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Banks made some main communication errors in the course of the latest disaster affecting the sector, and advisors can study from these errors, in line with Rob Farmer, managing director and head of communications at The Rudin Group, a financial-services advertising technique agency.
In early March, the Federal Deposit Insurance coverage Corp. seized Silicon Valley Financial institution after a run on deposits worn out the corporate within the largest U.S. financial institution failure in over a decade, sparking considerations that financial institution runs might unfold.
A few of these fears seemingly might have been prevented if extra banks — together with these with wealth administration operations — had prevented some key communications missteps, Farmer informed ThinkAdvisor throughout a latest interview.
“I’ve labored in communications just about my entire life ever since transferring over from being a reporter means again when and primarily in inventory monetary providers communications and, in that position, have labored on numerous completely different disaster communications plans for banks and likewise for some insurance coverage corporations and even some type of governmental companies,” Farmer mentioned.
He went on to record eight vital classes that advisors and advisory corporations ought to take away from the banking disaster. Examine them on this gallery.
(Gallery photos: Chris Nicholls/ALM)
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