Five Reasons For Getting To Know Your Personal Banker

October 13, 2020

Five Reasons For Getting To Know Your Personal Banker

If you have certain savings or financial aspirations, you may want to consult a personal banker who has experience helping clients get to various goals. While nearly anyone can open a personal bank account, actually having a plan for growing that account or getting to a better place financially may take a little more know-how. An experienced personal banker will have that know-how and will usually sit down and listen to their client’s needs and discuss financial road maps to follow. There are five areas that getting to know your personal banker can benefit you.

1. They Can Direct You To The Right Savings Accounts

Different checking and savings accounts have different requirements and benefits to them, and there’s not usually a one size fits all approach to which you should open. Maybe you have a certain amount you want to go strictly to savings, or maybe you need more to spend in checking. If you have a large savings goal, a money market or CD account might be better for you. These are things to discuss with your personal banker when beginning your relationship.

2. They Can Help You With Loan Products

Do you feel ready to buy that new car or new house but aren’t sure what kind of auto loan or mortgage you should get? It can be easy to be caught up in certain sales gimmicks that banks may try and get you with their loan products, but if you have the right personal banker you might make better decisions on which ones you go with. Personal bankers can keep their clients focused on their goals and keep the big picture in mind, and therefore recommend a loan that can help them. Plus they may suggest good payment strategies for them as well.

3. They May Be Able To Help You Budget Or Build Credit

Maybe you’re trying to improve certain financial skills such as being more disciplined with your spending or improving your credit score. A good personal banker may have tips or a plan that could help you with these goals that maybe you never heard of before. They may refer you to a certain credit card program or maybe even a budgeting app that could give you insights into your spending and offer tips on saving more.

4. They Can Also Be Great Investment Advisors

Investing can be where major challenges come to financial goals. The average person will need quality advice on which investment vehicles they should get whether it’s opening a brokerage account or IRA. A personal banker will know how to get through all the yellow tape that comes with this and will be able to advise you on funds to invest in, IRS and tax issues and many other things. And you’ll be able to meet with them to track your investment goals.

5. They May Know Other Professionals Who Offer Specific Services They Don’t

In some cases such as buying life insurance, planning your will or estate, refinancing a mortgage, or getting a specialized investment product, you need a certain professional to guide you. While your personal banker may not offer certain products where you do banking, they may have connections to a firm where you can find those services. If you know your personal banker well, you can usually trust their recommendations to other professionals.


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