Why Private Bankers & FAs Need a “Wealth” of Industry Knowledge
Developing a Contact Strategy That Wins Over Business Owners
Having been a banker for 13 years and a relationship manager for five, I found that my sales process revolved around three basic groups: the business I had (my clients), the business I wanted (my prospects), and the people who championed my cause (my centers of influence). And a critical component of my sales process was a successful...
Vertical IQ is the Busy Branch Manager’s Life-Line
In March 2005, I was promoted to the branch manager position for one of the local branches of the bank for which I worked. Having managed a different department for the bank, I was excited about the new challenge. But, being tasked with both management and sales of the branch was going to require a different skill-set. I was ready. I was...
Cashing In: Consider These Niches for Growing Deposits
Driving home from work recently, I saw a new “For Sale” sign in the yard of a house in our neighborhood. The home is tidy and well-maintained, but it isn’t necessarily someplace that would grab your attention while driving down the road. Then I noticed a smaller placard affixed to the “For Sale” sign, which read, “I’m Gorgeous Inside!”...
How to Call on Growth Companies
In our last blog post, 8 Reasons Why Bankers Should Call on More Growth Companies, I made the case for why bankers should be calling on more startups. While banks have traditionally been somewhat wary of these fast-growth, new idea-type companies, believing that they were too risky, I contend that there are numerous advantages to calling...
8 Reasons Why Bankers Should Call on More Growth Companies
Startups. They’re all the rage lately, aren’t they? Incubators and accelerators are springing up all over the country, and the startups and growth companies they foster make up an exploding part of our economy. In fact, according to research by the Kauffman Foundation, startups account for up to 50 percent of the new jobs being created...
What’s the Big Deal About Dental Practices?
Dental practices and other privately-owned medical practices have long been attractive to banks for both financing and deposit products. Big picture, while dental practices need financing for initial capital expenditures and ongoing updates, and have operating costs that can reach 75 percent, they also have extremely low failure rates,...
Putting the “Relationship” Back into Relationship Banking
The Wells Fargo fiasco has put the words “sales” and “banking” together like oil and water– bankers now are scared to even imply that they are salespeople or selling something. After all, when one of the largest banking institutions in the world opens millions of bogus accounts unbeknownst to their customers so that people could make...
Beyond the Lead: Why You Must Nurture Your Existing Customers
During my 13 years in the business banking world, I came to realize that almost all bankers want to think they know their customers. Several years ago, my manager shared a story about a time he “knew” his business banking customer…or so he thought.
Industry Expertise & Why You Had Me at “Corrugated Products”
I’m sure you recall the famous line from the 1996 movie Jerry Maguire, “You had me at ‘hello,’’’ muttered by Jerry’s wife, Dorothy, during a passionate discussion. I must admit that, as a business owner, I felt a lot like that when my banker asked me about corrugated box prices during a meeting. He wasn’t an “industry expert,” but he hit...