Rocky Mountain Region: The Digital Gold Rush
November 3, 2022
Every business changed in some way in 2020, and client needs also changed. The biggest shift evident in the Rocky Mountain Region included the influx of high-net-worth individuals flocking to Arizona, Colorado, Wyoming, and Montana – strategic locations and in some cases, emerging bustling tech hubs.
Opportunities in the Rocky Mountains
In recent years, flourishing commerce and business activities in the Western Region have led to the formation of small technology clusters, hiring cycles, and ideation, driving strong economic development. The Rocky Mountains continue to offer profitable banking for entrepreneurs and highly desired vacation properties.
Arizona has become a leading logistics hub due to its powerful electric grids and relative safety from natural disasters. Arizona’s trade, transportation, and logistics industries support over 600,000 jobs, with a significant increase in available positions from pre-pandemic times.
Bozeman, Montana offers outdoor enthusiasts hiking, skiing, and backcountry adventures. The area is also becoming a hub for high-tech companies and entrepreneurs, drawing highly skilled talent pools and big businesses putting down roots in the area.
Similarly, Denver continues to attract tech business owners and talent. The numbers cited by CBRE’s Annual Scoring Tech Talent Report in July 2022 tell the story – “Denver jumped two spots to No.10 in this year’s ranking, due in part to strong tech talent job growth over the past five years.” The area provides tech business owners with a conducive environment to test-drive short-term rentals while learning and sharing best practices with other business owners.
Likewise, Wyoming, which does not have an individual income tax or corporate income tax, continues to be an attractive haven that allows high-net-worth individuals to explore their philanthropic aspirations and charitable giving, while enjoying a slower pace and the rich landscapes of the West.
In both cases, business owners and high-net-worth individuals flocking to the West look for a local financial partner versed in handling their personal wealth and business needs.
Personalized Banking and Wealth-Building Services
First Western Trust, a leading financial institution in the region, offers a client-focused approach and tailored solutions in private and commercial banking. First Western Trust’s experienced financial consultants apply their expertise to provide comprehensive banking services and deliver solutions that help clients with their growing personal wealth.
First Western Trust strives to build the best private bank for the Western wealth management client. At First Western, the team carefully assesses clients’ investment goals and financial priorities before recommending personalized solutions.
Consultants at First Western offer dedicated private banking services that include lending, a variety of unique mortgage options, and depository services. Business owners in the Rocky Mountain Region benefit from experienced offerings in nonprofit banking, employee benefit consulting, and commercial lending with some of the most competitive rates.
Optimized banking services come with First Western’s proprietary ConnectView®, which offers a holistic evaluation of each client’s unique situation, diving into the quadrants of financial, legacy, experiential, and relational wealth. First Western Trust combines the systematic ConnectView® method with an intimate understanding of the Western Region’s economics to provide unparalleled strategies for developing client’s financial wealth.
Leveraging the Digital Gold Rush with a Trusted Banking Partner
In 2021, Rocky Mountain Bank merged with First Western to offer Wyoming businesses and high-net-worth individuals a local, community partner in Jackson, Pinedale, and Rock Springs. The combined Wyoming locations expand First Western’s unique services to a broader client base in the Rocky Mountain Region. Through an unwavering mission and vision of providing the best private banking solution for local communities, First Western helps clients leverage the digital gold rush in the West with scalability and confidence.
Speak with a First Western Trust team member to discover how you can create diversity in your portfolio and leverage the booming economy driven by the population growth across the Rocky Mountain Region.
First Western Trust Bank (Private & Commercial Banking, Mortgage Services): Member FDIC, Equal Housing Lender
Investment and Insurance Products are: NOT FDIC INSURED, NO BANK GUARANTEE, MAY LOSE VALUE