Private Banking: A Balancing Act

Published on March 16, 2017 |

Your day-to-day schedule is filled with the to-dos of being an entrepreneur—overseeing operations, human resources, payroll, you name it. But are you so entrenched in your business that you’ve neglected your personal finances?

Many business owners have a laser-sharp focus on managing their business—so much so that they may overlook what’s happening behind the scenes in their personal finances. It’s crucial to keep an eye on your short-term and long-term financial goals, from managing cash to maximizing retirement savings.

Here are three basic ways to start paying attention to your personal financial goals while managing your biggest asset—your business.

• Build an emergency fund. Work on a short-term savings goal that enables you to cover personal living expenses if the business takes a downturn.
• Diversify your investments. Talk with your private banker about investing funds beyond your business and industry. Overinvesting in anything, especially your own business, could make you vulnerable to shifts in the market.
• Plan for your future. Ask your private banker about the best way to save for your future, including retirement and a college savings account for children.

Seek Professional Advice

The struggle to balance personal and business financial demands can seem never-ending. Consider private banking that combines the personalization of your business banking services and the guidance of a private banker who understands the personal.

Turn to an expert who can help you focus on the pressing demands of both areas. Private bankers meet with clients semi-annually or quarterly to prioritize goals and stay on track with finances—all while maintaining your business.

How to Choose a Private Banker

Wondering how to find a private banker to guide you through personal financial decisions and investments? Consider these three points.

• Size. Instead of defaulting to a national or international bank, investigate what smaller, local banks can offer. Many small- to mid-size banks offer the same range of services as larger banks but with more personalization.
• Trust. Private banking is a concierge service. Seek a private banking team who is personable and can efficiently and effectively manage any challenges. Learn about your team’s experience in the appropriate fields.
• Services. What private banking services are the most important to you? Determine what services you’re looking for and prioritize them by importance. Then, use that list to find the bank that will best meet your needs.

Webster Bank has private banking services available for our clients. Talk with your relationship manager about how you can take advantage of this service. Call 855.274.2800 or visit webster.com to learn more.