Out with the old, in with the new?

Bluerating | January 2021

An unforgettable year is now behind us. Financial advisors have learnt a lot: first and foremost, that the future depends largely on each single financial professional, on his/her ability to welcome change and to sail towards a specific destination.

A lot has been said and written about the equipment and the skills that any good asset manager should possess. 

The surveys on Financial Advisors, Private Bankers and Bank Managers conducted periodically by FINER have brought to light some key factors connected to the ability to face the future. In fact, confidence in the future and the ability to face it with resolve depend mainly on three key factors among many.  

Firstly, believing in the future of the profession, that is being confident that a job has a meaning beyond hic et nunc.

Believing in a profession means first and foremost believing in its sustainability: its future depends on the financial professional’s ability to achieve good results for his/her clients, for him/herself, as well as for his/her company. 

Secondly, believing in banks/networks. Indeed, a good player with no sense of belonging to a team performs worse than a mediocre player who firmly believes in his team. 

The relationship between banks/networks and financial professionals is an important motivational factor: when the relationship is healthy and funded on shared objectives, each individual tends to give his/her best. 

In fact, banks/networks are rarely abstract entities to be approached with a purely fideist logic. They are rather made of people and, as such, the role of their leaders is crucial for motivating financial professionals.  

However, faith in the bank’s/network’s management and sense of belonging do not always coincide. 

The bond with top managers is particularly desired within Italian groups. By contrast, French groups tend to promote a stronger sense of belonging to the company. This depends on the ability of the French to build systems within complex organizations and on the Italian’s long-standing need of leaders rather than flags. 

Thirdly, self-confidence. Banks/networks can do a lot to improve their men’s and women’s sense of self confidence; however, much depends on each single individual. 

The combination of these factors generates different kinds of financial professional: those who believe only in themselves run the risk of being a lone wolf; those who only believe in their company tend to abdicate all responsibility and lose their critical abilities; those who believe in their job but show no confidence in themselves or in their company should look for another job. 

A combination of the three factors would be an optimal situation or rather the only solution to face the new year with the right attitude. 

Today, several banks and networks have managed to strike a balance; best wishes to the others.  

Nicola Ronchetti

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