egyii blog

That is a mouthful. And it should be.

In one of Obama’s recent public announcement, he proclaimed the following:

“…in order to restore our financial system, we’ve got to restore trust.”

Obama and his team get it. Does everyone else? Probably. What is everyone else doing about it? Thinking about it? Yes. Taking action? Maybe.

There are a lot discussions on trust going around in multiple circles today and most of it is focusing on the financial institutions. Why is that? Are people fed up with the “old world” of the banking business?

Wouldn’t it make sense to make trust an integral part of the bank agenda? Certainly life and business would be easier for the relationship managers and the executives. And isn’t this what most clients want? A trusted relationship?

For more reads on trust in all the circles, read Trust, Trust, Trust by Charlie Green of Trusted Advisors. He and his team thoroughly cover trust from all perspectives.

Please also see James’ prior post Private Banks’ new journey back to credibility

Trip Allen, Team Egyii, Singapore

Your front line, your client facing managers and relationship managers, are the best representation of your image.

You can spend millions of dollars on expensive, un- targeted, wasted advertising to “polish” your image but without your feet on the street knocking on the doors, you are wasting your time.

Your ties and coats and fancy office image can help, but it is not going to bring in the results.

If you are suffering with pain from a tarnished image, wipe off your poker face and belly up to the truth - go face to face with the client. Get your team motivated and confident so that you can stare at your client straight in the eye and re-establish that relationship.

Our research has shown us that banking clients have two main issues. One is portfolio performance (or wealth preservation in today’s interest) and the other is a trusting relationship with the institution and the relationship manager.

Blaming someone or looking for a solution from somebody will probably not work. As Thomas Friedman says “there is no pill  – not for this mess.”

Just get out there and do it. As the old Smith Barney ad said “earn money the old fashioned way.”

Kudos to Thomas Friedman in his always results oriented opinion editorials. Elvis Has Left the Mountain

Trip Allen, Team Egyii, Singapore