You’ve probably met with your executive team and members of your staff to devise ways to weather this economic cycle on sound financial footing. But you may have forgotten to invite a key player to the table: your banker.
Whether you’re seeing red or thriving during this volatile time, it’s always helpful to ask for input from an outsider. Now is the time you should be thinking beyond just the products your bank offers and see your banker in the role that he or she aspires to be — your trusted adviser.
“Our objective is to become a trusted adviser to our clients, and our clients need a trusted adviser more than ever during these vulnerable economic periods,” says Daniel K. Fitzpatrick, president and CEO for Citizens Bank, Eastern Pennsylvania, New Jersey and Delaware. “What does a trusted adviser do? They provide information. We have a tremendous amount of economic research that we do continuously.
“Then, of course, it’s about staying very close to your client, and communication is the key. The more we can understand our client’s business the better we can provide good advice and counsel to them.”
Many businesses don’t think to communicate with their bank on a regular basis, which means missing out on a valuable, free resource, according to industry experts. Think of your bank for ideas and solutions for efficiency, especially now when you’re probably looking for answers.
To take advantage of your bank’s true role as a consultant, you must start by forming and maintaining a strong relationship around trust and communication.
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