As a shortcut to understanding the contours of the new business licensing rules for adults in New York City, this article will compare and highlight some significant differences between the New York MRTA and California`s Medical and Adult Cannabis Regulation and Safety Act (« MAUCRSA ») and its empowerment regulations. Direct delivery to adult consumers is permitted by retailers, micro-enterprises and delivery licensees (MRTA §3.¶20.; §72.¶1). The CWB has the authority to issue rules on the « scope of activities permitted for this class of licences » and it will be interesting to see what geographic restrictions are imposed on these licences. In California, there are technically no geographic restrictions by law, even for jurisdictions that prohibit retail stores (Cal. Bus. & Prof. §26090(e)). Until the 1980s, the financial services industry was easy to navigate, with banks offering savings accounts, brokerage firms selling stocks and bonds, credit card companies offering credit cards, and life insurance companies selling life insurance. That changed when Prudential Insurance Company, then the world`s largest insurance company, acquired a mid-sized brokerage firm called Bache Group, Inc. This process begins with defining a pro forma RETURN on investment when a new cross-selling model is planned for development. Writing down what you want to achieve and estimating how its effectiveness will be measured will put the whole team on a much better basis for success. This must be done before writing a single line of code or executing a query. Today`s FS customers interact with your business through multiple channels.

With 24/7 availability of your content and assets, it can be difficult to provide a consistent experience across all channels. Imagine a potential buyer looking for new savings and investment opportunities to start 2019. This buyer can easily search for opportunities online, get comparisons from financial service providers, chat online or over the phone with an investment expert, and then make an appointment with the bank or financial institution for an in-depth face-to-face conversation. Use an agile, repeatable approach to develop and manage a library of predictive cross-selling/binding models. Consider segmentation, RFM, CLV, next logical product, retention, marketing mix optimization, among others. Upselling is often confused with cross-selling. Upselling is the sale of a more complete or higher quality version of the current product. Cross-selling is the act of selling another product to bring added value to the customer. Cross-selling, similar to upselling, encourages investors to buy securities related to the initial investment. Cross-selling can be mutually beneficial if done correctly, providing the best value to the client and increasing sales for the consultant, without additional marketing costs.

However, consultants may try to push a product out of their area of knowledge or an unregistered product, which can cause problems in many cases. A second agency, the Cannabis Management Office (« CMO »), will help implement the laws, including making licensing recommendations to the CWB, maintaining records of registration permit holders, and conducting inspections. (§11.) The CMO is also responsible for working with and coordinating with other states « to coordinate and establish consistent guidelines and best practices in the regulation of cannabis. » (§20.) While California has relatively limited restrictions on cross-ownership of licenses and stacking of licenses, New York has strict vertical integration restrictions commonly described as creating a « two-tier licensing structure »: one-tier retail licensee and cultivation licensees, manufacturing and distribution to each other. Your clients are sold through private investment opportunities, neither investment advisor B nor private investment product are registered. In California, on the other hand, most social and economic justice requirements stem primarily from local laws rather than state laws. In 2019, California amended the California Cannabis Equity Act (Bus. & Prof. §26240 ff.), under which the Bureau of Cannabis Control supports local inventory programs both financially and with the technical support of the Cannabis Equity Grants Program for Local Jurisdictions. In addition, the State has ordered an exemption from royalties on an as-needed basis. (Cal. Bus. & Prof.

§26249.) Too many cross-selling programs are still organized around business units and are guided by a product-centric vision of cross-selling. Effective cross-sellers build a customer-centric view of opportunities and take a longer-term view of customer value. The most effective cross-selling efforts are led by segment marketers who are responsible for specific customer segments and work with product marketing teams and sales channels to coordinate execution. In several cases, the bank`s representatives referred older clients to the bank`s securities department, encouraging clients to sell CDs and use that money to invest in high-risk investment vehicles. California has no residency requirements for licensees. However, New York requires license applicants to have a connection to the state. The best information and AI is useless unless it can be easily understood and implemented by your sales and marketing channels. Providing predictive analytics, relevant content, and personalized messages in existing customer engagement workflow platforms is critical to the success of large-scale cross-selling. We`ve found that loosely coupled architectures are significantly better in the long run than tight integrations with MarTech SaaS platforms. Adult retailer licensees face similar reciprocal licensing restrictions: « No person holding a retail pharmacy license can also hold a license to grow adults, a processor, a micro-enterprise, a cooperative, or a distribution license. . .

. (MRTA §72.¶3. §85.¶7.) « Licences issued under the Social and Economic Justice Plan may not be transferred or sold within the first three years of their issue, except to an applicant qualified for social and economic justice and with the prior written approval of the Commission. Using a consistent framework and taxonomy to map content to the buyer`s customer journey is critical to ensuring a consistent, personalized, and relevant experience, regardless of product, channel, or stage of the customer journey. Robust cross-selling programs require a thorough understanding of your accounts. This includes how they perceive your brand, what competitors are selling to those accounts, and what new disruptors are emerging. After all, any successful cross-selling program — in fact, any sales and marketing program — requires a relentless focus on testing and learning, agile pilots, continuous measurement, and optimization from start to finish. In 2016, Wells Fargo was fined $185 million for opening bank and credit card accounts for thousands of customers without their knowledge or consent.

As a result, FINRA, the independent regulator for the United States, investment firms has launched an investigation into cross-selling practices at 14 broker-dealers, with a spokesperson recently stating: « Given the recent issues related to cross-selling, FINRA is focusing on the nature and scope of broker-dealer cross-selling activities and whether they adequately monitor these activities by the intermediary of their registered employees. to protect investors. The investigation was completed in 2018. Cross-selling is selling related or complementary products to an existing customer. Cross-selling is one of the most effective marketing methods. Examples of cross-selling in the financial services industry include selling various types of investments or products to investors or tax preparation services for retired clients. For example, if a customer of the bank has a mortgage, their sales team may try to sell them a personal line of credit or a savings product such as a CD. However, advisors should be cautious when applying this strategy – an asset manager who sells a mutual fund that invests in another sector can be a great way for the client to diversify their portfolio.

But an advisor who tries to sell a mortgage or other product to a client who is outside the advisor`s reach of knowledge can cause problems in many cases. Prudential`s goal was to create cross-selling opportunities for its life insurance agents and Bache`s investment dealers. This was the first major attempt to create a wide range of services for financial services. Other major mergers followed, such as Sears Roebuck (credit cards) with Dean Witter (stocks, bonds and money market funds) and American Express Company (credit cards) with Shearson Loeb Rhoades (stocks and bonds). A welcome difference for producers: the MRTA explicitly authorizes the CWB to issue regulations that allow grow licence holders to « carry out certain types of minimum processing without the need for an adult processor licence » (§ 68.¶1). Perhaps this is to circumvent California`s onerous requirement for a separate « processor » license (« processor » as defined in California, i.e., a place where curing, drying, and flowering can take place, 3 CCR § 8201(f)). .

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