During my last coaching session, I had discussed with my sales coach how being a financial planner was a great job:
#1 You enjoy a flexible schedule.
#2 You have the feeling of helping people with good financial advice.
#3 You get paid well ;-).
#4 And one of the most important things; you get to meet and know very interesting people.
One of the things I like the most about being a financial planner is the opportunity to develop great relationships. On the other hand, the thing I hate the most about my job is when people think I am there to take orders and that I can’t help them. Sorry… I don’t deliver pizza!
I truly believe that clients have all the reasons in the world to get to know your banker personally and work together for the long term. While he will be in a better position to explain things and provide you with solid financial advice, you will also be in a better position to understand what he is doing and getting a better grip over your personal finances.
Another advantage? Who do you think is gets better service? The guy calling for a rate and doesn’t want to hear about any strategies and doesn’t care about the relationship with the banker or the guy that makes an appointment and explains his whole situation to his banker? I’ll let you guess…
In order to develop a great relationship with your banker, I thought of providing a few good tips:
#1 Pick the right one
Dealing with money is dealing with a person first. So you need to find someone who understands you and that you feel comfortable with. Since he needs to be one of your closest confidents (financially ), I think it is only normal to meet with a few bankers before making your decision.
#2 Chose him for the right reasons
While personality is very important, you should also look for a banker with an impeccable sense of integrity and professionalism. You want someone who will take your calls and get back to you within the very same day. Drop anyone who can’t do that. Financial background or diplomas are important too. While they are not a guarantee of competency, it is still better than nothing ;-).
#3 Work with him
Some people go see their banker and think that hiding things is a good idea. They think that he won’t find out or that it will slow down their application. In fact, if you don’t work with your banker, you are just making his job harder… and getting something approved harder to get too!
#4 Talk numbers – learn his language
Bankers evolve in a world of numbers and ratios. While he must teach you how it works in a bank (how we calculate stuff, understand your investment statements, etc.), you should also answer his requests with your numbers. Bring statements with you, it will help to establish a greater strategy with real numbers.
#5 Meet him twice a year
You probably see your mechanic a few times per year for oil changes and car maintenance, you should see your doctor and dentist for an annual check-up. This is the same thing for your banker. Twice a year is just enough to keep track of your plan and financial goals. You can take the time to review your financial situation and if there are any better products to improve your balance sheet.
Developing a relationship with your banker is a really good financial move as you will now be part of his priority when there is important news that comes out.
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