Who Do You Need to Know at Your Bank

by Mike on October 6, 2013

Knowing the people at your bank

Doing business with the bank is a real chore for most people, especially those who just want to see results without having to deal with all the bureaucracy that it entails. Most people wish to have short encounters with the bank especially businessmen who spend a lot of time worrying about their investments but who don’t want to spend a great deal of time thinking about the paper war or hidden contract clauses. Getting to know the right people at your bank can either speed up your financial journey while obviously not knowing the right people can hurt it!

It is obviously in the investor’s interest to be up to date with any change in their accounts but financial planning can be a hassle even to those with years of economic education. Looking for banks which offer free of charge services that are meant to help you is something most people forget to do. Take for example the benefit of having the assistance of  investment management towards your financial growth compared to working it out yourself as you go!

The process of making an investment is extensive and can be difficult so you need to fully understand what it entails, what the risks are,if you are willing to take them and what your advantages or disadvantages are, all which go under financial planning. But investing can be made simple if you know the right people:

Account manager

The account manager is often the first person you see at your bank and can help with your goals by pointing you in the direction of the right products. But they can only offer you minimal input and make general recommendations about the products and services. Their primary task is to set up your account and address any issues that you might have in relation to the bank or with that account. Additionally they can inform you about their products and offers and as a rule it is their job to get you interested and involved. Think of these people as knowing quite a bit about everything but not a great deal of specific information.

Financial Planner Financial adviser

Some banks also appoint you your own highly trained financial adviser to guide and teach you as well as advise you in your options. You don’t always receive one and sometimes need to ask but if your account is large enough or your bank is good enough you can automatically have one assigned or recommended to you when you open your Account. You can choose to ignore their expertise and devise your own financial planning but you are recommended to take note of what they have to say. A good financial adviser has a limited number of few clients meaning that they can stay focused and completely committed to you as an individual client. It might not be easy to find this person first go as your account might not be quite large enough but working your up as your wealth grows should eventually fine this person. They should always help you better understand your financial path,needs and strategies. I have always found a good financial adviser also knows who to recommend when their area of expertise is surpassed.

Investment consultant

Whether you come to the bank with your personal finances or those of your company, an investment consultant is essential for you to keep or grow your assets. Once again not all banks have a full time dedicated person to this role but can you see those that do would obviously be a bank a cut above the rest? An investment officer or consultant will focus their knowledge on helping you make good investment decisions by getting to know your personal financial background, assessing your objectives, current investment holdings, your attitude towards risk, etc. This process is called investment management and is ongoing because of forever changing variables such as personal circumstances and the global economic environment. This role can also be played by the Financial Adviser.

Lending Officer

A lending officer is usually the person many of your financial choices will depend on. They are in charge of your credit / lending accounts. In other words if your borrowing money of any kind their usually the person in charge. This can affect your credit rating, investment options and even the home you live in so knowing this person as an individual is important. If your not on a first name basis with them how can you approach lending seriously. You really would just be an account number in the system. To me this is the biggest part of working and knowing the right person in your financial institution which can streamline your finances and investments.

So Who do you know at your bank?

A good bank will always give you access to plenty of knowledge and resources meant to direct your investment management for you and leave you with the more important aspects of the process such as setting your goals and spending your earnings. But a great bank will provide people with working knowledge of all that information and how to apply it to your particular circumstances!

Do you have a good bank or a great one?

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