RISCARIO INSIDER

March 26, 2011

THE COST OF GETTING ADVICE FROM YOUR BANKER

A banker said she proactively connects people in her network (even non-customers). That's generous and different. Or so I thought until two bankers from other brands made the same pledge. Maybe they read the same marketing-for-bankers magazine? Each made notes but none of the three followed-up. That tip might be in next month's issue.

How objective are referrals from your banker?

Outside Services

If you're asking about services the bank doesn't provide, you may get reasonable advice. Say you're looking for an honest mechanic.

However, you're limited to your banker's network and can expect a bias towards their clients. What if they don't know much about mechanics? There's also the fear of making a bad recommendation. Saying nothing is safer but does little to help you.

Does the banker have enough conviction to make the recommendations public (e.g., a testimonial on the mechanic's website)? Unlikely. Bank policies probably prohibit this anyway. It's also bad business since the banker's other mechanic clients won't be happy when a competitor gets endorsed.

Affiliated Services

Your mechanic may know that Pirelli tires are perfect for your vehicle but if they only stock Michelin, guess what you're getting?

Banks are like department stores. If you're asking about services that another part of the bank could provide (e.g., investing or insurance), guess where you'll get referred? It seems that bankers are required to make internal referrals even if they know of better options outside. These employees may even have mandated targets internal referrals. Who knows?

A banker who specializes in manufacturers may not have a diverse network. A banker who deals with clients in a geographic area loses site of better resources elsewhere.

Your Risk

One bank may seem like the rest. Even if you perceive and value the differences, moving accounts is a hassle. Ah, inertia. The more products you purchase from the same organization, the more painful to move. If you have your banking, credit card and line of credit all at the same place, you're likely to stay. Your banker knows this.

You risk getting taken for granted, though you may get small discounts as a reward for your loyalty.

We use different institutions for our savings account, chequing account, Line of Credit, credit cards, safety deposit box, RESP and investments. This diversity wasn't entirely intentional and may seem extreme. We lose out on bundling discounts but get to pick what seems best in a category. This a transactional approach: we're not building relationships.

Other Ways

You could ask your connections on Facebook (or other preferred social network) for advice. You could ask in a forum. A web search might lead you to a recent comparison of choices.

Finally, you could ask a banker from a smaller bank which doesn't offer many affiliated services.

Podcast 110 (3:59)

direct download | Internet Archive | iTunes (new)

PS We once had a personal banker who sent us a coffee basket. She dumped us when we wouldn't buy enough services. How proactive.

March 19, 2011

YOU MUST SEE THE TIM BURTON EXHIBIT AT TIFF

You wouldn't normally compare Tim Burton with Picasso and Matisse. Yet only they drew larger audiences the Museum of Modern Art in New York City.

Popular didn't mean great but here it does. The Tim Burton Exhibit is currently in Toronto at TIFF until April 17, 2011.

Tim Who?

Tim is primarily a movie director. Even if you're not familiar with him, you've probably seen at least of one of:

mainstream: Batman Returns, Mars Attacks!, Pee-wee's Big Adventure
quirky: Beetlejuice, Big Fish, Corpse Bride, Edward Scissorhands, Ed Wood, Frankenweenie, Vincent
adaptations: Alice In Wonderland, Charlie And The Chocolate Factory, James And The Giant Peach, Sleepy Hollow, Sweeney Todd, The Planet Of The Apes

I've probably seen all his movies but didn't know much about him. I now have a deeper appreciation of Tim's accomplishments and abilities. The exhibit made me a fan by showing his art in the course of a couple of hours. Much of the information is probably available online. Yet a curated exhibit has much more impact.

Growth

Tim has been honing his skills all his life. How wonderful that he kept copies of things he did in high school (or maybe his parents did the archiving). There's a blotter with his doodling. He listed over 50 titles for possible movies. He enumerated the 13 forms of humour he'd seen. He penned a variation of 'Twas The Night Before Christmas. He wrote the unpublished Zlig children's storybook and got a written response from Disney (interesting but too similar to Dr. Seuss). And that's just as a teenager.

When you see his range of movies, what can you say? As with Roald Dahl, he manages to appeal to children and adults. His material is PG-rated.

Connections

Tim and Walt Disney seem like an odd pairing. The exhibit clearly shows the connection. Tim was accepted at CalArt, which Disney started. He's continued to work with some fellow students (such as a classmate who made 3D models).

I didn't realize the important role of poetry in Tim's life. His handwriting is surprisingly readable. He wrote to Jonny Depp about including a funny line about cannibalism in Charlie And The Chocolate Factory. Johnny agreed. That note gives insight into Tim. He wasn't commanding. Instead, he asked Johnny if the line would fit with his character of Willy Wonka and add to the film. Here's the final version:

Everything in this room is eatable, even I'm eatable! But that's called cannibalism my dear children and is in fact frowned upon in most societies. — Willy Wonka

I didn't realize that Tim is also an artist. He draws very well. He's had a dark sense of humour throughout his life. Stainboy is an interesting six part Internet series that spun off "tragic toys for girls and boys".

When you see Tim today, you can see the path he's taken. What a pleasant surprise that's he's also commercially successful and has such a diverse following.

If you like Tim's work, do visit the exhibit.

Podcast Episode 109 (4:29)

direct download | Internet Archive page | iTunes (new)

PS After your visit, do share your thoughts.