Wealth Biz Buzz

But don’t be fooled by the radio

The TV or the magazines

They show you photographs of how your life should be

But they’re just someone else’s fantasy

So if you think your life is complete confusion

Because you never win the game

Just remember that it’s a Grand illusion

And deep inside we’re all the same.

We’re all the same…

Styx – The Grand Illusion

The air was abuzz at the BISA Annual Conference after James Bowen’s presentation “An Optimistic Perspective”.  His positive outlook seemed to lift a heavy burden from shoulders tired of worrying about the future of America, her economy and the markets.

Several attendees commented on the encouraging prognosis, with smiles broadening as they recounted highlights from the First Trust CEO’s talk.

One such comment, however, really stuck with me.  An old colleague simply stated, “I don’t know about you, but my portfolio certainly isn’t up 100%”.  “Mine either”, I replied, adding “I guess I wasn’t smart enough to replace all my Citi with Apple and, even so everything I put into those Lehman bonds is gone forever.”

We both lamented a bit longer, while wondering if there were plenty more suckers walking around thinking the same thing.

The markets have rebounded nicely from their 2009 lows, and perhaps all of the gloom proffered forth by the soothsayers was really uncalled for pessimism creating unneeded turmoil and chaos.  Or was it?

Only time will tell if the negative sentiments of these self-acclaimed prophets will prove out, but closer to home, I am guessing what many investors experienced is more akin to my colleague and I  than a portfolio which doubled in a few short years. Read more »

Having just entered the final waypoint to a new anchorage into my chartplotter I now eagerly await the beginning of sailing season on the Chesapeake Bay.  What’s really cool is that I am at the airport, killing time before my flight back from BISA’s Annual Conference.  You see, this highly sophisticated piece of software, one that can actually steer my boat to a preprogrammed destination, is on my phone – sitting right next to the BISA 2012 Conference app.

BISA 2012 Convention Smartphone App

As I thought about sharing the highlights of the conference with Wealth Biz Buzz readers, I immediately conjured up images of existing press stories trying to recount passionate keynote addresses and information-packed breakout sessions.  I felt so, been there, done that, I decided for us both to pass on summarizing (in eight hundred words or less) three days of intensive interchange.

Yet, as I stare down at my smartphone, that little blue BISA icon continues to occupy my attention.

While I couldn’t put my finger on it at first (figuratively, not literally), it dawned on me; this one seemingly innocuous application represented a sea change for our Association and, for our industry. Read more »

Wealth Biz Buzz’s fascination with those obscure folks, who truly made a difference in the world, continues.  Seldom lauded, history typically relegates these heroes to living in the shadows of their more celebrated counterparts.  And, Smedley Butler is no different.  While Grant and Lee, Patton and Eisenhower, McArthur and, of course, the iconic George Washington, are each household names, Major General Smedley Butler (July 30, 1881 – June 21, 1940) likely didn’t make your list of top American generals.

Major General Smedley Darlington Butler

Yet, at the time of his death, General Butler was the most decorated Marine in the history of the United States.

During his 34-year career as a Marine, he participated in military actions in the Philippines, China, in Central America and the Caribbean during the Banana Wars, and France in World War I.  By the end of his career, he had received 16 medals, five for heroism. He is one of 19 men to twice receive the Medal of Honor, one of three to be awarded both the Marine Corps Brevet Medal and the Medal of Honor, and the only man to be awarded the Brevet Medal and two Medals of Honor, all for separate actions.

And, while these most deserved commendations are impressive, what captured my attention was his involvement in the seldom discussed and highly controversial plot to overthrow the U.S. government in the 1930’s. Read more »

This is a big year for bank brokerage.  While it’s difficult to authenticate the official birth certificate, most industry veterans agree 2012 marks the thirtieth year of banks’ move into “nontraditional deposit products”.

Happy Birthday Bank Brokerage

And, like most birthdays, it’s an apropos time to reflect upon the past and look toward the future.  For me, these have been extremely rewarding years, full of growth, challenge and promise.  During these three decades, bank-based brokerage provided me with countless opportunities to get to know and help others, while making a good living in the process.   Read more »

Song sung blue or just another love song?

In our last post, we outlined six key areas of focus for banks looking to gain competitive advantage by providing a consistently compelling, positive client experience through the integration of their wealth management business lines.

The first of those six areas is “Corporate Contribution”.

In our consulting work, we frequently interview individuals from multiple disciplines within financial institutions.  As you might expect, the wealth management business lines are key among these.

Without fail, someone within this group will sing the blues about being treated as a “red-headed stepchild “ – with verse after verse of how they don’t receive the resources and attention needed to thrive within the organization.

Ironically, we generally agree with that observation, however, typically not with the perspective from which it emanates.

