Many people donβt like change because they are creatures of habit. Humans have become accustomed to a specific routine and feel comfortable in it. Change often means uncertainty and challenges, which they would rather avoid.
Thatβs why they frequently buy the same car brand for years or remain loyal to their bank, even if the relationship manager changes. This social behaviour is understandable but can also lead people to move into a restricted world and not obtain new experiences. It is vital to step out of the comfort zone and allow for a change to develop and gain alternative perspectives.
Relationship managers are creatures of habit too. The grass is not greener at another private banking, and you loop through numerous restructuring with the Swiss pension fund projection in pleasant sight. In advanced age, there is frequently a prestigious corporate title promotion beckoning to show off in your elite circle of friends. In a welcome addition, a younger relationship manager jumps in to enthusiastically support you with your wealthy clients while you instantly start meeting your new management colleagues. The alarm bells should now be unmistakable, but it is already too late for profound plan B preparation.
Therefore, it is essential to embrace a strategy in place much earlier and to prepare for it over the years. An abrupt transition is often unsuccessful. For the new employer, it is βonlyβ a financial loss if you donβt perform, but for you, as a relationship manager, it can mark the ultimate end of your career, and your pension payments require a budget cut.
However, it is also paramount for the new employer, be it an independent wealth manager, to offer as many client habits as possible, as more prominent Swiss wealth managers can. In addition, there is the possibility of postponing your retirement for some advanced participants.
Have fun secretly breaking social habits and carefully prepare your plan B. Do not play poker.
Source: LinkedIn
