Compass Consulting

Happy Independence Day from Compass Consulting! We are blessed to celebrate the freedom and values that make our country great. Enjoy the festivities, stay safe, and cherish the time with loved ones. Happy 4th of July! #IndependenceDay #July4th #Gratitude #UnitedWeStand

https://lnkd.in/gDQ3FsHX Compass Consulting Co-Founder Eric Armstrong is in the news!

https://lnkd.in/gDQ3FsHX Compass Consulting Co-Founder Eric Armstrong is in the news!

https://lnkd.in/gVPpJTVt One of our Partners, Eric Armstrong is in the news!

BISA Put on another excellent conference... Special thanks to LeAnn Rummel and the rest of her team that organized this year's conference - we know how much time and work goes into these! For those of you who attended this year's BISA conference, it was great to see you and spend time face-to-face! From all the conferences and events Compass attends, we continue to think BISA and PROCU remain on top in terms of networking and learning. If you did not have an opportunity to attend BISA this year, I would encourage you to add this event to your 2025 budget. I am confident you will come away with contacts and ideas that will provide value to your organization and team.   Key Takeaways...   Attendance: The conference was well attended; nearly 750 attendees with nearly half of those being vendors, the other half being financial institutions and third-party broker-dealers. For program managers, this is a one-stop event for just about any product or service you want to get face time with. Community banks and credit unions (under $5B AUM) are under-represented at the conference. This is something we are hoping will change in the near future.   Content: Individual breakouts and sessions covered just about every topic you can think of. The panelists did a wonderful job of presenting their ideas and material. The breakouts covered relevant topics and were lively debates - we sat in on several and got a lot from them all.   Hottest Topics: The usual suspects were present! From sessions to individual conversations, the five things we heard most about were... 1) Advisor Retention 2) Advisor Recruiting 3) Succession Planning 4) RFPs 5) Technology As much as things change, they stay the same. Program managers and executives have the same pain points today that they had a decade ago. That said, there are more solutions and support around most of these topics today than ever before!   Quote of the Conference:  "I have to wear a disguise when I walk around this conference. I'm like chum in the water to sharks with these BDs"     - Large regional bank executive   No disrespect to the great business development folks at the BDs. They are wonderful people just doing their jobs. But we did think this was very funny!    If you did not attend the conference, I would appreciate you responding to this post and letting us know why. Is it a budget issue? Is it a lack of information on the conference? Compass has no official ties to BISA other than being a member. #compassconsulting #compassinsights #wealthmanagement #communitybanking #creditunions #responsibleinvesting #BISA2024

Last chance TODAY to attend our free 60-minute webinar for Community Banks on building a Succession Program within your wealth management platform. Register below to join - 12:00 pm PST

Compass has developed a 60-minute webinar for Community Banks on building a successful succession program. During this webinar, you will see an actual sunset plan that was built and vetted specifically for community bank wealth management platforms. Register for our February 22nd webinar through the link below:

With consumer credit card debt at $1.2T and nearly $1T in commercial real estate loans coming due in 2024, community banks and credit unions will be put to the test. Community-based financial institutions that have a robust wealth management platform will have an advantage. To learn more about Compass Consulting, visit www.compassconsulting.com

When wirehouse advisors move to a bank or credit union... -- At the end of year 3, revenue growth is 15.4% higher for the Wirehouse Advisor that moved to a community bank or credit union vs. another wirehouse. -- End of year 4, revenue growth is 23% higher. -- End of year 5, revenue growth is 36.3% higher. Your recruiting strategy should include wirehouse advisors inside your bank / CU footprint. Use this information when having those conversations. If the wirehouse advisor fits culturally, moving to a bank or CU can be very good for them. Compass Consulting has been tracking dozens of data points relating to wealth management inside community banks and credit unions dating back to 2007. The science behind the metrics is incredibly interesting and valuable. We review and analyze literally thousands of data points – the statistics above are from over 700 individuals self-reporting their growth for 5 years. Compass rarely publishes this data and we have never sold it (even though we are often asked). This information, most of which you cannot find anywhere, is how we formulate strategy and advice for our clients. It’s what we hope gives our clients a competitive edge in an extremely competitive environment. To get the exact reference data we used to formulate these metrics, email Hillary Salgado at hillary@compassconsulting.com to schedule a meeting. To learn more about Compass Consulting, please visit our website www.compassconsulting.com, and our brand-new YouTube channel https://lnkd.in/dHaS4sVC. #compassconsulting #compassinsights #wealthmanagement #communitybanking #creditunions #responsibleinvesting