It’s All About the Relationship

Wealth management is a relationship business. Banking is a relationship business. For banks in wealth management the primary challenge is to leverage banking relationships to build wealth management relationships. This means cross-selling.

In our experience effective cross-selling requires at least the following:
• Senior management buy in to break down silo-related impediments

• A wealth offering that is understood and respected by commercial and retail bankers

• Well designed incentive packages that use both carrot and stick to drive referrals

• Team delivery and service approaches that structurally supplant product with relationship marketing including vertical marketing programs

• Broad-based CRM systems that support senior management command and control functionality to track cross-sell activity and enforce quotas

Banks that are taking these steps are reaping the rewards of higher relative growth in wealth management plus broader and deeper relationships overall with high value clients.