Financial Marketing and Cross Selling Blog
Live blogging from BISA Conference
Today at the BISA conference starts the peer sessions and speaker series. The first guest speaker today is Dr. Richard Marston from Wharton School of Business. Dr. Marston is a professor of finance and director of the Weiss Center for International Research.
He discussed the economy and gave a good overview of what’s to come and what in his opinion folks should do to weather the storm. Here is my overview.
The crisis
8:50 am: Here we are in Florida and what a better place to be talking about where this all began as this is ground zero. Miami real estate market down 41%. California, Phoenix and Nevada are even worse.
8:52 am: Lowering the interest rates doesn’t work this time.
8:57 am: Depression in 29 was caused by allowing banks to fail so Bernanke and his team are doing the right thing by doing what they can to prevent the system from collapsing.
9:00 am: Fed’s balance sheet near 2.5 trillion. Was around 900 billion. Needed to do this to get commercial paper flowing again. It’s working and the balance sheet is starting to go down but must keep this trend otherwise we’ll have inflation.
Geitner and the Treasury
9:03 am: Geitner is basically alone. Needs a team assembled but hard to do when every appointee must take two months to review their income tax reports.
9:05 am: Thinks TARF program is a key ingredient. Not to be mistaken with TARP, TARF suports the securities for credit card debt, student loans and auto loans.
9:08 am: Must build a convincing plan for getting rid of the bad mortgage assets on the bank books.
Economic climate
9:10 am: Believes the recession really began in September. This is different then the
BISA Conference next week
It’s less then one week away till the annual BISA Conference in Hollywood, FL and we’re gearing up for our trip here at Truebridge.
Besides the warm weather, which we more then welcome being from Boston, we’re looking forward to hearing from other vendors what they plan to do to help advisors succeed in this tough economic climate.
I’m also hoping talk to some of the advisors who, despite the environment, continued to prosper in 2008. Joni Larson from ESSA Bank & Trust is one example of an advisor that could help share ideas with her peers. Joni was recently ranked 9th in the Bank Investment Consultants annual Top 50 bank representatives in the country.
In the past, the majority of vendors have been product providers and I’m sure this won’t change. But this year I’m betting that even the providers will be introducing new value adds to their relationship. Services that help the advisor grow their business by leveraging resources from within the bank. Services such as training and coach programs, referral systems and calendar tools.
If you’re an advisor or perhaps another vendor, what are you looking forward to at this years conference (besides the free dinners)?
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