When your financial life involves more moving pieces, a private banker can help bring them together. Billy explains how private banking works and why the relationship matters as your banking needs become more complex.

People hear the term “private banking”, but what does it really mean?

Private banking is about providing a highly personalized approach for clients with more complex financial needs. It goes beyond individual banking products by bringing together a dedicated team of professionals who can provide tailored deposit and lending solutions, specialized services and a high level of personal attention.

A private banker serves as a central point of contact, helping coordinate the different pieces of a client’s financial life from personal and family banking needs to business interests and investment goals. My goal is always to understand the bigger picture and be a trusted advisor for my clients and their families.

At what point should someone consider working with a private banker?

There isn’t one specific dollar amount or age that determines when someone should consider private banking. It’s really about the level of financial complexity you’ve reached and the value of having a dedicated team to help you meet your goals.

As wealth grows, financial needs often become more complex involving businesses, real estate, investments, lending needs, estate planning or other moving pieces. That’s when having a private banker who understands the bigger picture and can help coordinate those needs can be incredibly valuable.

Private bankers are most effective when they become a client’s generational banker, building relationships not only with the client, but also with their children, grandchildren and, hopefully, great-grandchildren.

What are some of the ways you help make life easier for your clients?

Ultimately, I want my clients to feel like they have someone in their corner who understands what they're trying to accomplish and can help them get there.  Our clients are busy, and they don't necessarily want to spend their time figuring out how every piece of their financial life fits together.  We try to anticipate needs, coordinate with other professionals such as CPAs, Attorneys and Financial Advisors when helping to structure financing needs, and connect clients with the right resources within the banking and business world. Whether it's buying a home, expanding a business, managing liquidity, or taking advantage of an investment opportunity, we're there to help make the process more seamless. I always offer at least two solutions for my clients’ needs and then we talk through the positives or negatives of each solution based on their goals.

What makes a great private banking relationship?

It comes down to trust, communication, and understanding. A great relationship is one where the client knows they can call you, even when they aren't sure exactly what they need. I think a great private banker must listen to what the client is asking for today and make sure I incorporate how the current request will either help or hurt those long-term family goals they are ultimately trying to accomplish for their future. The best relationships become true partnerships. You know your clients well enough to be proactive, they're comfortable being candid with you, and both sides know that the goal isn't simply to complete a transaction. 

Connect with Billy at bwhigham@river.bank  |  NMLS 527191

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