In a posting earlier this year, I noted a commencement speech by Steve Jobs as an example of how powerful stories can spread like wildfire. 

Last week, the Wall Street Journal reported an effective marketing tool used by Wells Fargo in gaining new customers for its private-banking arm (read: managing rich people’s money). The bank has a PhD historian, Andy Anderson, on staff who initially helped organize the bank’s archives and create several of the bank’s nine museums.

For the last several years, Dr. Anderson has spent his time researching the genealogy of some very wealthy families–according to the WSJ, "about 40 so far, most with net worths of $100 million or more." He presents his findings to the families, free of charge, with a written report. 

Once families hear more of their own story (and aren’t we all fascinated by our own stories?) there’s a natural domino effect of funds from the family being transferred for management by Wells Fargo. The story-tellers are rewarded graciously with new business. An interesting tidbit from the WSJ article: "By Wells Fargo estimate, Dr. Anderson has had a hand in developing relationships that have led to $1 billion in new assets for the bank. "

Yes, that’s billion, with a "b."  Another example of the power of story.