Wealth management: a new direction for community banks
More and more banks are taking advantage of the legislative reform of the 1999 Gramm-Leach-Bliley Act that allows bank holding companies to offer a wide range of financial security and insurance products to their customers. According to a May 2005 report issued by the American Bankers Insurance Association, insurance revenue reported to the Federal Reserve by the nation's bank holding companies grew by $7.3 billion in 2004 to a level of $40.8 billion, 22 percent higher than 2003.
The analysis also shows 93 bank holding companies reported earning insurance premium income.
This is great news. Except for the fact …
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