By Colin Barrett
Growing up, I used to be a regular listener to “The Rest of the Story,” Paul Harvey’s afternoon radio broadcast in which he told a compelling story about someone you thought you knew. Oftentimes, the “rest of the story” was more than a tidbit of information; it was the formative but little-known fact that shaped who that person became.
Here at the TBA, the rest of our story is Financial Products and Services Inc.
Since TBA acquired the Beem Agency from Bud Beem in 1991 for $283,000 and later renamed it Financial Products and Services Inc., our wholly-owned insurance subsidiary has delivered more than $13 million in net income to the Association. The revenue generated over the past 26 years has helped us serve the Tennessee banking industry through our topnotch government relations efforts and education programs, while allowing us to maintain the lowest program registration fees and membership dues in the country.
We have long touted Financial PSI’s contribution to the TBA ledger as one of the reasons Tennessee banks should consider doing business with the agency; but there is much more to the story than that. The fact is, Financial PSI offers excellent coverage packages, high-level service by agents who understand the banking industry, and competitive rates.
Many of you know Brian Mobley, our agency president, as well as agents Hubert Moore, Jon Goodson, and Ted Frizen. All of them do an excellent job providing group benefits for banks throughout Tennessee. In recent years, Jon and Ted have also been providing bond and D&O insurance for banks across the state. In fact, it is the fastest growing area of Financial PSI’s business.
Their expertise in meeting a bank’s insurance needs and the fact that they represent several companies allow Tennessee banks to know they have exactly what they need at the best price available in the marketplace. They have established a reputation for excellence that extends beyond our state lines, leading to an endorsement from our friends at the North Carolina Bankers Association.
Financial PSI has a deep bench of talented professionals. While our agents are on the road for face-to-face meetings with clients, they receive invaluable support from Marilyn Richardson, Ann Williams, and Megan Peterson back here at the TBA. And behind the scenes at Financial Products and Services, Brandi Speakman and Michael Quave provide the accounting resources needed to run a strong agency.
One part of the agency you might not be as familiar with is our telesales operation. Headed by Matt Dressel, Financial PSI offers a Medicare supplemental coverage to individuals throughout Tennessee, including many Tennessee bankers looking towards retirement. If you, your family, or friends need any assistance with Medicare supplements, I encourage you to give Matt a call.
There are no two industries that have undergone more change in recent years than banking and insurance. On behalf of the banking industry, we spend every day working on legislation and with our regulatory agencies to reduce the burden accelerated (but certainly not started) by the passage of the Dodd-Frank Act. As an Association, we are experiencing the impact of the Affordable Care Act. Revenue cuts to insurance agencies have resulted in a loss of income to Financial PSI to the tune of $500,000 per year.
Yet, just as each of your banks continues to do, we have adapted to the changing world in which we operate.
While Financial Products and Services Inc. revenue has decreased, it has never had more tools in which to meet the changing needs of the banking industry. If you haven’t reached out to Financial Products and Services in a while, I encourage you to do so. They are the best at what they do, and their success is an instrumental part of our Association’s success.