Comments for Wealth Biz Buzz http://www.kanecarlton.com/blog Insight for the Wealth Management Industry Wed, 02 May 2012 03:23:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Against the Odds Series / Major General Smedley Butler – The Plot Thickens by Freeskierhttp://www.kanecarlton.com/blog/2012/02/19/against-the-odds-series-major-general-smedley-butler-the-plot-thickens/comment-page-1/#comment-791 Freeskier Wed, 02 May 2012 03:23:17 +0000 http://www.kanecarlton.com/blog/?p=497#comment-791 Thoughts on peace, tyrants and rule of law. Photographs of mountains, too. http://freeskierpov.weebly.com/ excerpt: "Communism is when you are starved. Fascism is when you are dinner." - Freeskier Smedley Butler references, too, of course. Thoughts on peace, tyrants and rule of law. Photographs of mountains, too.

http://freeskierpov.weebly.com/

excerpt:

“Communism is when you are starved. Fascism is when you are dinner.” – Freeskier

Smedley Butler references, too, of course.

]]> Comment on The Grand Illusion by Catherine Hankshttp://www.kanecarlton.com/blog/2012/04/07/the-grand-illusion/comment-page-1/#comment-790 Catherine Hanks Fri, 20 Apr 2012 17:17:19 +0000 http://www.kanecarlton.com/blog/?p=516#comment-790 Another wonderful article from KaneCarlton. Thank you Tom. Another wonderful article from KaneCarlton. Thank you Tom.

]]> Comment on Integration of Trust & Brokerage (part 1) – Dismount or Business as Usual? by Brendahttp://www.kanecarlton.com/blog/2011/01/08/integration-of-trust-brokerage-part-1-dismount-or-business-as-usual/comment-page-1/#comment-788 Brenda Tue, 20 Mar 2012 17:26:12 +0000 http://www.kanecarlton.com/blog/?p=369#comment-788 The additional tactics outlined at the end of the article had me in tears - 50% due to laughing hysterically at the well-worded synposis of what happens so often at banks (in my experience for most tactical changes, not exclusive to trust/brokerage integration), and 50% because these exact steps have been applied to my own group within a regional bank - with absolutely no forward progress - over the past 6-9 months and it is truly painful. The additional tactics outlined at the end of the article had me in tears – 50% due to laughing hysterically at the well-worded synposis of what happens so often at banks (in my experience for most tactical changes, not exclusive to trust/brokerage integration), and 50% because these exact steps have been applied to my own group within a regional bank – with absolutely no forward progress – over the past 6-9 months and it is truly painful.

]]> Comment on Conventional Wisdom by Catherine Hankshttp://www.kanecarlton.com/blog/2012/03/13/conventional-wisdom/comment-page-1/#comment-787 Catherine Hanks Thu, 15 Mar 2012 18:54:04 +0000 http://www.kanecarlton.com/blog/?p=506#comment-787 Another wonderful article, Tom. As you know I was at the conference. And I agree with you. In some ways it was like waking up to the Sonny & Cher song every morning like Bill Murray and in other ways there was up-to-date information. Thanks for putting things in perspective. Another wonderful article, Tom. As you know I was at the conference. And I agree with you. In some ways it was like waking up to the Sonny & Cher song every morning like Bill Murray and in other ways there was up-to-date information. Thanks for putting things in perspective.

]]> Comment on Subscribe to Wealth Biz Buzz by Catherine Hankshttp://www.kanecarlton.com/blog/subscribe-to-wealth-biz-buzz/comment-page-1/#comment-786 Catherine Hanks Thu, 08 Mar 2012 23:01:23 +0000 http://www.kanecarlton.com/blog/?page_id=7#comment-786 The article on the 30th anniversary of bank brokerage services was so much fun to read and reminisce. And it is a great way to put all of the changes to the industry tn perspective. The article on the 30th anniversary of bank brokerage services was so much fun to read and reminisce. And it is a great way to put all of the changes to the industry tn perspective.

]]> Comment on The Power of Process – An Advisor’s Guide to Creating Certainty Amid Chaos by The Power of Process (part 2) – The Discovery Process » Wealth Biz Buzzhttp://www.kanecarlton.com/blog/2010/05/22/the-power-of-process-an-advisors-guide-to-creating-certainty-amid-chaos/comment-page-1/#comment-785 The Power of Process (part 2) – The Discovery Process » Wealth Biz Buzz Tue, 28 Feb 2012 21:43:52 +0000 http://www.kanecarlton.com/blog/?p=139#comment-785 [...] make good decisions. PrintThe Power of Process (part 2) – The Discovery ProcessIn our introduction to the Power of Process we discussed the changing nature of the wealth management business, directing our focus squarely on [...] [...] make good decisions. PrintThe Power of Process (part 2) – The Discovery ProcessIn our introduction to the Power of Process we discussed the changing nature of the wealth management business, directing our focus squarely on [...]

