The role of a private banker — could you use one?

The Jonesboro metro area is fortunate to have a thriving community with steady population growth and a cost of living 15% below the national average. We have low unemployment and increasing career opportunities in high-paying industries such as engineering, information technology and health care. Our region is also a top contributor in the agricultural sector, providing opportunities for producers across northeast Arkansas.

As those industries grow, so will the number of professionals who work directly in those career fields. Additionally, entrepreneurs will have opportunities to start businesses to support these key industries with supplies and services.

These professionals all have one thing in common — their success and ability to contribute to our economy is critical. However, their fast-paced lifestyle and complex financial needs can make managing all aspects of their personal and business finances tedious and time-consuming. Each is in various stages of building wealth, and many are just looking for ways to manage their time effectively.

This is where private bankers can help. Traditionally thought of as only for the ultra-wealthy, more and more professionals find themselves with the qualifying assets and services to take advantage of private banking solutions as their wealth has grown.

If you’ve ever wondered if you could benefit from a private banker, here are some things to ask yourself.

Does your financial situation require you to work with multiple points of contact?
If you’re constantly having to connect with different individuals to assist with a variety of financial matters both personal and professional, private bankers can simplify that by being a single point of contact to help with a question or need. They work with a team of experts to help make all your banking and wealth management accounts work together to meet your unique goals.

This comprehensive approach includes a wide range of products and services for both personal and business needs, including checking and savings accounts, loans and lines of credit, investment management, estate planning and other tailored financial solutions.

Do you struggle to manage the complexity of your finances?
Not everyone has strong business acumen. You can be an expert at your job but either don’t have the time or don’t like managing all the various financial aspects. This can especially be true for small business owners and agricultural producers whose passion and knowledge are evident but who might need help managing business finances to be successful. A trusted private banker can provide guidance to manage the day-to-day business and help you expand operations when the time is right.

What are you planning for in the next stage of life?
Whether you’re in residency at one of our great health care facilities, ready to launch a small business or planning for retirement, a private banker can help you with your short- and long-term goals.

For example, some banks like Arvest offer specialized financial solutions for physicians during all stages of their careers. Ready to buy a home? Physician home loans can help new residents settle into the community with flexible underwriting guidelines. Starting a practice? Private bankers can help run the business end of your practice efficiently. Need a plan for retirement? Your private banker can collaborate with a financial advisor to help create a retirement plan. This is especially important as physicians typically start late on saving for retirement because of time spent in school and the debt that can come with student loans.

Are you unsure about your legacy options?
You work hard to earn what you have, so it’s understandable that you want to ensure your estate is fully safeguarded. Private bankers — familiar with all aspects of your assets and financial situation — can work with a team of advisors to help design a plan that suits your unique needs, even as they change over time. That could include business transfer plans after retirement, disability or death, and insurance plans that provide peace of mind for your family or business.

From navigating the early stages of your physician practice to creating a succession plan for your family farm, private bankers can help simplify your busy life while helping you reach your financial goals.

Editor’s note: Teresa Roche is a private banking advisor for Arvest Bank in Jonesboro and can be reached at [email protected]. The opinions expressed are those of the author.