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... yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Banks, Investment Firms, And Insurance Agencies: It's The Culture!4/30/2013 10:42:47 PM by CompleteMarkets Editor , Michael Manes This content has not been rated yet. BANKS, INVESTMENT FIRMS, AND INSURANCE AGENCIES: IT'S THE CULTURE! by Michael Manes James Carville, the Ragin' Cajun' of political consultants, achieved fame by observing, 'It's the economy, stupid! ' Leaders in the financial services industry must ... and build on them in a way that capitalizes on emerging market opportunities. Solve the cultural mysteries before focusing the united organization's energy on employees, marketing plan, product redesign, delivery systems, customer profiling, relationship nurturing, and so forth. When a bank, insurance agency, and investment firm merge, its owners should take these steps to form an enterprise that benefits from each other's differences: Assess existing cultures. Design the strategic plans needed to implement the new venture. Establish a congruent culture and plan. Have the leaders commit to the plan. Create a marketing plan for the system as well as for each branch. Establish champions for the bank-insurance program within each branch. Make all employees experts in meeting customers' needs. Create communication systems that match special-needs customers with their providers. ...

...ese: The first is a candid assessment of the retirement needs and objecti...ur use, once a thorough and candid assessment has been made. And let me also s...

... I continually ask myself, "How can I tell if training has worked?" With many variables affecting agency results — fluctuating premiums, carriers' underwriting appetites, commission adjustments, employee turnover, technology upgrades — how can management determine if improvements come as a result of training or would have happened anyway? &# 160 Although it's hard to pinpoint the effect of specific training programs, agencies whose cultures focus on learning enjoy consistently above-average results. For them, continuing education classes aren't just a line item on a performance review. These agencies consider learning, knowledge retention, and skill application as integral elements of their agency culture and business plan. &# 160 Here's a checklist of criteria that you can use to measure the effectiveness of your agency's education initiatives: &# 160 Productivity.& ... x No Thanks Loading.. Measuring Successful Training 4/30/2013 by CompleteMarkets Editor , Emily Huling This content has not been rated yet. MEASURING SUCCESSFUL TRAINING by Emily Huling &# 160 Although the result of staff training isn't always tangible, there are ways to gauge its effects. Emily Huling tells you how to assess your return on employee training and, if necessary, make changes to make it more effective. &# 160 Since my business is people development, as well as productivity and profitability improvement, I continually ask myself, "How can I tell if training has worked?" With many variables affecting agency results — fluctuating premiums, carriers' underwriting appetites, commission adjustments, employee turnover, technology upgrades — how can management determine if improvements come as a result of training ...

... legal, and operational. Because most banks are well aware of financial and legal due diligence, I won't discuss them here. However, I'm not suggesting that either should be ignored or minimized. OPERATIONAL DUE DILIGENCE Operational due diligence rarely receives adequate consideration and is frequently ignored. Operational due diligence includes peer review/benchmarking, competition, employees and their skills, and most important, the variations in culture between banks and insurance agencies. PEER REVIEW/BENCHMARKING Peer review/benchmarking helps align expectations with reality. Expectations, such as unrealistic hopes for economies of scale, are often set too high. For example, one large bank asked if I thought they could get an extra percentage point of revenue from insurance companies by bringing their size to bear in negotiations. I replied, Yes, but ... buyer needs a more comprehensive plan to remedy the situation. Peer review is also important because many agency owners don't realize just how poorly their agency is performing. If the buyer depends on the seller's perspective or their conversations with the producers, they'll never realize the problems they're buying. This is especially true of many small agencies, which are favorite targets of community banks. COMPETITION A buyer should also assess the acquisition target's competition. This involves determining what other banks and agencies are doing currently — and what their response to the acquisition might be. For example, The Economist article pointed out that every time Bank of America would make an acquisition, a particular competitor would open a nearby branch to capture all of the newly acquired firm's disaffected customers! They knew the acquisition would result in upset customers ...

...to your chosen option, and your assessment of your resources must be rigorous ...

...vision into reality. PHASE I: ASSESSMENT Having a clear picture of who you ... facilitator to help you with the assessment and an off-site meeting to pull ...

...in this series will focus on the cultural issues of integrating bank and agenc...

... could occur. BCP SELF ASSESSMENT IF YOU ANSWER 'NO' OR 'NOT...

... chance of writing all of their insurance, don't you? I've attended many governmental meetings over the years, but this is the first time I have ever heard such a lengthy and dynamic testimonial on behalf of an insurance agent. I salute Devra Gower of Connell Insurance for providing such a great example of proactive, client-focused relationship selling! You rock! I also salute Connell Insurance for creating a client-centered culture that nurtures such actions among its entire staff and for positioning yourself and your agency as a defender of your clients' best interests. The question is: How many of us, having gained approval of a rate increase and renewal agreement, would have taken the extra steps that Devra did? How many of us would have been willing to take a reduced commission by saving the client additional money ... of the city administrator's report, he stated that he would like to acknowledge publicly the efforts of an individual on behalf of the city – and went on to tell this story. Last year, at the urging of a new insurance agent, the city implemented a wellness program. It began with a health fair day, coordinated by the agent. Nurses were on hand to review health assessments with city employees, promoting a better understanding of triglycerides and cholesterol findings to assist in positive lifestyle changes. The fair also featured a dietician, fitness expert, and information on cancer and heart disease prevention. Currently, another health fair is on the agenda, along with the development of exercise and weight loss programs. Motivated by significant support and promotion from city management and leaders, employees got ...

... action. Begin with a realistic assessment of the agency personnel. Grade each...