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Are you looking for a more personalized banking experience? Private banking offers financial products and services tailored to individual and business banking needs.
For this blog, we sat down with Trish Teague, Managing Director of Private Banking, to learn more about the private banking experience at Cogent.
This approach to banking offers a personalized experience for high-net-worth individuals, couples, and families. Depending on each client’s situation, private banking services and products can consist of the following:
Overall, private banking services are tailored to the needs and goals of each client. You’ll have a dedicated Private Banker who can be contacted with any questions or for advice. You can also use online and mobile banking to pay bills, deposit checks, transfer funds, and view balances and recent transactions.
High-net-worth individuals who usually have at least $1 million in liquid assets. However, Cogent doesn’t maintain strict thresholds for our private banking services, and we don’t penalize clients for experiencing annual income and liquidity fluctuations.
Many private banking clients are business owners, partners in law firms or partners in healthcare practices. With private banking, all your business and personal banking needs are handled in one place, with one banker. We can assist you with buying a house, walk you through the financial details of a business expansion, provide a full range of wealth management services, offer employee benefits and retirement accounts, and more.
Think of private banking as concierge banking. You can call your private banker on their cell phone, and we will assist you in completing your transactions. There is very little we can’t do for our clients. They simply need to call and tell us what they need. It’s very relationship-focused, and we have had some of the same clients for more than 20+ years.
Cogent is a locally owned community bank, and we have control over our markets and decision-making. This local control allows us to be flexible and bring clients into Private Banking who might not qualify now but work in an industry or hold a position that would qualify them later in their career.
Generally, larger banks have higher thresholds for income and assets to qualify for private banking. If clients fall below a certain income or assets threshold, they can be moved into another division of the bank. In contrast, we understand there might be fluctuations in our clients’ annual income and liquidity at Cogent.
Cogent’s Winter Park private banking team has been together for over ten years. This continuity keeps our processes streamlined and personalized; clients don’t have to repeat their financial history. Because we have all the background information we need and have formed a trusting relationship, we can quickly and decisively help our clients with their business and personal financial decisions.
Our private bankers are always available by cell phone. While we don’t always see our clients in person, we are proud to be the person they call before buying property, expanding a business, or making any other significant financial decision. We usually see our clients at least once or twice yearly at lunch, dinner, or other events.
Private banking is all about developing long-term relationships with clients. It’s a lifelong membership of our banking club. We aim for clients to select us as their bank of choice and not need to bank anywhere else. We’ve had several children of clients become our clients, which is fun to see it come full circle.
One of the most rewarding aspects of working in private banking is helping someone succeed and take advantage of life-changing opportunities. For example, we work with law firms and have done several shareholder loans. The borrower has worked hard and is taking their career to the next level as a partner. It’s exciting to be part of those milestone moments. In addition, we are always looking for ways to give back to the communities we serve. We bank many nonprofit organizations and enjoy being on their boards and providing financial advice to the organization and the population they serve.
Yes, absolutely! Cogent Bank has an independent wealth management firm. We also have contacts with local professionals, such as attorneys, accountants, etc., regarding estate planning or tax advice.
Trish, Susy, CamPhi and the rest of the Winter Park Cogent Private Banking team are dedicated to providing the personalized attention you need and deserve. Contact us to learn more about what we do and how we can help Move You Forward.
The information contained herein is for informational/educational purposes only. The views and opinions expressed in this document may be those of the individuals and may not necessarily reflect those of Cogent Bancorp and its subsidiaries and affiliates, or the entities they may represent. Content contained herein may be used in connection with the advertising and/or marketing of products offered by Cogent Bank or Cogent Private Wealth. The material is not intended to provide or substitute for legal, tax, or financial advice or to indicate the availability or suitability of any Cogent Bank product or service. You should consult with a legal, financial, tax, or other appropriate professional(s) for your specific needs and/or objectives before making any decisions.