How do you evaluate a banker?
The level of commitment and interest in the company is extremely important. A banker should want to learn how your company makes money and what is changing in the industry.
Personal attention is also a determining factor. Is your banker ready to handle the next problem — personally — if needed? Does your banker understand all of your company’s financial goals and operations? Does your banker know your key personnel?
Does the banker have the ability to act as a sounding board for your company? The more experience a banker has, the more likely he or she is able to help with unique business situations. Your company may never have had operations in a foreign country, but the banker may have worked with other companies that have.
Does your banker have strong decision-making skills? Can he or she make a decision quickly or have access to the people who can?
All these factors determine the quality of your banker and should be evaluated regularly.
Who else should be consulted?
At least once a year, all the individuals that are part of your banking team should review your relationship, just like an annual exam with specialists called in. Treasury management is the most common specialty area in which banks provide expertise. A private banker, international banker and your retail branch manager may be others who are part of your team.
Is it more important to have the right banker or right bank?
Both are extremely important. You need both. A company that does not have the right banker is not going to get access to the right people or the right services. A banker can be extremely talented, but if the bank can’t deliver when opportunities arise, you need a different bank.
The right bank and banker deliver a relationship that is valued and provides real benefits. Strong bank relationships provide the ability for a company to take advantage of opportunities, especially when there are periodic checkups to keep the relationship strong and healthy.
NICHOLAS BROWNING is president and CEO of FirstMerit Bank’s Akron region. Reach him at [email protected] or (330) 384-7807.
