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Routine – Change means challenges

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

Many people don’t 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.

That’s 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 “only” a financial loss if you don’t 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

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Embracing Change: Breaking Social Habits for Personal and Professional Growth

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