Here are a few characteristics of the ideal banking account manager for a business, based on feedback from the businesses I work with:
- Returns your calls promptly
- Answers your questions with clarity and authority
- Always has time to consult with you about your needs and performance
- Suggests techniques for innovative loan structuring
- Is effective in making your case with the bank’s credit department
- Follows up quickly on items to be completed
- Visits your business regularly
- Never cancels appointments with you
- Always gives advance notice when away on vacation, on leave, etc., and who will be covering
- Has the support of senior bank management
- Under-promises and over-delivers
- Understands your business without your coaching
- Refuses promotions and postings to other branches or institutions, or else takes you along with them.
How does your account manager compare to the ideal?
If they are almost perfect, tell us about them in the comment section below.
If they fall short, contact me directly to help you make a change.
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One of the other important items not on your list is networking. My business banker promised if I changed my account to him that he would refer business to me and he does. These bankers constantly have business asking for the name of good accountants.
Like the perfect “man”, the ideal banker is a myth.
Just kidding.
You are too modest, Paul.
Eric,
Good work on this list and the other articles you’ve provided to the LinkedIn community. Thanks for all your efforts.
With many businesses growing internationally these days and the globalization of business in general, I might add ‘international network’ to your list so a company’s banker can provide solutions, or at least introductions, to financiers, advisors, bankers, suppliers, or customers outside of Canada to assist in growing their business.
Of course I’m speaking as a banker here and not a business owner. I’d be interested to know if your clients view international capabilities as a priority for their businesses and of their banker.
You make a great point, Jim. I think Canadian businesses are not yet aware of the benefits of asking their bankers for the kind of referrals and services you mention.