BISA Magazine - Quarter 4, 2017 - 15

Fewer, but Stronger
Relationships
Insurance carriers have resources
that can be of tremendous value to
banks. For instance, vendors can
pass along successful practices that
they observed at another institution.
Werlin says that kind of anonymous
reference is more common today.
Instead of 30 annuity vendors, large
banks are more likely today to have
strong relationships with only three,
four or five annuity companies. Vendors in this industry have become
more than just businesses that manufacture products; as banks realize
they can't train 200 or 300 financial
advisors with internal staff alone, the
vendors step in to fill that void.

"We're using [business partners] more
than in the past to make sure we're
educating folks. We're not limiting
our product set. We're adding a layer
of approval."
- Keith LeBlanc, Hancock Investment Services

It used to be that large bank B/Ds
would squeeze vendors for everything
they could, maximizing their commissions. "It was such a slam dunk selling
fixed annuities for which they didn't really need a lot of support," Werlin says.

But that is no longer the case. Werlin says that it's all about long-term
relationships now, not the latest "hot"
product. ▲

BISA is pleased
to announce its inaugural

DIVERSITY AWARD!
The 2018 Diversity Award celebrates organizations
that drive successful initiatives around diversity
and inclusion. The award will be presented to an
organization that demonstrates outstanding leadership,
innovation and results in diversity management.
Help recognize an organization that is making strides
in the banking, insurance and securities industry by
submitting a nomination.

Visit bisanet.org/diversityaward to make your submission.
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11/28/17 4:33 PM

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Table of Contents for the Digital Edition of BISA Magazine - Quarter 4, 2017
