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Journal of Financial Services Marketing

, Volume 7, Issue 4, pp 369–383 | Cite as

Understanding the intergenerational transmission of cherished possessions: Insights for estate planning, trust officers and other end-of-life professionals

  • Carolyn Folkman Curasi
  • Linda L Price
  • Eric J Arnould
Paper

Abstract

In order to survive in today's increasingly competitive marketplace, retail banks must focus on emphasising relationships and must personalise service interactions, differentiating their organisation. Trust departments have an opportunity to build credibility and gain a competitive advantage by expanding the scope of advice given, and in doing so can build intergenerational business with spouses, children and grandchildren. Recent research suggests that the conflicts resulting from estate settlements are on the increase and are commonly due to the disposition of possessions, not financial assets that can often be easily divided. In this paper the authors focus specifically on how professionals dealing with end of life issues can better understand the phenomena of cherished possessions. The managerial implications of this research can have a profound impact on financial service providers and their ability to build loyalty and to increase customer retention.

Keywords

banking customer relations e-business e-commerce financial brokers financial engineering financial institutions financial marketing financial models financial planning financial training insurance intermediation knowledge management management marketing marketing strategy pensions services quality virtual organisations mature consumers customer loyalty retention estate planning trust departments 

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Copyright information

© Palgrave Macmillan 2003

Authors and Affiliations

  • Carolyn Folkman Curasi
    • 1
  • Linda L Price
    • 1
  • Eric J Arnould
    • 1
  1. 1.Marketing DepartmentJ. Mack Robinson College of Business Administration, Georgia State UniversityUSA

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