Culture is Everything

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General, Wealth Management  |  September 30, 2016  |  

Want to Change Banking Culture? Stop Talking About Cross-Selling – The New York Times

“These days, forward-looking financial services firms are doing everything they can to evolve from being sales-oriented, product-centric businesses to more consultative, client-centric businesses.”-NYT

I spent 24 years at a great firm that became polluted by a corporate strategy that labeled our clients as customers.  The objective was to cross-sell more products to offset market share decline.  Six months before our departure to launch Venturi, we received a call from the bank management informing us that if we didn’t start referring more customers to the commercial bank for loans, our compensation would be cut.   The bank had become solely focused on proving to the street analysts that their strategy of cross-selling products to customers was working.

Fortunately, the trend in our industry is toward a higher standard of care than this.   At Venturi, we are on the right side of this trend. The large banks and brokerage firms won’t get there without major reform.   We now work for our clients rather than a bank, brokerage firm or insurance company.   We Deliver Consistency Not Salesmanship.