Who’s Our Competition?

As a business owner, I notice everything. I have to. In order for me to stay competitive, I need to be aware of what other businesses are doing around me and adjust accordingly. I can thank my years of riding a motorcycle for this tendency. You have to be ultra-aware when riding a motorcycle. Instead of looking at a car, you must look through the windshield of the car and see the driver’s eyes – you need to know that they see you too.

The other day I had to go to the bank. Through my critical eyes, I was growing more and more frustrated with my experience. I stood waiting outside the bank’s glass doors with several other customers, for the clock to strike 9:30am. I don’t have issues with the hours that banks keep (I actually do appreciate that some branches stay open quite late). I have issues with the staff inside, standing and staring at us like we were puppies waiting to be adopted. They continued to check their watches until they could open the door, a couple minutes after 9:30. This is issue one.

Issue two. Bank staff are trained extremely well to cross-sell customers at every opportunity. However, why is there no training to get to know a client? Why am I asked if I had made my RRSP contribution at the bank for this year? I have been banking there for years! My client profile indicates that I am financial planner with my own business. I don’t even have an RRSP there. Bank profits 1 – Client experience 0.

It frustrates me when I read articles that refer to banks as our competition. Competition, by definition, means you should at least try to be somewhat competitive. The banks may be in the same industry as us, but they are not our competition. We are in the Client Experience business and the banks don’t even come to the game.

As an aside, after my bank experience I had to go to the Apple Store. There were smart, helpful staff in an organized environment doing their best to create happy, long term clients. I thought to myself, “now, that is our competition.”

Related articles

Articles

July Gardening To-Do List

The Spruce is an all-around great blog. Although it is US based they still have a ton of insight and are a great group of …

Read More →
Articles

What’s keeping you from retiring?

Over the last couple of years, Canadians have been rethinking the target age of their retirement.  Back in 2009, more Canadians preferred to retire at …

Read More →
Articles

Can young people afford to live in the city anymore?

MoneySense.ca:  “Making the move from your hometown to a bigger city in search of higher education, career advancement or independence can feel like a rite …

Read More →

Financial Planning Advice from Canada's Top Financial Advisors

Sign Up To Receive Email Updates On The Financial Industry And Complimentary Workshops.

By providing your e-mail address you provide The McClelland Financial Group of Assante Capital Management Ltd. with your express consent to send you electronic communications. If you choose to discontinue receiving e-mails, you may withdraw consent by contacting [email protected].

FREE RESOURCE

Get actionable financial insights from the TMFG team.

Copyright Assante Wealth Management. © 2022

Disclaimer | Assante advisory services are offered through Assante Capital Management Ltd. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. The services described may not be applicable or available with respect to all clients. Services and products may be provided by an Assante advisor or through affiliated or non-affiliated third parties. Some services and products may not be available through all Assante advisors. Services may change without notice. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

We have a team of advisors each specializing in varying portfolio sizes. Please let us know the approx. amount of your investable assets to help us to direct you to the advisor that is best suited to you.