SmartBusiness Dallas October 200718
Insights Banking & Finance
Insights Banking & Finance is brought to you by ViewPoint Bank
Business owners or high-level execu-tives often are so busy keeping theirbusiness in the black that keeping
track of their personal financial businesscan often be pushed to the wayside. Tokeep personal day-to-day finances ontrack, it is often necessary to get the help ofprivate banking services.
“Private banking services — also calledprivate client services — is personalizedattention for those who have acquired sub-stantial financial resources and need assis-tance in managing these resources as itrelates to their full financial picture,” saidCamille Ussery, vice president of PrivateClient Services at Plano-based ViewPointBank.
Smart Business spoke with Ussery aboutthe benefits of having a private banker.
What is the difference between private bank-ing and traditional banking?
A private or personal banker is someonewho is looking out for a family’s day-to-dayfinances as well as your investments. Asthe level of a family’s wealth increases,managing that wealth can become verycomplex, and inattention to the day-to-daydetails is quite common. Having a privatebanker gives the family one person to con-tact if, for example, a checkbook is lost orstolen. It also is a kind of banking‘concierge’ service that gives the client aheads up if an account is dangerously closeto being overdrawn.
All kinds of banking services can be con-ducted through a private banker. This isadvantageous over cold calling a branch totry and get a banking issue resolved. Thereason for having a private banker is totake away the worry of day-to-dayfinances.
What are the typical problems that a privatebanker can solve?
When you say ‘private client services,’most people think of investments or insur-ance products. But that is only one compo-nent. Outside of investment strategy orensuring funds are performing at optimallevel, there are a multitude of bankingissues that can be resolved using a private
banker, such as a lost checkbook or checkcard, ordering checks, and resolving anynotices that have been received in the mail.This is really like having a personal assis-tant to resolve these issues. The client sim-ply picks up the phone and transfers theresponsibility to the private banker toresolve the issue. It is a huge time-saver.
The private banker is usually available byphone during business hours, and a hotlinenumber is typically assigned, as well. Theclient often has the cell phone and e-mail ofthe private client banker who can helpresolve issues in the off-hours or on theweekend.
There are often other advantages tobelonging to a bank’s roster of privateclients, including good rates on depositsand credit. Banks often host several eventsannually for private clients — which can beideal for business networking.
How can an executive go about finding thebest private client banker?
There are three critical questions to askfirst:
1. Does your bank have this service?Check to see if the financial institutionoffers this full service. Perhaps the bank
has already reached out to these clients,but the client has been too busy torespond. Pay attention to these offeringsfor private client services because of theadvantages it could offer you and your fam-ily.
2. Is the personal banker accessible? Arethere hotlines to reach a specialist if youcan’t immediately get a hold of your per-sonal banker? Are they attainable by e-mail? Cell phone? A good personal bankerneeds multiple touch points.
3. What type of services do they offer?What additional benefits can you receiveby consolidating your assets at the bank?Can you get increased earnings ondeposits, better loan rates? Can you getonline banking services, discounts on trav-eler’s checks and money orders? Whatabout expedited loan transactions?
What are the downsides to not having a per-sonal banker?
Well, when a crisis does happen, it helpsto have developed a relationship with yourpersonal banker to lessen the impact. Forexample, if you are traveling overseas andsuddenly your debit card stops working,how can you access your funds? Without apersonal banker, you might have to call abranch back home and be put on holdwhile someone figures out the problem. Ifyou had a personal banker, you could callthe hotline or e-mail the banker or call hisor her cell phone and have the bankerresolve the problem and get back in touchwith you.
Visit viewpointbank.com/business tolearn more about ViewPoint Bank’sPrivate Client Services.
Don’t forget your personal financesPrivate client services for executives and owners Interviewed by Marcia Passos Duffy
Camille UsseryVice president of private client servicesViewPoint Bank
CAMILLE USSERY is the vice president of private client servic-
es at Plano-based ViewPoint Bank. Reach her at (972) 509-2020
ext. 7305 or [email protected].
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