Financial institutions that enlist advisers from their brokerage units to source business for their trust and investment managers enjoy greater growth in assets under management, a new study showed.
Data collected from 21 bank trust, investment management and private banking businesses found the amount of business sourced by advisers was 18% on average and overall, impacted the overall asset growth and new revenue in those firms, according to "Benchmarking Bank Wealth Management Services: Alternative Sales Models," a study from research firm Kehrer Saltzman & Associates.
On average, the firms studied produced about $20 million in assets per full-time person working on business development, and $150,000 in new first-year revenue per full-time equivalent, said Jim Duca, who directs the wealth management consulting practice at Kehrer Saltzman in Charlotte, N.C.
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