Few trust problems are unique, so learning from similar situations in other departments, organizations or industries can help you deal with your own problems in ways that have already proved successful. To this effect, Trust Unlimited is developing a database of case studies that our clients have shared and can access whenever they have a problem to solve.
The following are composite example case studies that describe typical client situations.
A Mutual Fund company
Arrow financial was a provider of financial instruments for sale by a wide range of financial advisors and financial services organizations. Arrow had consistently been in the middle of the pack in terms of both returns and the assets they had under management. The executive team had been trying to figure out how to gain market share and differentiate themselves from thier competitors. There wasn’t much they could do in terms of product innovation or marketing that couldn’t be easily copied by their competitors. There were so many funds and service providers on the market that it was becoming increasingly difficult to stand out from the crowd.
The leadership group for Arrow realized that the only source of advantage they could develop that wasn’t easily copied would be to build deep long term relationships with their clietns. This approach was significantly different than the traditional industry approach where shallow relationships where built across as broad a range of clients as poosible through “good guy” sales approaches. Good guy sales approacfhes consisted of taking clients out for meals or buying them gifts in hopes they would purchase products.
Arrow worked with Trust Unlimited for 18 months. All sales staff and the senior executive team where trained and advised on how to build deeper relationships with clietns. At the end of the 18 month period an independent survey firm was implemented. The survey revealed that trust was the primary driver of the purchasing decision for Arrow’s clients. The survey also showed that Arrow was now dramatically more trusted than their competitors. Arrow generated over 70 cents of every new dollar that entered their industry for a two year period. Arrow was a regional provider of financial products for a global financial services firm. Arrow dramatically outperformed not only the competitors in its’ region but also all of the other regions for its’ global parent.
A family office executive
Arman had recently begun working as the executive director for a family office that supported the needs of a group of high net worth families. Arman had an exceptional background in finance having worked extensively in a wide range of roles. Arman was confident that he could handle all of the experience and knowledge to handle the myriad financial needs of a group of well to do families.
Armand quickly realized that his new role was far more complex than just generating good returns for his clients. Arman found himself providing supports for clients who had divergent and occasionally conflicting goals. While his constituents all wanted at least solid returns on their investments, many of them wanted to have a positive impact on the world with their wealth. The families had constructed a series of funds aimed at creating positive impact through philanthropic endeavors or other forms of impact investing. While all were given the option of contributing to these funds, decision making authority rested primarily with the patriarchs and matriarchs of the families involved.
The families contained a number of complex relationships with 4 generations represented. The different generations tended to have different perspectives and asperations. The disparities within families and between some members of different families generated a number of issues that had to be handled with care. The levels of educaton around finances, timing for that education, and who was in control were always hot button issues.
Armand needed a coach to help him manage all of the unexpected complexities he was facing and to act as a sounding board and thought partner. Of primary need for Armand was help working through the soft issues associated dealing with a number of strong personalities with divergent goals and objectives. Working with his Trust Unlimited executive coach, Arman was able to
A career move
Patricia had worked as a consultant for the majority of her career. She had progressed through the ranks and was now among the leadership group for transfer consulting. Transfer was a boutique firm that had worked in a number of metropolitan areas throughout North America but was looking to expand their presence to Europe.