Copyright TMC Group, Inc. 1 ibbean Association of Indigenous Ba Keys to Success in an Uncertain Keys to Success in an Uncertain Environment Environment “ “ The Wealth Management Solution” The Wealth Management Solution” Presented by Al Townsend President TMC Group, Inc.
Copyright TMC Group, Inc.1 Caribbean Association of Indigenous Banks Keys to Success in an Uncertain Environment “The Wealth Management Solution” Presented.
Dec 23, 2015
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Copyright TMC Group, Inc. 1
Caribbean Association of Indigenous Banks
Keys to Success in an Uncertain EnvironmentKeys to Success in an Uncertain Environment““The Wealth Management Solution”The Wealth Management Solution”
Presented by Al TownsendPresident
TMC Group, Inc.
Copyright TMC Group, Inc. 2
Today’s Environment
“Offshore banking” has lost it’s strategic advantage
Volatility and uncertainty has shifted AUMs to lower margin products and the competition
Regulatory change and competition for customers are forcing banks to change the way they do business
Customer retention is tied to their perception of value and performance
Copyright TMC Group, Inc. 3
Post Crisis Analysis
Customers have not regained their trust in the regulatory bodies and financial institutions that are meant to oversee markets and customer interests
Customers have become more knowledgeable and “hands on” in dealing with their finances
Wealth management practices have shifted to mirror customer caution and skepticism
Success will be dependent on a bank’s ability to embrace change and leverage the key tenets of behavioral finance
Copyright TMC Group, Inc. 4
Traditional Integrated Business Model
Product origination and packaging(loans, insurance, investments, checking and savings accounts)
Transaction processing and account origination
Retail sales and distribution(ATMs, on-line banking, Relationship Managers)
Bank customer
Copyright TMC Group, Inc. 5
New Reconfigured Business Model
Suppliers:
Navigators:
Mutual FundManager
Auto Lender Other Banks
Primary Bank
MorningstarCarPoint
MotleyFool
Lipper
E*Trade
Yahoo!
Browser Quicken AOL Phonecall
Banksoftware
Customer
SchwabOneFinancialAdvisor
Copyright TMC Group, Inc. 6
The New Business Challenge
Provide quality and depth of service across all customer segments: Bandwidth and number of products Customization Interactivity (the human touch) Reliability Security Currency
Copyright TMC Group, Inc. 7
Keys To Success
Drivers of success Comprehensive financial advice Transparency and simplicity Effective risk management
Differentiating drivers of success Competent and credible customer-facing
employees Strong due diligence capabilities Value-based fee structure Proactive wealth management business
strategy
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Wealth Management Strategy
Based on Customer Goals and Needs
Cash flow needs
Protect(Personal Risk)
Align risk exposure to goals and needs
Lifecycle stage
Regional preferences
Net worth
Other assets
Financial assets
Ability to weather shortfalls
Event risk
Manage(Market Risk)
Improve(Aspiration Risk)
Copyright TMC Group, Inc. 9
“The Big Disconnect”
Bank’s vision, mission, and strategy are not aligned to its business/sales practices
Compliance, operations, product/service units, and relationship managers have separate agendas
Communications top down, bottom up, and across the organization are not effective and/or dysfunctional
Compliance/operations have become the primary driver for managing customer relationships
Copyright TMC Group, Inc. 10
InvestmentsLending Compliance
Insurance
Customer
Banking Investments
Operations
“Re-Connect the Pieces”
Copyright TMC Group, Inc. 11
Success Strategy
Perform a comprehensive and objective assessment of the bank’s business practices and competencies
Define your bank’s wealth management vision and mission
Create a dynamic business strategy with realistic short and long-term goals/objectives
Progressively manage the organization to a proactive customer centric sales culture
Evaluate and train everyone to deliver the bank’s new “wealth management solution” to customers
Copyright TMC Group, Inc. 12
How We Can Help You
Access to experienced professionals Consulting Services
Investment/wealth management Vision, mission, strategy Operations/compliance/AML Business and sales culture
Training Resources Florida International Bankers Association TMC Group, Inc.
Copyright TMC Group, Inc. 13
Caribbean Association of Indigenous Banks
““Thank You”Thank You”
Al TownsendPresident
TMC Group, Inc.561-362-0709 / [email protected]
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