Preamble
* Karen hired Chung exclusively to deal with Chinese prospects
* She tried to set out to know him better
* Chung had distanced himself from her and the other FCs
* Karen congratulated Chun with his big account
* Karen expressed concern slightly some of Chungs trades, i.e. risky stocks
* She cautioned him to develop other Taiwanese customers
* Chung basically dismissed Karen:
* More accounts would follow
* The Taiwanese customer knew around the risks
* He thought he deserved a cliquish office
* An office being basically out of the question, Karen could not naming him this
The company
* Merill Lynch: one-s fleet financial shopping
* Known for the bond that brokers formed with clients (Chung does this!)
* gentility and research provided
* FCs rarefied of company
* Senior management precedent brokers
Change
* From account executive to financial consultant
* Move towards customer-oriented service, cloaked around the customer (Chung does this!
)
* New products requiring more training
* Focus on customers long-term financial goals
* Cost control and increased productivity required
* Compensation system to favour asset gathering and top brokers
* FC must add value by satisfying a customers long-term financial objectives (!)
Commentary
* Some customers entrust only deal with brokers they like (Chung)
* Broker motivation is legato high-stakes financial rewards and excitement
* Bottom line will always be how much you bring in with commissions
Leary
* Ran family business
* Started as FC (=broker), so proud and trained
* Created client list (her way of working)
* Was product coordinator (before change?)
* Enjoyed doing in the first place risk-free stuff for clients (home, college for kids)
* Went on to become sales animal trainer (without formal training!)
* Then resident VP
* Then GM at Elmville (big branch!)
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