Rod Smith • Stockton, CA
Bank of Stockton • National Planning Corporation
I work in a somewhat different model than most independent advisors. I am employed as an investment representative by the Bank of Stockton and provide investment advisory services to banking clients. However, I also have my own independent roster of clients who are not necessarily clients of the bank.
My investment advisory practice is an independent department within the bank, and we must be very diligent about the guidelines regarding client solicitations and cross marketing among the different disciplines at the bank. But within that context we have a fair amount of leeway on relationship building among colleagues who touch a client. We also have some helpful training and protocols on making introductions and referrals.
It is critically important that my colleagues are aware of the wealth-management services we can provide to bank clients. I take every opportunity to reinforce that message, describing the types of advisory services we can offer. With several branch offices and a variety of departments, it is certainly an ongoing challenge but also a great opportunity.
My basic message is to ask colleagues to always be on the alert for clients who might have a need in the investment advisory area, whether it be individuals who have nonmanaged investment or cash accounts, or companies with prime key executive wealth management prospects or 401(k) needs.
I emphasize that this should be a soft sell, making others aware that our area offers some state-of-the-art money-management techniques and strategies. When I can get in front of prospects with the message of active investment management, it can be an effective presentation. It does not hurt that several of my clients are bank employees themselves and are happy to make that soft referral. A lot of them have actively managed portfolios and believe I have made a difference in how they think about and approach their investments. They may refer me to both their personal contacts as well as their banking clients. That is very gratifying.
Disclosure: No investment strategy will guarantee a profit or protect against a loss. The S&P 500 is an unmanaged stock index. Investors cannot invest in the S&P 500 index. Past performance is not a guarantee of future results. Securities and advisory services offered through National Planning Corporation (NPC), member FINRA/SIPC and a registered investment adviser. Bank of Stockton Investment and Insurance Services are separate and unrelated to NPC. Securities are not insured by the FDIC or any other federal government agency, have no financial institution guarantee, and may lose value.
Photography by Saul Bromberger and Sandra Hoover
