Private Banking for Entrepreneurs

September 13, 2022

Every entrepreneur has unique banking needs that require customized financial services. Entrepreneurs are a particular class of private banking clients and require unique relationships with those they entrust to support their goals and ongoing business concerns.

Entrepreneurs frequently have complex and layered commercial interests and financial business concerns. It is essential to be able to rely on trusted and informed bankers to whom they can turn to for a broad range of financial services. Communication, planning, and trust are key components to success.

Here’s how First Western Trust can assist in navigating the unique and highly complex financial needs of entrepreneurs.

Expert Handling of Finances in Business

Finances in business require different handling than other types of assets, and an entrepreneur must be able to respond swiftly and tactfully to unforeseen circumstances or the demands of fast-paced market activity.

Knowledge, planning, and support are essential components of a successful banking relationship, including their approach toward business finance, wealth creation, and long-term goals. Entrepreneurs constantly have a full slate of things demanding their attention, their banking needs should not be among those demands.

Securing the right team to support your goals and developing a long-term relationship also means not having to continually reestablish this critical support structure, not needing to retell your story, describe your unique needs, and plan for specific goal achievements over and over. Each time a new banking relationship needs to be established increases the likelihood of key details being missed and associated opportunities for success being lost.

At First Western Trust, our dedicated team takes the time to know you personally and to understand the full scope of your finances and business. Longevity in a banking relationship with a team that understands the details of an individual’s situation is an often overlooked but important consideration for entrepreneurs.

Personalized, Familiar, and Ongoing

A financial advising team that knows the entrepreneur, their business, and the unique circumstances around the ongoing deployment of their finances in business and their personal lives can offer proactive and informed services.

Personal relationships with a banking team can be as important as the expertise with which they offer guidance. It is essential that the entrepreneurial customer feels comfortable with the banking professionals providing advice and that the team meshes well with other business and financial professionals with whom the entrepreneur may be working.

First Western Trust bankers work with entrepreneurs and business owners at every stage of their financial journey, whether they’re investing in startup opportunities, concerned with liquidity events, or planning for succession and transition. These specific areas of knowledge, planning, and support are essential components of responsible stewardship, and each is a point of emphasis in First Western relationships with entrepreneurs.

Single-Source, Specialized Services

Banking services customized for an entrepreneur provide short communication lines and points of contact to whom the entrepreneur can turn for responsive and rapid advice and assistance.

Many entrepreneurial business owners will have an active stake in various commercial ventures
and revenue streams from several sources or ongoing activities, and these business finances must be managed appropriately.

At the same time, the entrepreneur must be able to rely on long-term asset management and services such as retirement and succession planning. Plans must be in place to handle the disposition of their business finances and the continued management and operation of their ventures.

Concerns such as whether their businesses will be inherited or sold must be arranged in advance, as must the creation of trusts or other assets to be granted to survivors.

Continuity and Succession Planning

Continuity planning is essential to protect their assets and the businesses they have created and to ensure ongoing benefit to family members. Many business owners have no plans for succession and lack continuity planning intended to help their companies transition if they wish to retire or are no longer able to oversee the operation of their business directly.

A banking relationship that considers these concerns is an essential service for the entrepreneur client not only to safeguard the wealth the entrepreneur has accrued but also to ensure the continued operation of their business so that it may benefit the entrepreneur and their family.

These can include such things as foundations, holding corporations, or investment funds, which are just some of the options private banking services can offer. Finding the right blend of continuity or retirement assets is an essential and uniquely personal concern.

Retirement Planning*

Entrepreneurs considering retirement may wish to invest in diversified portfolios with varied strategies and timelines. The entrepreneur may also be interested in investing in assets such as real estate, art, vacation, or rental properties.

High-net-worth customers may also wish to create and develop charitable institutions. Banking services geared toward the entrepreneur will be able to recommend the best blend of philanthropic opportunities to serve the client’s specific needs at every stage.

Managing the Present and Planning for the Future with First Western Trust

As an entrepreneur, your efforts are more attuned to creating, developing, and managing business ventures. The complexities of retirement, succession, and continuity planning may interfere with your ability to focus on your critical capabilities.

At First Western Trust, we understand that you need dedicated and customized services to ensure you can enjoy retirement, and rest assured in the knowledge that your legacy will continue after your active interest in your business ventures comes to an end. Our financial experts are here to work with you to ensure you can focus on the concerns of the present while being prepared for those of the future.

*Investments: Not FDIC Insured | No Bank Guarantee | May Lose Value