Imagine having a personal concierge for your finances- someone who knows your goals, understands your challenges, and helps you navigate the financial world. That’s what private banking offers.

Instead of transacting with a different teller every time you visit the bank, you have a partner dedicated to assisting you with deposits, transfers, loans, and any other banking needs you might have. The financing options are often more flexible than what’s typically available.

Jessica Fontana , Senior Vice President and Private Banking Relationship Manager at Cogent Bank, describes private banking as deeply personal. “Private banking is really about relationships. It’s about having someone who knows your goals, understands your challenges, and can navigate the financial world on your behalf. My clients don’t come to me just for products. They come for solutions, advocacy, and peace of mind.”

Jessica compares her role to a financial quarterback- someone who sees the whole field and calls the right plays.

Who Benefits from Private Banking?

Traditionally, private banking was reserved for high-net-worth individuals, including retirees and business owners. But Cogent Bank takes a more inclusive approach.

“Our thresholds are not quite as high as other financial institutions because we want business owners in the accumulation phase of their wealth and help them grow from there. Developing long-term relationships and helping them succeed is incredibly rewarding,” Fontana says “while often confused, private banking and wealth management serve different purposes. Wealth management focuses on investment portfolios, while private banking is more like concierge banking- providing solutions to your financial needs without you having to reexplain your situation.

Fontana emphasizes that private banking goes beyond deposits.

“If someone needs a residential mortgage, an aircraft loan, a commercial loan, or a business line of credit, I can help. Clients work with someone who understands their whole picture and whom they trust. I think that’s one of the most compelling aspects customers love about private banking.”

Fostering Lasting Relationships

Fontana starts every new relationship with an in-depth interview to understand short- and long-term goals, creating a collaborative effort to develop the best strategies to meet their objectives.

“Effective private bankers understand the need to ask the right questions upfront. It is important to understand the big picture at the onset of the relationship so we can add value and guide clients in the right direction.”

Flexible Mortgage Lending

Traditional mortgages often come with non-negotiable criteria. Private banking offers more flexibility through portfolio loans which are retained by the bank and not sold to investors.

These loans allow for more latitude with underwriting because they don’t have to conform to Fannie Mae or Freddie Mac standards. That means borrowers who don’t fit into the traditional mortgage box, like business owners with complex income structures or retirees with substantial assets but little income, may still qualify.

“With a portfolio loan, we hold the paper so we can get a little more creative in our underwriting,” Fontana explains. “It’s more flexible with the added benefit of being serviced in-house by the private banker who originated the loan.”

Fontana shares real-life examples, including a client who called her from a weekend trip in Tennessee about a house he loved. She did a quick cash flow analysis and helped him sign a contract that day.

Another example involved a retired couple with substantial assets but little income who qualified for a loan using their liquid assets as income. “These folks had a lot of money saved, and it was structured in certain investment vehicles for tax savings purposes. Our solution allowed them to access that money, if needed, and still get qualified for the amount that they needed to borrow.”

Fraud Prevention and Value-Added Services

Knowing her clients well helps Fontana protect them from fraud. One client was out of town when a six-figure fraudulent check was presented for payment. Fontana recognized it immediately and stopped it. She also helps clients manage finances while traveling and offers quick, secure funding and transfers.

“These types of value-added services foster long-term relationships with clients who trust us,” Fontana added.

A Team Approach

Private banking clients often have complex financial lives. Fontana collaborates with her customers’ entire advisory team- including attorneys, accountants, wealth advisors, and estate planners- to help protect assets, gather financial information, and plan for future needs.

Fontana points out that this integrated approach is not always the norm, especially at larger financial institutions which tend to be more transaction focused.

As a trusted banking partner, Fontana often connects clients with professionals outside the bank. For example, she introduced a general contractor to a real estate broker and helped a client arrange a private fishing charter for their grandchildren. Connecting clients with other professionals helps solidify a value-added relationship.

Client Advice

Fontana encourages clients to have financial goals and a five-year plan. Keeping funds liquid for major purchases and including your private banker in financial decisions can make a significant difference. “The more we know, the better off our client is going to be.”

Business owners should have a five-year plan in place which assists in forecasting cash flow needs. Also important, every business owner should have a succession or exit plan. Cogent Bank offers Exit Planning Advisors (CEPA) certified by the Exit Planning Institute to help.

Fontana also recommends involving your spouse in financial planning and knowing what accounts exist and how to access them.

“Keeping your private banker in the loop with your wealth management activities helps solidify a team approach. Having the bigger picture enables us to give more meaningful advice to our clients.”

“You have to have those things in place. Life is unpredictable, and families shouldn’t be left picking up the pieces.”

The Concierge Experience

Cogent’s private banking serves business owners, retired entrepreneurs, and professionals like CPAs, attorneys, and physicians. Their emerging private banking tier starts at $250,000 in annual income or $750,000 in investable assets- often the accumulation phase of one’s wealth journey.

“Just like any concierge service, I am your one-stop banking professional. I make it a priority to know what you have going on, constantly working to identify opportunities or steer you away from risks. You’re not just a number. I want to make banking the easiest part of your day.”

Reach out today to learn more about Cogent’s concierge approach and meet the private banking team. Cogent has locations throughout Florida to serve you.

Disclaimer: 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.