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) |
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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 |
Keywords
- customer loyalty
- estate planning
- Mature consumers
- retention
- trust departments
ASJC Scopus subject areas
- Marketing
- Finance