I went on a cruise to Alaska the third week of September, which was terrific except that I seem to be having a hard time catching up on everything. So the blog has been pushed to the back burner.
But I was thinking about it, even during the cruise. Although it's probably true that the cruise industry was invented for affluent retirees, my impression was that the customers are not quite as affluent as I expected. Most would not qualify as traditional trust prospects, certainly not at larger institutions. But they are part of the "mass affluent," which trusts departments and divisions are courting more and more. Princess was able to deliver a very high quality, "individualized" vacation experience to a heterogeneous group of 3,000. It wasn't cheap, yet my sense was that we got very good value for the money.
Except the day of the storm, when we all got seasick, but that's the risk one takes.
Lessons here for the trust and private bankers?