In what other ways can the owners or partners benefit from this type of relationship?
These individuals will have the ability to optimize their personal banking needs as the result of having access to the resources of a private bank. Whether they want to set up a trust to protect their heirs or develop a wealth plan to grow and preserve their assets or simply require a jumbo mortgage for a new home purchase, they now have access to a team of experts who can help them make the best financial choices.
If you want to make the switch to a segment specialist banker, where should you start?
Start by seeking out a bank that specializes in your industry. If you don’t have this information, your accountant, lawyer and industry colleagues are good resources. Then sit down with the banker to discuss your specific business goals and objectives. The banker needs to understand how they can assist you on this journey. Every client within a specific industry is unique, but they all have similar banking requirements. The banker will use his or her knowledge of the industry and your business to tailor appropriate cash management, credit and other financial solutions.
The goal is for the owners to feel confident that their banker is delivering consistent banking solutions that help the business and the individuals succeed in meeting their financial objectives.
David Jochim is senior vice president and regional director responsible for specialty banking at The Private Bank of Union Bank. Reach him at (949) 553-2520 or [email protected].