Which comes first, the music or the lyrics? Read more »

Since the last post on this topic, I presented some solutions on “Integration” to the New York Bankers Association.  Once again, I was thrilled with the venue – Cooperstown New York, home of our national pastime.  Coming off of a presentation at Lambeau Field, I wasn’t anticipating being invited to step into the shadows of legends so soon, but was absolutely ecstatic about the opportunity of doing so.

Inspired by my surroundings, I opened the presentation with a bit of baseball trivia.  Since the event took place on September 23, I thought I would see if anything of import happened in baseball on that date.  I was pleased to see two significant events transpired in the early years of the sport.  It seems the first official baseball team, the New York Knickerbockers was formed in 1845,

"Did not get the memo about casual Fridays"

and, in 1908, one of the most renown, interesting and controversial games in the sport took place at the Polo Grounds, in NY. Read more »

Before we delve into the topic at hand (one which continues to be of growing concern to our bank clients), let me apologize for the infrequency of our posts as late.

This does not represent a lack of interest on our part, rather it emanates from an increased level of immediacy on the part of our clients.

In addition to our work helping a number of banks increase the efficiency and effectiveness of their wealth management businesses through integration, I was honored to recently address the Wisconsin Bankers Association on this very topic at a meeting held at Lambeau Field .  How cool is that – presenting at an utterly inspiring venue (literally the home of boyhood heroes, gridiron legends and past and current world champions).  

So, beside blogging about the importance of integrating these business lines, I have also had the privilege of travelling throughout the country researching, learning, educating, speaking and otherwise addressing the nuances, benefits and pitfalls of integration.

On one such trip to Florida, I struck up a conversation with the gentleman seated next to me on the plane.  He was headed to the sunshine state to meet his boyhood chums for their annual sojourn; playing stickball and then following their favorite major league baseball teams around the state during spring training.

Read more »

Back in the 1930’s a not so unusual event took place at a school in England.  This elementary school sent a note home with one of its students, asking the parents to come to the school for a meeting.

It turns out their daughter was very fidgety and couldn’t concentrate in class.  She was becoming disruptive and homework assignments were late and missing.  I guess they would have called it ADHD today, but that hadn’t been invented (it wasn’t an available condition, so people weren’t aware they could have it).

So the parents, concerned that their young daughter had a learning disorder took an extraordinary step for the time and sought the help of a “specialist”.

The girl, her mother and the doctor gathered in a large oak paneled office.  The girl, sitting on her hands, listened for twenty minutes as the eight-year old student’s mother told the specialist all of the girl’s problems and why they thought she had a learning disorder.

Upon the conclusion of this litany, the doctor went and sat down next to the girl and said, “I’ve listened to all of the things your mother has told me and I need to speak to her privately”.    He said, “wait here, we wont be very long”, and as he headed for the door, he stopped at his desk and turned on the radio.

When they got out of the room, the specialist turned to the mother and said,  “lets just stand here and watch her”.

The minute they left the room, the girl got to her feet and started moving to the music.

The doctor turned to the mom and said, “You know, Gillian isn’t sick – she’s a dancer.”  “Take her to a dance school.”  The mother followed his instructions to the delight of the young girl.  For once in her life, the room was full of people like her.  People who couldn’t sit still, people who had to move to think.  They did tap, ballet, Jazz, contemporary dance and the rest, as they say is history.

Gillian Barbara Lynne became a successful soloist dancer at the age of twenty appearing at the Royal Opera House in Sleeping Beauty.  She met Andrew Lloyd Webber and choreographed some of the most successful theatrical productions in history, including Cats and Phantom of the Opera.  She is a multi millionaire who has brought joy to millions.

Somebody else might have put her on medication and told her to calm down.

While Wealth Biz Buzz is dedicated to the Wealth Management business for our Against the Odds series we are going outside that box by celebrating the lives of those unsung heroes who have made meaningful contributions to our world.

The impetus is simple; I am bored of hearing about Charlie Sheen, tuning-in to see what team Lebron picks, watching Lindsay Lohan parade into court or catching glimpses of Miley Cyrus and Michael Phelps taking bong hits.

I am simply in a phase were I choose not to waste any gray matter on such tripe; particularly, because I am utterly fascinated by the stories of people, with little renown or panache that have given so much to so many.

So it is within this context that we launch our series.  We urge you to share with us some of those people who you admire, who tirelessly helped others or triumphed in overcoming countless hurdles on their path to success.  There are some amazing stories out there and we want to hear them and to share them.  Drop a name, we’ll do the research and post it, or tell us the whole story.  Either way, let’s get the word out together, that we want to celebrate, respect, admire and support those who make meaningful contributions (and that’s not Lady GaGa channeling Madonna).

Dr. Norman E. Borlaug

With that prelude, it is befitting that we start our series with Dr. Norman Borlaug, a guy who literally saved hundreds of millions of lives. Read more »