With the current financial market
changing every day, it is difficult
for even the savviest businessperson to monitor trends and changes.
Therefore, many people turn to a private
banker to help them monitor trends and
develop financial plans for personal and
“Consumers should look for someone
they trust and who they can pick up the
phone and call to help solve any problem
they may encounter,” says Josefina
Enriquez, vice president with Banco
Popular. “The United States market is not
the only volatile market in the world. It’s
important to work with an international
private banker who educates himself or
herself on other country’s markets and
politics to help consumers make educated decisions as they invest money in foreign markets.”
Smart Business spoke with Enriquez
about the value of private bankers and
how it is important to utilize an international banker who is constantly up to
date on foreign affairs.
How does a private banker benefit a consumer?
With ever-changing market trends, it is
necessary for consumers to utilize a
banker who monitors trends and identifies the needs of the individual consumer. As the market changes, a private
banker should identify how the changes
affect his or her clients’ financials and
notify them of any changes they may
need to make to get the most for their
A private banker should be part of a
consumer’s overall business team. The
private banker can become a valuable
asset to the consumer or the consumer’s
business. A private banker does not have
to have all the answers, but he or she
should be able to connect a consumer
with those professionals in the bank that
can help with individual needs.
Beyond providing personalized service,
a private banker should address the
entire financial situation of the consumer
and offer the services that will help
achieve long-term goals. Such services may include protecting and growing
assets, developing retirement plans and
passing wealth to future generations.
Why is it important to have a central point of
contact at your bank?
A private banker is able to develop a personal relationship where he or she will
know your history and the steps you are
taking to achieve your long-term goals.
A private banker also has access to any
banking professional you may need.
Today, time is money and, therefore, no
one can afford to be held up waiting for
answers or for someone to answer the
phone. With a private banker, such
delays are circumvented. A client should
meet with his or her private banker at
least once a month to keep the banker up
to date on any changes in his or her
For business owners with many different locations, a private banker helps keep
all information centralized. This prevents
confusion and increases overall efficiency for a business.
How can a consumer select a private banker
who will become an asset to his or her financial plan?
A private banker must listen. Be selective and look for a private banker you
trust and who you know is listening to
you. As a professional, he or she must
help you identify the financial aspects
you as a consumer have yet to identify.
You want someone who will notify you
before major market changes occur and
help you react to changes.
Many international customers want to
invest money in U.S. markets or open
businesses here but do not know all the
requirements to do so. As a private
banker, it is important to help educate
consumers of all laws and regulations
they must abide by to enter into a market.
A private banker should also be service-oriented, knowledgeable and detail-oriented. It is a private banker’s job to provide a consumer with adequate market
information so the consumer can make
an educated final decision.
Why is it beneficial to utilize an international banker for personal finances?
A private banker with international
expertise is an asset to any consumer or
business wanting to invest in foreign markets or open businesses in foreign countries. An international private banker
should have a basic understanding of the
economic and political conditions of the
country where he or she conducts business. With such knowledge, private
bankers help their clients make smart
A good international banker will notify
a client when foreign markets are changing and it is time for a consumer to move
or invest money. It may be more efficient
for a bilingual international banker to
help you communicate in business transactions in other countries. If you are performing any type of international financial transactions, it is crucial to have an
expert in that country on your side.
JOSEFINA ENRIQUEZ is vice president in International Banking for Banco Popular. Reach her at (305) 938-0113.