]]> Comment on Happy Birthday Bank Brokerage by Tom Kanehttp://www.kanecarlton.com/blog/2012/02/13/happy-birthday-bank-brokerage/comment-page-1/#comment-784 Tom Kane Mon, 13 Feb 2012 20:28:37 +0000 http://www.kanecarlton.com/blog/?p=488#comment-784 Jan, Thanks for your comments and sharing my trip down memory lane. Your Dean Witter/Sears remark not only left me smiling, thinking of the "socks and stocks" banter flying around after that folly, but also reminded me of a meeting a few years back with a group of my Financial Advisors. I was referencing some of the same statistics from 1982 contained in the post, when I realized the group was by and large clueless about those days. It dawned on me, that many in these Advisors weren't even in high school in '82 and that I literally had been in the business longer than several of them had been alive. It really brought home the fact that we have an obligation to shape and share the legacy of our business with those who will carry the torch into the next three decades. There is an element of walking five miles in the snow to and from school - up hill both ways, mind you - but, when you look back at those early days and compare them to where we are now, we sure have covered a lot of ground! Jan, Thanks for your comments and sharing my trip down memory lane. Your Dean Witter/Sears remark not only left me smiling, thinking of the “socks and stocks” banter flying around after that folly, but also reminded me of a meeting a few years back with a group of my Financial Advisors. I was referencing some of the same statistics from 1982 contained in the post, when I realized the group was by and large clueless about those days. It dawned on me, that many in these Advisors weren’t even in high school in ’82 and that I literally had been in the business longer than several of them had been alive. It really brought home the fact that we have an obligation to shape and share the legacy of our business with those who will carry the torch into the next three decades. There is an element of walking five miles in the snow to and from school – up hill both ways, mind you – but, when you look back at those early days and compare them to where we are now, we sure have covered a lot of ground!

]]> Comment on Happy Birthday Bank Brokerage by Tom Kanehttp://www.kanecarlton.com/blog/2012/02/13/happy-birthday-bank-brokerage/comment-page-1/#comment-783 Tom Kane Mon, 13 Feb 2012 20:05:32 +0000 http://www.kanecarlton.com/blog/?p=488#comment-783 John, Thanks for your comments and your additional "wish". I agree our industry must constantly strive to balance profits, growth, quality and productivity if we are to realize long-term success. A "profit above all" approach is myopic at best as evidence by much of the chaos we experienced during 2008 economic meltdown. In fact, those are the four pillars we use when designing executive compensation plans, as profit first or revenue only plans generally position institutions to lose competitiveness over time. John, Thanks for your comments and your additional “wish”. I agree our industry must constantly strive to balance profits, growth, quality and productivity if we are to realize long-term success. A “profit above all” approach is myopic at best as evidence by much of the chaos we experienced during 2008 economic meltdown. In fact, those are the four pillars we use when designing executive compensation plans, as profit first or revenue only plans generally position institutions to lose competitiveness over time.

]]> Comment on Happy Birthday Bank Brokerage by Jan Sackleyhttp://www.kanecarlton.com/blog/2012/02/13/happy-birthday-bank-brokerage/comment-page-1/#comment-782 Jan Sackley Mon, 13 Feb 2012 20:02:36 +0000 http://www.kanecarlton.com/blog/?p=488#comment-782 Oh and Tom, you were a bit remiss to not mention Sears' ownership of Dean Witter and the fact that there were brokers in retail stores. A lot of the youngsters out there have no clue about this bit of history. Jan Sackley Fiduciary Foresight LLC Twitter@FidFore Oh and Tom, you were a bit remiss to not mention Sears’ ownership of Dean Witter and the fact that there were brokers in retail stores. A lot of the youngsters out there have no clue about this bit of history.

Jan Sackley
Fiduciary Foresight LLC
Twitter@FidFore

]]> Comment on Happy Birthday Bank Brokerage by Jan Sackleyhttp://www.kanecarlton.com/blog/2012/02/13/happy-birthday-bank-brokerage/comment-page-1/#comment-781 Jan Sackley Mon, 13 Feb 2012 19:55:52 +0000 http://www.kanecarlton.com/blog/?p=488#comment-781 This sure brings back a lot of memories. As CEO of First of America Brokerage Service, Inc., I recall fighting the “disintermediation” battles constantly. I also recall being the first bank broker to join the Securities Industry Association (now SIFMA) and catching a lot of grief for it from traditional bankers. And a small group of us bank-related brokerage executives met regularly to discuss our unique issues, in cities like Chicago, Miami, Memphis and wherever else we were from. The regulatory environment has undergone substantial change. I have 1991 letters from regulators in response to a FOIA request for statistics on customer complaints related to bank-owned broker sales of mutual funds. Each one of them (SEC, OCC, FDIC, FED, NCUA, OTS) stated they had no systems to track such complaints if any existed. I wonder what they would say today. This sure brings back a lot of memories. As CEO of First of America Brokerage Service, Inc., I recall fighting the “disintermediation” battles constantly. I also recall being the first bank broker to join the Securities Industry Association (now SIFMA) and catching a lot of grief for it from traditional bankers. And a small group of us bank-related brokerage executives met regularly to discuss our unique issues, in cities like Chicago, Miami, Memphis and wherever else we were from.

The regulatory environment has undergone substantial change. I have 1991 letters from regulators in response to a FOIA request for statistics on customer complaints related to bank-owned broker sales of mutual funds. Each one of them (SEC, OCC, FDIC, FED, NCUA, OTS) stated they had no systems to track such complaints if any existed. I wonder what they would say today.

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