by Dan Satterfield | Staff Writer
As parents of young children, we would never consider leaving them without reliable supervision, even for a simple night out. However, when it comes to safeguarding our young adult and adult children, many of us have yet to establish comprehensive trust plans. Lacking a proper strategy means that the daunting task of ensuring honesty, understanding trust and estate laws, and managing family assets falls squarely on your children.
Securing yourself and your family is quite straightforward if you take the time to educate yourself and seek sound advice from professionals. As Sir Francis Bacon famously stated, “Knowledge is power.” To gain some insights, I reached out to Chuck Cowell, the Dallas Market Chairman for Guaranty Bank & Trust.
GLF: Can you elaborate on the significance of relationship banking for busy families? What is the role of a bank’s trust department?
Chuck: In my discussions with clients regarding retirement planning, asset protection, and tax strategies, I often notice one major mistake: people fail to ask the right questions of the right people. This applies when clients are consulting their financial advisors, tax consultants, attorneys, or even bankers like myself.
Banks do not provide investment, insurance, tax, or legal counsel. By not selling these products, a relationship banker can offer guidance without being conflicted. A competent relationship banker understands when to engage with professionals in the bank’s trust department for additional services and expert advice.
GLF: How can the trust department assist a client?
Chuck: An effective relationship banker will collaborate with trust professionals to comprehend each client’s distinct aspirations and goals and to identify connections within a client’s financial landscape. Together, the banker and trust specialists will meet with the client to ensure that they are asking the appropriate questions to their advisors concerning retirement savings, trust and estate planning, asset structuring and protection, and charitable contributions.
GLF: At what stage does a family or individual possess enough assets to require this level of service?
Chuck: Trust department services are not exclusively tied to the amount of assets one has. Anyone should consider them when they are thinking of starting a family or launching a business. The essence of relationship banking lies in assisting clients in understanding all available services, ensuring they know whom to contact when they need reliable counsel and prompt support.
GLF: What steps should I take if I have never discussed my bank’s trust services with my banker? What information should I prepare, and what questions should I ask?
Chuck: The best course of action is to reach out to your banker and set up a meeting to discuss the bank’s trust services. If any of your readers wish to contact our offices and visit to explore what our bank can provide for them to compare with their own bank’s services, we would be happy to help. The key message is that everyone requires someone to guide them in asking the right questions and making informed decisions. At the heart of what we do as relationship bankers is supporting families and communities in their growth.
