If the pressing need to respond to direct competitors and their envious designs for market share is not severe enough, there’s an equally critical general theme involving technology. Margins are being squeezed at every level as ‘premium’ or reserved services are becoming commoditised. Only 15 years ago, a client’s first experience into the diversification advantages of an ETF would follow on from an appointment with a private banker. Now, a quick google will uncover a plethora of options, strategies and providers, distinguishable only by price. In this brave new world, bankers themselves need to take a more strategic view of their careers. Like other vocations before them, bank employees need to seek ways to add value to their customers – and to their employers.
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