I just listened to a great Planet Money Podcast about Wells Fargo’s brutal sales culture. Planet Money – Wells Fargo Hustle
The hosts interview a young woman who worked in the branch in the corporate headquarters building in San Francisco, right under the nose of the CEO (who recently played “dumb”).
She was forced to open up at least eight accounts per day, or get written up for nonperformance. The pressure was intense, she was miserable, and she ultimately did get written up (preventing her from landing jobs at other banks).
All too many banks and mortgage companies (and even real estate firms) push similar sales cultures, and it seems insanely counter-productive in this day and age. It makes money for the managers, but it often hurts the business in the long run.
We think the best way to grow a business is to simply focus on innovation and service, and actually helping people. This may seem cliche or quaint, but we know from experience that it works.
This is one more reason we do not hire loan officers at JVM. We are not a sales culture, but more of a
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