For optimal viewing experience, please use a supported browser such as Chrome or Edge

Download Edge Download Chrome

Private Banking: A Balancing Act

Published on March 16, 2017 |

Your day-to-day schedule is filled with the to-dos of being an entrepreneur—overseeing operations, human resources, payroll, you name it. But are you so entrenched in your business that you’ve neglected your personal finances?

Many business owners have a laser-sharp focus on managing their business—so much so that they may overlook what’s happening behind the scenes in their personal finances. It’s crucial to keep an eye on your short-term and long-term financial goals, from managing cash to maximizing retirement savings.

Here are three basic ways to start paying attention to your personal financial goals while managing your biggest asset—your business.

  • Build an emergency fund. Work on a short-term savings goal that enables you to cover personal living expenses if the business takes a downturn.
  • Diversify your investments. Talk with your private banker about investing funds beyond your business and industry. Overinvesting in anything, especially your own business, could make you vulnerable to shifts in the market.
  • Plan for your future. Ask your private banker about the best way to save for your future, including retirement and a college savings account for children.

Seek Professional Advice

The struggle to balance personal and business financial demands can seem never-ending. Consider private banking that combines the personalization of your business banking services and the guidance of a private banker who understands the personal.

Turn to an expert who can help you focus on the pressing demands of both areas. Private bankers meet with clients semi-annually or quarterly to prioritize goals and stay on track with finances—all while maintaining your business.

How to Choose a Private Banker

Wondering how to find a private banker to guide you through personal financial decisions and investments? Consider these three points.

  • Size. Instead of defaulting to a national or international bank, investigate what smaller, local banks can offer. Many small- to mid-size banks offer the same range of services as larger banks but with more personalization.
  • Trust. Private banking is a concierge service. Seek a private banking team who is personable and can efficiently and effectively manage any challenges. Learn about your team’s experience in the appropriate fields.
  • Services. What private banking services are the most important to you? Determine what services you’re looking for and prioritize them by importance. Then, use that list to find the bank that will best meet your needs.

Webster Bank has private banking services available for our clients. Talk with your relationship manager about how you can take advantage of this service. Call 855.274.2800 or visit webster.com to learn more.

Related Resources

Personal BankingArticles
5 Tips to Use Zelle® Safely
    Digital payments continue to grow across the U.S. and with issues like identity theft and other cybercrimes on the rise, it’s important to know what you can to do help protect yourself – and your money – when sending and receiving money digitally. One of the best ways to protect yourself is to […]
Personal BankingArticles
Tips for planning a vacation
Daydreaming of islands and alohas, the wonder of wandering, or feeding your soul with flavors of your new favorite city? Travel is roaring back to life, and we’ve got you covered with tips for planning and cost saving ideas. Before you travel So much of what makes a trip a great trip depends on what […]
Personal BankingArticles
Understanding Overdrafts: Your Guide to Managing Your Finances Responsibly
Here are some helpful tips and information to educate you about how overdrafts work, how they can occur, and how to avoid them. What is an Overdraft? An overdraft occurs when you don’t have enough money in your account to cover a transaction, but the bank chooses to pay the transaction anyway. Why Does an […]
Connect With Us
Learn more about Webster products, services and the communities we serve.