Using Banking Professionals as Trusted Business Advisors

When assembling a team of trusted business advisors (“TBAs”), banking professionals should be at the top of your list. By the nature of their work, banking professionals interact with many different types of clients that are experiencing an ever-changing variety of different challenges. Thus, banking professionals generally bring value-added perspectives, opinions, and experiences that make them an important part of any team of TBAs. 

As with any professional service provider, regular communication with your banker will enhance your relationship and optimize your customer experience. The more your banker knows about your organization’s changing operations and needs, the more they will be able to help you to utilize the banking customizations and integrations that will improve organizational operations and mitigate financial risk.  

But bankers usually have valuable insights that go well beyond this traditional role. In particular, banking professionals tend to have a large network and a unique perspective on a wide range of fiscal, financial, and operational issues.

Justin Silvers, Senior Relationship Manager at Capital One, recently shared with us some of the ways he has been able to use his network to help nonprofit clients:

“As a banker, it is imperative to view an organization's needs holistically. I try to assist my clients with problem-solving generally. In addition to connecting my clients with trusted partners to help them operate more efficiently, I have also directed organizations to additional funding sources to support their mission and work.”

Similarly, Tom Ciolkosz, Senior Vice President at Capital Bank, shared a story about helping a nonprofit client rethink their membership fee structure, resulting in significant improvements to cash flow:

“Several years ago, I had a nonprofit client that was trying to purchase a piece of property, and insufficient cash flow was making it hard for them to find financing. After meeting with the Board to discuss how they structured their membership fees, we were able to figure out adjustments that increased their cash flow to service the debt.”

In both cases, the organizations benefited from seeking out the perspective of their bankers as TBAs and getting their tactical advice, as we discussed in our article on Assembling a Team of Trusted Business Advisors.

Planning Tip – When looking for a new banking relationship, consider more than just the bank’s list of traditional banking features and services. Meet directly with the bank relationship manager and other bank team members who will be assigned to your account. Ascertain which types of nonprofit clients they have, how they have helped other nonprofit clients, and whether they are receptive to making introductions to their network when needed.

Banking professionals have a lot to offer when it comes to strategy and problem-solving skills. Stay in close contact with your banking professionals to make sure you can regularly tap into this valuable resource.