Here is a place where I share thoughts and ideas about the Delta and its people. When you grow up in a place, connected to the land, it changes you, and finds a way to stay with you, no matter where you are.
Tuesday, October 26, 2010
Generational Retention - Relationships
In keeping with the theme of what community banks can do to preserve relationships as older depositors die off, my last post indicated there were three keys. This time, lets look at the first key - the Relationship Factor. If you want to keep banking relationships beyond the current generation, you must - well before a "transfer inducing" event occurs - establish solid relationships with heirs. This starts early in life . . . even during elementary school. Kids savings programs, and financial education, can serve to implant your brand into kids thinking. As kids grow older, work with mom and dad to make sure the kids feel that the bank is a trusted friend and adviser. We'll talk more about technology in a future post, but it is essential in staying connected to these youngsters if they leave home. Hosting events, or webinars, regarding estate planning, generational transfer, and asset management will strengthen your position as that trusted adviser, and make it easy for heirs to look to your bank for money management advice and services. That's the goal . . . when parents retire or pass away, you want to keep your relationships with the family money, the family business, the family farm. Building strong relationships is the key.
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