Successful business owners and professionals are always seeking an edge. Many have discovered that having a private banker to represent their interests has multiple business and personal benefits.
Stacey Johnson, Vice President, Private Banking Senior Relationship Manager for Farmers National Bank, discusses the value of having a private banker.
Is it safe to say you are not a rookie in the banking industry?
Well, I think 35-plus years in banking means I should not be making any rookie mistakes. I’ve had exposure to multiple aspects of banking that creates the insights I provide for our clients. The last 7 years have been in private banking at Farmers. As a private banker I help business owners and professionals create efficiencies, access products and services, leverage relationships and assist families with strategies to help them create wealth so that they leave a legacy for generations.
For those unfamiliar with private banking, what does that mean?
A private banker essentially quarterbacks a client’s relationship with their bank and often oversees both their business and personal banking needs. A private banker provides a higher level of service and responds to the needs they might have outside of the traditional retail type of a client. This could be due to their profession, income or balance sheet.
Is private banking just for the super affluent?
No, that is a common misconception. Perhaps because it is a concierge style of service. There are some financial qualifiers, but I would be happy to have a conversation with anyone interested in having a private banker. Suffice to say that if you own or lead a business you are probably a good candidate for private banking. You likely need somebody on the banking side who has experience and delivers solutions through the bank’s product channels — or with partners in your world, such as your accountant, lawyer, financial advisor or insurance agent. Private bankers are often key spokes in the wheel of the hub of financial and business professionals surrounding a business owner.
What about the current business and financial climate that makes having a private banker a strategic value?
I think in complex economies you need to be more adaptive and have access to both information and solutions in real time. Today, business owners are dealing with uncertain inflationary pressures and stalled interest rates, as well as continuing supply chain and employee recruiting challenges. So, I think the quarterbacking role of the private banker means business owners can make their banking or investment decisions more efficiently and effectively.
What would you say about private banking at a true community bank like Farmers National Bank?
There is something to be said for being right-sized. We are right sized to be the bank that meets the needs of Cleveland’s business owners and professionals. I like to say Farmers is “big enough to matter and small enough to care”. We are a five-billion-dollar community commercial bank that has all the lines of business a large bank offers, but we deliver them with a level of service you might not otherwise find. Many on the Farmers team have worked at larger banks and have now chosen to work at a true community bank. Because of that, they understand we’re looking to do what’s in the best interest of our customers. It’s refreshing.
Billions of assets are one thing, but what about the number of years a financial institution has in business under the same name? Should that matter to prospective bank customers?
The fact that Farmers National Bank was founded in 1887 and is still under the original name and banner speaks to the soundness of our conservative management philosophy. If you’re a business owner, you want a stable financial partner. Our stability is rooted in both our operational legacy and, in our willingness, to adapt to modern banking technologies. I can say on behalf of my colleagues this is a place where we feel good about the people we’re working with; about the name we represent in the marketplace and in our ability to deliver to our customers.
If you’re interested in private banking with Farmers, reach out to Stacey Johnson at [email protected]
