Feb 15

Northwest Financial Advisors honored with #7 and #15 rankings in Bank Investment Consultant Top 100 Bank Advisors for 2016

Top 100 bank advisers: Which factors mattered most?

By Lee Conrad, Bank Investment Consultant Magazine
DEC 7, 2016

The signature ranking here at Bank Investment Consultant has been expanded from the former Top 50 to the Top 100. We used to run a secondary list called the Next 50, but in our new all-digital format, it felt outdated. So welcome to the Top 100 bank advisers.

In past years, readers looked first at the lists and the photos, and only later read this introduction. Assuming that's the case again, readers are now likely wondering how the advisers here were ranked.

As you look at the data, it is obviously not simply a consideration of AUM or annual production. It's actually a combination of six factors. Assets and production are indeed two of them, but other metrics are considered, such as percentage changes in both AUM and production, as well as the amount of fee business from the most recent production figures and, finally, the ratio of production per AUM.

Those six factors are combined into one composite score to determine the final ranking. This is done to get a more well-rounded view of the best advisers in the channel. The advisers listed here are not just home-run hitters. They are the all-around players skilled in every aspect of their game. This, we would argue, is the way to make any team great.

See slideshow on the averages of our top 25 bank advisers. (link is external)

We've tinkered a bit with the metrics and their weightings over the years. Most notably, the importance of fee business has been increased, from the tack-on element that it was in past years to one of the most important considerations. Indeed, fee business is one of the most relevant factors today when determining the strength of an adviser's business, and since we aim to have this list reflect the industry, the weight of this has been increased to become one of the top three variables. This year, it counts as much as trailing-12 month production and percentage increases in AUM.

A new question was added this year regarding the fiduciary issue. Each nominee was asked to give themselves a score of one to 10 on how prepared they felt for the rule. This number was not included as part of the rankings since each person has a different gauge in their mind, but the results were used as the basis for a separate story.

As we've done in the past, we'll address a few potential objections that may be percolating in some people's minds. (If history is any guide, we'll still hear some of these over the next few months.)

First, this list is subjective in the formulas and weightings that were used.

True, it is. But we use standard measures like AUM, production, fee business and growth. Overall, we feel our list is a well-rounded analysis. In fact, since we even tinker with the weightings from year to year, we feel the subjective nature is a positive, because we can change with an evolving industry.

Another potential objection: An adviser could have $1 billion in AUM and still be marginalized. Here, we disagree. The categories where size counts (AUM and production) were major parts of the ranking. In fact, production had a double impact since it's also the numerator of our ratio of production-to-AUM. Although admittedly, a high AUM could work against an adviser with this ratio if their production didn't keep pace. But that's the idea behind that metric, to gauge the profitability of an adviser as a business person.

Finally, critics will say this list does not capture the full value of an adviser. Again, we agree. The full value of an adviser rests on the quality of their client relationships. As this list is quantitative, it cannot convey those types of qualitative measures. But statistics also count so this is our annual reckoning of the top advisers in the bank channel.

Enjoy the ranking and stay tuned over the next few months as we re-cut the data for auxiliary ranking to highlight the advisers by our various criteria.

More> (link is external)

Awarded to James Christy (#7) and Russell Cesari (#15). 2016 Top 100 Bank Investment Consultants ranked bank and credit union advisors by assigning a score between 1 and 11 on the following 6 variables: (1) assets under management; (2) trailing-12 month production; (3) percentage increase in AUM from the previous year; (4) percentage increase in T-12 production; (5) amount of fee business; and (6) the ratio of production-per-AUM.

Recent Articles

Mar 26

AVP of Marketing Mike Mertz Hits a Home Run with Virginia USSSA Hall of Fame Induction

HERNDON, Va. — AVP of Marketing Mike Mertz was recently recognized for his girls fastpitch softball coaching success with an induction into the Virginia USSSA Hall of Fame. The ceremony was held at the Gregg-Adams Club in Fort Gregg-Adams, Virginia on March 2, 2024.

Mertz, aka Coach Mertz, entered into the 2024 class of the VA Hall of Fame for his exceptional role as head coach/manager in the Virginia Glory fastpitch organization for the past 13 years.

Dec 21

Northwest Financial Advisors Hires Northwest Direct Team to Elevate Service to Growing Clientele

Northwest Financial Advisors, LPL Financial’s No. 3 credit union investment services program nationwide,1 today announced the firm hired Anthony Reese and Pristine Aylor as financial consultants assigned to Northwest Direct, a newly established service model that elevates and expands service to the firm’s growing clientele. Reese and Aylor will work in partnership with the firm’s wealth and branch advisors.

Aug 11

LPL Financial Awards Nikki Young Achieve Rising Star Scholarship

LPL recognizes next generation of top women advisors

HERNDON, Va. — Northwest Financial Advisors LLC (NWFA), LPL Financial’s (LPL) No. 1 credit union investment program,1 today announced that Financial Advisor Nikki Young has been selected as a recipient of LPL’s Achieve Rising Star Scholarship.2 Young is among only 7 scholarship winners selected out of 79 nominated candidates nationwide.