As a Money Smart Athlete, you should know that your banker plays a key role in your financial life. Actually, you may come to realize that your banker can be a sort of silent partner! If your banker is well acquainted with your business affairs, your industry and your community, he or she can be an important financial and business advisor and a critical component of any growth plan.
We realize that it’s not easy to choose a banker who can really help you take your financial affairs to the next level. However, there are some critical qualities and specific characteristics which you should look for when choosing your banker. Let’s find out how a Money Smart Athlete can wisely choose a banker.
Experience
If you are planning to create a business in your post sports career in any industry, always have in mind that an experienced banker is vital! Acquiring or creating businesses is not a simple procedure. It takes time to establish a strong network of associates and contacts, figuring out the financing of your business and learning to maximize value every step of the way. Ask your banker-to-be the following questions, to figure out the level of his/her experience:
- How long have you been a banker?
- Have you managed a business financing deal from the beginning to the end?
- Have you been offering all around assistance to your clients in both their personal and business affairs?
- Have you been providing personalized solutions for investments in financial products and instruments?
Trust & Chemistry
Personal chemistry and trust are very important! Choosing a capable banker to manage a major financial deal for your business is not far away from choosing a good friend. Always make sure that you have the right fit from the beginning with your banker. You should feel comfortable with him/her and fully understand every piece of advice and guidance he/she gives you. Trust should be mutual! Make sure that you are honest and straightforward about your financial and personal goals with your banker. It is essential to trust and believe that your banker protects your best interests and will guide you accordingly.
Support
If your banker has the proper knowledge and experience, it means that he/she can support you in a number of ways, especially if he/she is a part of a professional and strong banking team that will help you maximize value. A strong and flexible banking team which can cater to your growing needs as you develop from a rookie athlete to a mature one, is a necessity.
You should also have in mind that connections and relationships are important in this area. For instance, if your banker has strong links with other professionals such as lawyers, accountants etc., then you will be able to take advantage of this and have additional assistance when needed.
Provides personalized advice for investment in financial products
To create wealth, you need to invest your money wisely. Private Banking provides financial services and investment advice to wealthy individuals. The philosophy of Private Banking is that every client is unique, with different objectives and goals.
Your private banker is the point of contact person of an entire team. Behind the private banker is usually a group of specialists such as investment analysts and trust service providers. Make sure you are comfortable with the people working behind the scenes, too, because they can have just as big an impact on your financial picture. You don’t have to literally meet them. Your Private Banker listens carefully to your needs and together you formulate your investment strategy across all the services offered. Your Private Banker identifies, presents and adopts solutions that best serve your goals and expectations, always according to your risk profile. A good private banker should take into account all of your needs, existing savings and investments, aspirations and attitude to risk.
Persistence
Your banker should always be by your side! He/she must understand your goals, focus on their realization and help you achieve them. He/she should always have a backup plan and be ready to do whatever it takes to successfully complete any business financing deal or agreement. Remember that financial deals are not always simple. Some of them might be demanding and complex even for your banker. Therefore, make sure that your banker has endurance, persistence and has the desire to assist you in achieving your goals as efficiently as possible.
Our final word of advice: To handle your finances, make sure you look for the right banker. Choose wisely an experienced banker you can trust, who has an established support team, who has the tenacity to get any deal done, and who is someone you enjoy working with. In this manner, your journey through the process will be much easier and eventually more profitable!
Michalis Aristidou is the head of Business Development and International Business Banking unit at Eurobank Cyprus, with almost 20 years of experience in the banking sector.
Eurobank Cyprus was established in 2007 with the opening of the first banking centre in Nicosia, Cyprus and is currently operating a network of eight banking centres in all major cities of the island. The Bank focuses on Private Banking, International Business Banking and Corporate Banking offering a wide range of products and services to both retail and institutional clients. Within these 11 years of operation, the Bank has grown at an impressive pace demonstrating at the same time a very healthy profitability, a solid capital base and strong liquidity. The touchstone of Eurobank Cyprus’ success is the firm commitment to relationship management, offering high quality services, innovative products and a culture of professionalism, trustworthiness and discretion.
You can contact Mr. Michalis Aristidou at [email protected]
