Bankers in the wealth management business need to aggressively pursue new customers, shake up their investment offerings and acquire RIA firms.

Bankers in the wealth management business need to aggressively pursue new customers, shake up their investment offerings and acquire RIA firms, according to Charles “Chip” Roame, managing principal for Tiburon Strategic Advisors.

“Bankers should switch to offense this year,” said Mr Roame, the keynote speaker at the opening general session of the American Bankers Association’s annual Wealth Management and Trust Conference in Phoenix on Sunday. “A lot of consumers are disenfranchised, and there is a big wide-open door right now. This is as good as it gets for client acquisition.”

To get more clients, bankers need to focus on boosting client referrals, Mr Roame said, noting that referrals consistently account for over half of new business in all wealth management firms.

Putting together a proactive program for asking for client referrals is the best thing you can do right now, he told the conference attendees at the Arizona Biltmore in Phoenix.

Bankers should also take advantage of the registered investment advisors who may  be looking to sell their firms, Mr Roame said.

“You should switch your talent focus to acquisition,” he said. “There are tons of firms for sale, and they come with clients and assets.”

Gerard Cassidy, a bank analyst for RBC Capital Markets who spoke at a panel session after Mr Roame’s talk, agreed.

“The opportunity to pick off quality people over the past 18 months has been unsurpassed,” Mr Cassidy said. “It’s harder now, but they’re still out there.”

Mr Roame also urged bankers to offer different types of investment products.

“People are  looking for guaranteed income solutions,” he said,” and you should have more guaranteed income products.”

Low cost index funds and “hedge fund-like products” should also be in the mix, Mr Roame  said.