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Who do you TRUST?

On Monday night I had a meeting with Mike Head my Financial Advisor, we are both from the old school of banking. We remember when banking was a respected profession. Over 20 years ago I managed TSB in Hayes. Mike spent 33 years in Management and Area management for Abbey National. For the last 7 years Mike has worked for himself. The reason he has repeat business is because he can see beyond the sale of financial services into what a customer needs.  Family challenges, career changes, money, all get intrinsically linked and people buy from people they know, like and trust.
 
In September you will see the old brands come back to the high street such as TSB and Williams & Glyn’s Bank, these brands have been untainted by the banking crisis.
 
I joined the Trustee Saving Bank – notice the word trust. I still remember the TSB mission statement. ‘To become the UK’s leading financial retailer through understanding and meeting customer needs and by being more professional and innovative than our competitors.’  The definition of leading was always debated and the conclusion one TSB Chief Exec gave me was ‘its not about being number one, the leading is for leading edge’; we were the first down the bank assurance route and money from TSB share flotation was invested in leading edge systems.
I had the top performing branch in my cluster because I helped my customers to budget. Every Monday night I would visit my customer’s homes and explain in plain English how to manage income and expenditure.  It was in the days just before credit score and I was taught how to lend responsibly. (note the word responsible)
 
The banking crisis and MP expenses scandal has since created a climate of distrust.
I think people do want to be responsible but when the leadership is being irresponsible it is easy to blame.
 
TRUST alone will not get the economy back on its feet.
I think Leadership with humility is needed.
Pride and dignity galvanise people into being responsible.
 
But what about ‘Pride comes before a fall?’
Possible interpretation: If we are too proud about ourselves or something, we will probably meet with failure or disaster. When we are too self-important or conceited, something is sure to happen to make us look foolish
 
It is not foolish to be humble or to stay true to traditional old fashioned values and have good standards.
Humility (adjectival form: humble) is the quality of being modest or respectful.
 
If you pride yourself on having high standards and have humility then your ego will remain intact or at least be manageable and a healthy self-esteem will result.
 
Humility and leadership
Recent research suggests that humility is a quality of certain types of leaders. For example, Jim Collins and his colleagues found that a certain type of leader, whom they term “level 5”, possesses humility and fierce resolve.  Humility is being studied as a trait that can enhance leadership effectiveness. The research suggests that humility is multi-dimensional and includes self-understanding and awareness, openness, and perspective taking
 
The rise in popularity of social media is because people want to easily hear from people they know, like and trust.
 
Corporate governance relies on distrust insofar as the board is not to trust the reports it receives from management, but is empowered to investigate them, challenge them, and otherwise act on behalf of shareholders vs. managers. The fact that they rarely or never do so in companies is a sign that the distrust relationship has broken down – accounting scandals and calls for accounting reform are the inevitable result. It is precisely to avoid such larger crises of trust in “the system” that formal distrust measures are put in place to begin with.
 
Dishonesty (be honest, forgive and a second chance will follow)
 
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Unachievable targets (set realistic ones)
 
John Lewis Partnership business model is worth emulating
Our Partners will tell you that the John Lewis Partnership is a very special place to work. We believe our distinctive culture – our spirit – lies at the heart of this feeling.
After all, as a Partnership we are a democracy – open, fair and transparent. Our profits are shared, our Partners have a voice and there is a true sense of pride in belonging to something so unique and so highly regarded.
 
Scarcity mentality. (fear driven)
In the Western world a different kind of poverty prevails: Financial obesity: A vicious cycle of fear and greed.
 
Some people worship their health, their family, themselves, some worship money.
 
Getting the right balance is key.
 
Its never about a lack of resources more a lack of resourcefulness.
 
I quote some comments from ‘the book’ that have resonated with me recently.
 
YOU ALWAYS HAVE ENOUGH TIME by John Halsall
 
Your dilemma goes deeper than having a shortage of time, it’s basically a problem of priorities.
 
Most people leave undone those things that should be done, while they do things that they shouldn’t be doing.
 
Set priorities for your goals.
 
A major part of successful living lies in your ability to put first things first. Most major goals are not achieved because people put second
things first.
 
Is what your doing getting you closer to your objectives?
 
Anything that is wasted effort represents wasted time.
 
Don’t serve time, make time serve you.
 
It depends how you measure wealth, everyone has a financial limit of when they feel poor, a personal ceiling that if they fall below, galvanises them into action.
 
I like this definition I heard from Roger Hamilton he said: Wealth is what you are left with when you money is gone.
 
Because you have learned a valuable lesson in the process and life lessons are a reason for being
 
 
There are people who prefer shame, blame and fault, victims who say ‘they’ a lot.
 
I always wonder who ‘they’ is?….who are they that they are referring to?:………..
they did it to me (insert government, boss, partner, bully) they means ‘I don’t actually want to be responsible for myself’
We can’t always choose our circumstances it is how we respond to them that matters (respond rather than react).
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It is important to learn from mistakes
 
I heard something very powerful from a Donald Trump talk. A lady asked him what he would do if he lost everything and he said ‘find a great network marketing business and rebuild’ to which she replied in a snotty voice ‘ oh I wouldn’t do that’ and he said
 
‘That Madame is why you are sitting down there and I am standing up here’
 
YOU’RE MORE IMPORTANT THAN YOUR PROBLEMS ~ by John Halsall
 
Courage is the power to face your difficulties. It comes from the reserves of your mind that are more powerful than your outside circumstances.
 
When you recognize that you’re bigger than your problems, you’ll gain the courage necessary to overcome anything.
 
Your obstacles will look large or small to you according to whether you are large or small.
 
Courage is the capacity to confront what can be imagined. It gives you the ability to rise above your present reality.
 
The quick fix mentality will not grow a character, I heard someone call playing the lottery ‘the poor tax’
 
Horse trading dreams for ease by Tracey Carr
 
There are many ways out of the rat race. In my experience coaching high achieves for decades I can tell who will and won’t in the first couple of meetings. It is one tiny word and I don’t think it even exists the way I want to say it which is that it is one small thing -mixture of desire and determination. In other words guts and passion. Or fire in the belly with persistence.
 
Those who stay in the rat race ( however you define it) are comfortable with ‘ the way things are’ which often means horse trading dreams for ease
 
As it turns out life actually isn’t a dress rehearsal. It’s an undress rehearsal. We come down here time and time again to practice shedding our ego armor until we can step on the stage of eternity, naked and exposed. ~ Jeff Brown
 
There is always someone worse off. Some people would be grateful for your problems
 
…..So who do you trust in this current climate?……Please comment….
 

One Comment

  • Posted July 24, 2013 at 3:11 pm | Permalink

    Thoroughly enjoyable read, loved the quotes. I worked for Barclays bank, many moons ago, and like you helped clients manage their borrowing needs responsibly. All that stopped when credit scoring came onto the scene.

    It is about who to trust, with the current financial problems, many are finding it hard to trust and would rather refrain from taking action or for that matter can’t afford to take action.

    Hopefully with the return of old familiar banking brands that may improve, or they may be tarnished with the same brush as every other bank. We will have to wait and see.

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