Pub. 9 2019-2020 Issue 3

8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S www.coloradobankers.org FEATURE ARTICLE BY JENNIFER BASSETT IS A SENIOR EDITOR IN THE ERISA DEPARTMENT AT ASCENSUS I f your organization is looking for ways to increase its deposit base, then offering IRAs could be the perfect solution. According to a recent study by the Investment Company Institute, in 2018 almost one-third (43 million) of U.S. households owned some type of IRA (including Traditional, Roth, SEP, and SIMPLE IRAs). And by the end of March 2019, IRAs held an estimated $9.4 trillion in assets. Think about how much revenue your organization could generate from holding just a fraction of these assets. For example, offering IRAs may allow your organization to offer new fee-based services and transactions. Offering IRAs may also attract new clients that have additional needs, such as taking out loans or mortgages or opening a new credit card. If your organization isn’t yet offering IRAs, now’s the perfect time to start. Not sure where or how to begin? Read the following suggestions—and start the path toward increasing your IRA business. Educate Staff Education is everything. IRAs can be easy to offer, but harder to service well. If your staff understands how IRAswork, however, the path to IRA success is much smoother. Consider whether your associates need additional IRA training. If the answer is “yes,” think about the type of training that may benefit your associates the most. Fortunately, there are multiple training options, as described next. Internal Training If your organization has an experienced IRA specialist, consider enlisting that expert to train other associates. Having your own IRA specialist train and mentor other associates can help ensure that your organization’s Offering IRAs Can Be Easy and Profitable Offering IRAs may allow your organization to offer new fee- based services and transactions. Offering IRAs may also attract new clients that have additional needs, such as taking out loans or mortgages or opening a new credit card.