Banks and credit unions typically offer investment programs to deepen their relationships with clients and diversify their revenue beyond banking services. Yet, some investment programs struggle to deliver the growth that institutions hope to achieve.
Here are some best practices that banks and credit unions can explore to enhance the growth prospects of their investment programs.
1) Fully Integrate Your Investment Team
By including investment professionals in company-wide planning and meetings, you’ll raise awareness of their services across your institution, improve team culture, and add new perspective to your next major initiative.
2) Explore An Internal Referral Program
Your bank and your investment team both have ideal client types with which they seek to build relationships. It’s important to share this important “ideal client type” information broadly within your organization so potential opportunities are easily identified. An internal referral program can then be setup to encourage employees to pass along these opportunities for follow-up. The next investment program referral can come from anywhere within your institution (teller, loan officer, etc.) so get everyone engaged in helping to grow your investment business.
3) Expand Your Marketing Efforts
In your marketing to bank customers and prospects, make it known that you offer investment services as part of your comprehensive offering. In addition, ensure your marketing team is knowledgeable about the details of your investment program, how it should be positioned, and have budget allocated to help grow this line of business.
The American Portfolios Denver team has decades of experience helping local banks and credit unions develop and grow their in-house investment programs. Our suite of bank advisor services includes growth planning, practice management, product selection, operational platforms, business coaching, compliance services, and administrative support.
Please contact Ron Taylor (303-850-4867, firstname.lastname@example.org) if you’d like to learn more about how we can help your institution.