Dan Anderson says one of his challenges is recruiting qualified advisors "who embrace our philosophy." That means that advisors must be able to work aggressively in MainSource's segmented market. The bank has a presence in four states and advisors must be able to service satellite offices from a central hub.
He describes the office environment as supportive but motivated. "They know I'm there to support them 100%, but they have to meet high expectations," including minimum monthly performance requirements. Anderson relishes that the advisors at MainSource have learned to think for themselves. "They may ask me questions, but I ask them questions back. I've learned that technique from being a parent." In fact, Anderson credits his three young kids for helping him grow as a manger. "My kids give me more perspective to do anything. Because of my kids, when working with my team I've learned how to listen, teach, mentor and sometimes parent," he said.
On the job front, growth is always on the front burner. Helping customers achieve financial security is a primary goal, but another goal among his advisors is to attain a younger customer demographic. To help get new clients, the bank is launching a campaign to entice small business customers. And to motivate the staff, Anderson has instituted a plan he calls the "branch butler campaign." If advisors hit a specific referral target, for example, the winning branch gets butler services for the day-car washes, even shirt ironing.
Bank/TPM: MainSource Bank/ Raymond James
Location: Greensburg, Ind.
No. of reps managed: 5
Avg. production per rep: $583,873
Total production 2011 (projected): $2.9m
Total production 2010: $1.8m
AUM 2011: $156m
AUM 2010: $131m
Years at the bank: 9
Years in the industry: 16
Age of program: 9
Total number of branches: 85
Product mix: Mutual funds 32%; VAs 27%; fixed annuities 26%; managed accounts 8%; fixed income 3%; equities 3%; life insurance 1%
Do you decide what products are on the shelf? No