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Greetings WFG Clients:
Our 13th annual Vision Conference was a success! Here are the highlights from the conference, including AFP, FDIC updates, and
upcoming webinars.
2009 Vision Conference
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By all accounts, this year's Vision Conference was the best ever. A great deal of valuable
knowledge was shared: our keynote speaker, Richard Richardson from Phoenix-Hecht, presented "Bank Pricing 2009, Dealing with Uncertainty in a
Status Quo Market"; Elizabeth St-Onge from Treasury Strategies presented "Best Practices in Bank Account Administration and Automation";
Dan Gill provided more FDIC information (with more to come); Steve Weiland delivered a BSB update; and, we hosted a lively user group
discussion and round tables. We headed out Thursday evening for a Progressive
Dining Tour, stopping at three different restaurants for appetizers, dinner, and dessert! |
We had a great group for Vision this year and realize that due to the economy some were unable to attend.
Because of this we have posted some of the presentations on our
"updates" page for you to download.
2009 AFP Conference
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Why are Dan, Pat, Pete, and Steve wearing colonial hats at AFP? Are they simply Halloween enthusiasts? Well, that
may be true, but the real reason is because one of WFG's customers, the U.S. Post Office, is receiving an Alexander Hamilton Gold Award for their Cash Management practices and we waste no time
celebrating a customer's victory. This was no small victory, however, as the USPS is changing how large corporations negotiate
bank fees.
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For those of you who attended AFP, we hope you had the opportunity to catch two WFG presentations – one by
Dan Gill on FDIC fees and one by Steve Weiland, along with Robert Blair (JPMC), Peter Storgaard (Danske Bank), and Paul Burstein (TWIST), on the
BSB. If you missed them, Dan Gill’s recent webinar, "The Sky is Falling:
Examining FDIC on Account Analysis"
covered similar material while Steve’s upcoming BSB webinar will also repeat
content from his AFP presentation.
URGENT BRMEdge Release = FDIC Fees
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October 16, 2009, WFG released an urgent update for BRMEdge™ (version 3.28)
which contains a brand new tool for the critical monitoring of FDIC Fees. With massive changes to what the banks are paying for FDIC premiums,
there is simply no way to predict how each bank will pass the fees down to its customers in their account analysis statements.
In many cases, the actual formulas used to generate the various fees will not be available. This puts you in a position where it
is virtually impossible to audit the FDIC fees you are receiving or check them for accuracy or reasonability. In order to alleviate
this problem, we have redirected our BRMEdge development efforts to build a brand new ratio analysis tool that will allow you to compare
the FDIC charging schemes of your various banks on an apples-to-apples basis. The Ratio Analysis tool is part of Multiview
reporting and will allow you to draw a ratio between any number of charges and one of the key balances as reported on each
account analysis statement.
The FDIC monitoring tool can be used to generate the ratio between FDIC service line items
(regardless of how many there are) and the Total Average Net Ledger balance of the statements. The result will show you how much you are paying, per dollar, per ledger
balance at each of your banks. When viewed as a trend across months or quarters, you will be able to quickly spot those banks
with a higher or lower ratio. Having this information may prove invaluable in negotiating future bank fees. It may also help in
making cash management decisions regarding where idle balances would best be kept.
ASP and Outsourcing customers have automatically received this new version while on-premise customers may download the update files from the WFG website.
We strongly encourage all customers to upgrade to BRMEdge version 3.28 as soon as possible to accurately audit and
monitor all of your bank fees, especially the FDIC fees that will be in constant flux for the next several years.
The Sky is Falling: FDIC Webinar
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On October 28th our FDIC expert Dan Gill presented a one-hour complimentary webinar on the aforementioned
topic: FDIC fees. With the Deposit Insurance Fund (DIF) predicted to be in the red, banks and their customers will experience increased charges soon, if not
already. Learn about the future of FDIC charges and what you should be doing about it. Register
here to view the recorded presentation.
WFG and the BSB - AFP Webinar
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Join Steve Weiland, Chairman, The Weiland Financial Group, Inc., and Paul Burstein of
TWIST for their joint AFP webinar, "The Global Bank Billing and Analysis Statement (BSB):
The Future of Bank Pricing Transparency" Tuesday,
November 17, 2009, 3:30 p.m.- 4:30 p.m. ET. The BSB, the new global bank billing and analysis statement, has been gaining meaningful traction in
terms of availability, use, and acceptance. The panel will discuss the benefits of BSB, why banks should promote the BSB to clients, and examine its
technical structure relative to the 822 electronic bank analysis statement file format. The cost for this webinar is $50, member price, or $80 for non-members. This webinar has been approved for CTP/CCM and CPE credits.
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that should also be receiving these newsletters, please let us know.
www.weiland-wfg.com
© Copyright 2009 The Weiland Financial Group, Inc. All rights reserved.
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