“Okay, guys … we really want to start targeting high-net worth individuals this year. So, we’re going to start calling you ‘investment professionals‘ to show you do more than push product. That said, keep pushing product.”
(1). To attempt to merge a new application with your current systems, usually resulting in a Frankenstein-looking mess that will decrease efficiency while increasing frustration.
“So, we’re going to bolt on a bill pay program to our banking platform. It’s going to be great for our clients, but might require a bit more manual intervention by you guys while we work out the kinks. Merry Christmas!”
(1). To bill separately for additional services that some competitors may provide free of charge. These fees are generally intended to cover the costs of unnecessary business units (see nice-to-have) whose services can easily be removed from the firm’s offering in a down year and are often waived anyway.
“Everybody, we’re going to start up-charging our clients a technology fee. If anyone asks, just tell them we needed to invest in new technology to make sure their campaign ran at an optimal level. Gold mine.”