Time to Step It Up?

Wall Street’s problems create exceptional new business
opportunities for bank trust departments and trust companies.

You now have something Ford Motor Company is spending tens of millions trying to get—consideration. If you have been following Ford, you know that many people don’t even consider buying a Ford product because of past problems. Ford CEO Alan Mulally knows that before he can sell more cars, he has to get people to put Ford back on the list of cars they “consider” buying.

While headlines have trumpeted the huge financial losses of Wall Street brokerage and private equity firms, their customers have lost also. In turn, those firms are losing the confidence and trust of their clients—and that means opportunity for you.

Who are these clients? Many were successful business owners, executives and wealthy retirees who wanted to earn a good return on their money, but with moderate risk. They were convinced by good salesmen with slick presentations that their firms were the only place to get “state-of-the art” management of their investments.

Fed by a continual stream of media reports on the successes that these companies and hedge funds were reporting, it seemed as if they indeed were taking over the investment marketplace, so there was a natural desire to want to join them. Sadly, in some markets bank trust departments and trust companies were being given little if any consideration when it was time to pick investment managers.

How times have changed! Media outlets are now running stories about people who have lost lots of money in “safe” investments, and many people feel they have been outsmarted or duped. Who can blame them? Just think of the poor folks who were sold the “safe alternative” to CDs—auction-rate securities.

Here is where the opportunity for trust departments comes in. Many wealthy investors are now looking for trustworthy investment help from companies with no hidden agenda. Many prefer to get it from a local, well-established source, one where they can meet the people face-to-face. Sounds just like a trust department.

How do you take advantage of this change of tide? People are not just going to show up at your door to give you business. You need to step up your marketing and sales efforts and reach out to them. Also, marketing through centers of influences—attorneys and CPAs—can be effective because these professionals are helping their clients deal with investment losses and may be in a position to recommend your services.

Recent events have put trust departments back in the game, have reshuffled the “investment help” consideration list, so it’s a great time to rev up your marketing efforts and start securing new business relationships. Merrill Anderson is ready to help you do just that.