUMs while Investment Management & Trust has approximately $10 billion in AUMs. HWIS has 46 Financial Advisors/Sr. Investment Consultants of which 9 are part of the Wealth Team. In the Wealth Group, there are 20 Private Bankers, 22 Trust Advisors/Relationship Managers, 14 Portfolio Managers and 6 Wealth Advisors. There are 148 Licensed Bankers in the Financial Centers and there are 4 CFPs in our Centralized Financial Planning Division and 1 Insurance Specialist. Other divisions include Institutional Trust and Retirement, and Institutional Brokerage and Underwriting.

Bruce Hagemann, CEO, BBVA Securities, Inc, Head of BBVA Investment Services

BBVA Investment Services (BIS) is a marketing name for the Asset Management and Trust Division of BBVA USA, the Investments Division of BBVA Securities Inc. (BSI), the Registered Investment Advisor, BBVA Wealth Solutions, Inc. (BWS), and the Insurance Agency, BBVA Insurance Agency Inc. (BIA).  BIS provides securities, insurance, investment advisory, trust, asset management and financial planning services to all of BBVA USA’s client base, including Retail, Wealth and Commercial. BIS has over $26.5Billion in assets, of which $6.1B is managed ($4.8B through our AM&T group and $1.3B through our RIA, BWS), with over 220 Financial Consultants, 900 Licensed Bankers, 25 Trust Specialists, 24 Portfolio Managers, 14 Insurance Specialists and 4 Financial Planners.

David Hanson, President, Wealth Management, Fulton Financial Advisors

Fulton Financial Advisors (FFA) is the trust and investment division of Fulton Bank, a $25 billion, 5-state, regional bank.   FFA manages ~$12 billion and employs ~240 financial advisors, wealth advisors, planners, portfolio managers, and private bankers.   FFA’s brokerage business includes ~55 FAs, ~$4.5 billion in assets, and partners with Raymond James in a TPM model.   Fulton Private Bank, the wealth management division of FFA, manages ~$2 billion for Affluent and Wealth segment clients on a trust platform and provides comprehensive wealth management and banking through a team-based relationship model.   FFA also includes Retirement Plan Services, Non-Profit Services, and Corporate Trust businesses.

Jim King, President & CEO, Arvest Wealth Management

Arvest Wealth Management (AWM) is the wealth management business of Arvest Bank, a $24 billion institution based in Arkansas.  AAW has $9.2 billion in assets in its bank-owned broker dealer, and $3.2 billion in Personal Trust and asset management on its Trust platform.  The firm has a robust team of 14 Portfolio Managers responsible for a collective fund, a series of common funds, and SMA management, as well as providing models for various TAMPs.  The Trust area encompasses 7 Wealth Advisors, 10 investment officers, and 31 fiduciary administrators.  The broker dealer has 95 Investment Client Advisors, 5 Associate Client Advisors, 12 Solutions Center Advisors, and 7 advisors in Arvest One, supporting the firm’s self-directed platform.  The mass affluent are served by 55 licensed bank platform representatives who are paired with advisors.

Chris Melton, National Director, Institutional Business Development, Ameriprise Financial

Institutions Group Ameriprise Financial, Inc. is a diversified financial services company headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth managementasset managementinsuranceannuities, and estate planning. The company is ranked 249th on the Fortune 500 and also the 9th largest independent broker-dealer based on assets under management. It is one of the largest financial planning companies in the United States and is among the 25 largest asset managers in the world. Ameriprise has over 10,000 Advisors across all channels.  

In 2017, Ameriprise Financial, Inc. acquired Investments Professionals, Inc. (IPI) and formed the Ameriprise Financial Institutions Group (AFIG). IPI’s experience and expertise in serving the financial institutions market combined with the Ameriprise commitment to clients and depth of resources creates a powerful alliance in the financial institution marketplace. The Ameriprise Financial Institutions Group works with over 100 banks and credit unions across the United States.

Given the continuing concerns about travel, and the awkwardness of convening a roundtable discussion while maintaining social distancing, we are reimagining our  Study Groups as a series of virtual meetings this fall.

Sponsorship

This study group would not be possible without the support of our sponsors. We acknowledge these organizations for their thought leadership and support.

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