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Don't forget your personal finances

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  • 1. Insights Banking & Finance Don’t forget your personal finances Private client services for executives and owners Interviewed by Marcia Passos Duffy usiness owners or high-level execu- has already reached out to these clients, B tives often are so busy keeping their business in the black that keeping track of their personal financial business but the client has been too busy to respond. Pay attention to these offerings for private client services because of the can often be pushed to the wayside. To advantages it could offer you and your fam- keep personal day-to-day finances on ily. track, it is often necessary to get the help of private banking services. 2. Is the personal banker accessible? Are “Private banking services — also called there hotlines to reach a specialist if you private client services — is personalized can’t immediately get a hold of your per- attention for those who have acquired sub- sonal banker? Are they attainable by e- stantial financial resources and need assis- mail? Cell phone? A good personal banker tance in managing these resources as it needs multiple touch points. relates to their full financial picture,” said Camille Ussery, vice president of Private 3. What type of services do they offer? Client Services at Plano-based ViewPoint What additional benefits can you receive Bank. by consolidating your assets at the bank? Smart Business spoke with Ussery about Can you get increased earnings on the benefits of having a private banker. Camille Ussery Vice president of private client services deposits, better loan rates? Can you get ViewPoint Bank online banking services, discounts on trav- What is the difference between private bank- eler’s checks and money orders? What ing and traditional banking? about expedited loan transactions? A private or personal banker is someone banker, such as a lost checkbook or check What are the downsides to not having a per- who is looking out for a family’s day-to-day card, ordering checks, and resolving any sonal banker? finances as well as your investments. As notices that have been received in the mail. the level of a family’s wealth increases, This is really like having a personal assis- Well, when a crisis does happen, it helps managing that wealth can become very tant to resolve these issues. The client sim- to have developed a relationship with your complex, and inattention to the day-to-day ply picks up the phone and transfers the personal banker to lessen the impact. For details is quite common. Having a private responsibility to the private banker to example, if you are traveling overseas and banker gives the family one person to con- resolve the issue. It is a huge time-saver. suddenly your debit card stops working, tact if, for example, a checkbook is lost or The private banker is usually available by how can you access your funds? Without a stolen. It also is a kind of banking phone during business hours, and a hotline personal banker, you might have to call a ‘concierge’ service that gives the client a number is typically assigned, as well. The branch back home and be put on hold heads up if an account is dangerously close client often has the cell phone and e-mail of while someone figures out the problem. If to being overdrawn. the private client banker who can help you had a personal banker, you could call All kinds of banking services can be con- resolve issues in the off-hours or on the the hotline or e-mail the banker or call his ducted through a private banker. This is weekend. or her cell phone and have the banker advantageous over cold calling a branch to There are often other advantages to resolve the problem and get back in touch try and get a banking issue resolved. The belonging to a bank’s roster of private with you. reason for having a private banker is to clients, including good rates on deposits take away the worry of day-to-day and credit. Banks often host several events Visit viewpointbank.com/business to finances. annually for private clients — which can be learn more about ViewPoint Bank’s ideal for business networking. Private Client Services. What are the typical problems that a private banker can solve? How can an executive go about finding the best private client banker? When you say ‘private client services,’ most people think of investments or insur- There are three critical questions to ask ance products. But that is only one compo- first: nent. Outside of investment strategy or ensuring funds are performing at optimal 1. Does your bank have this service? CAMILLE USSERY is the vice president of private client servic- level, there are a multitude of banking Check to see if the financial institution es at Plano-based ViewPoint Bank. Reach her at (972) 509-2020 issues that can be resolved using a private offers this full service. Perhaps the bank ext. 7305 or camille.ussery@viewpointbank.com. Insights Banking & Finance is brought to you by ViewPoint Bank 18 SmartBusiness Dallas October 2007