Abstract
In order to survive in today's increasingly competitive marketplace, retail banks must focus on emphasising relationships and must personalise service interactions, differentiating their organisation. Trust departments have an opportunity to build credibility and gain a competitive advantage by expanding the scope of advice given, and in doing so can build intergenerational business with spouses, children and grandchildren. Recent research suggests that the conflicts resulting from estate settlements are on the increase and are commonly due to the disposition of possessions, not financial assets that can often be easily divided. In this paper the authors focus specifically on how professionals dealing with end of life issues can better understand the phenomena of cherished possessions. The managerial implications of this research can have a profound impact on financial service providers and their ability to build loyalty and to increase customer retention.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 369-383 |
| Number of pages | 15 |
| Journal | Journal of Financial Services Marketing |
| Volume | 7 |
| Issue number | 4 |
| DOIs | |
| State | Published - Jun 1 2003 |
| Externally published | Yes |
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Keywords
- customer loyalty
- estate planning
- Mature consumers
- retention
- trust departments
ASJC Scopus subject areas
- Marketing
- Finance
Cite this
Understanding the intergenerational transmission of cherished possessions : Insights for estate planning, trust officers and other end-of-life professionals. / Curasi, Carolyn Folkman; Price, Linda L; Arnould, Eric J.
In: Journal of Financial Services Marketing, Vol. 7, No. 4, 01.06.2003, p. 369-383.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Understanding the intergenerational transmission of cherished possessions
T2 - Insights for estate planning, trust officers and other end-of-life professionals
AU - Curasi, Carolyn Folkman
AU - Price, Linda L
AU - Arnould, Eric J.
PY - 2003/6/1
Y1 - 2003/6/1
N2 - In order to survive in today's increasingly competitive marketplace, retail banks must focus on emphasising relationships and must personalise service interactions, differentiating their organisation. Trust departments have an opportunity to build credibility and gain a competitive advantage by expanding the scope of advice given, and in doing so can build intergenerational business with spouses, children and grandchildren. Recent research suggests that the conflicts resulting from estate settlements are on the increase and are commonly due to the disposition of possessions, not financial assets that can often be easily divided. In this paper the authors focus specifically on how professionals dealing with end of life issues can better understand the phenomena of cherished possessions. The managerial implications of this research can have a profound impact on financial service providers and their ability to build loyalty and to increase customer retention.
AB - In order to survive in today's increasingly competitive marketplace, retail banks must focus on emphasising relationships and must personalise service interactions, differentiating their organisation. Trust departments have an opportunity to build credibility and gain a competitive advantage by expanding the scope of advice given, and in doing so can build intergenerational business with spouses, children and grandchildren. Recent research suggests that the conflicts resulting from estate settlements are on the increase and are commonly due to the disposition of possessions, not financial assets that can often be easily divided. In this paper the authors focus specifically on how professionals dealing with end of life issues can better understand the phenomena of cherished possessions. The managerial implications of this research can have a profound impact on financial service providers and their ability to build loyalty and to increase customer retention.
KW - customer loyalty
KW - estate planning
KW - Mature consumers
KW - retention
KW - trust departments
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UR - http://www.scopus.com/inward/citedby.url?scp=67649227232&partnerID=8YFLogxK
U2 - 10.1057/palgrave.fsm.4770101
DO - 10.1057/palgrave.fsm.4770101
M3 - Article
VL - 7
SP - 369
EP - 383
JO - Journal of Financial Services Marketing
JF - Journal of Financial Services Marketing
SN - 1363-0539
IS - 4
ER -