For high-net-worth clients, generational transitions can be fraught moments, implicating business ownership sales, control transfers, tax situations, philanthropic decisions and of course family dynamics.
Browsing: ABA Banking Journal Podcast
For new couples, does the decision of how to organize their finances — separate accounts, a joint account or a blend of the two — matter?
Family-owned businesses, especially those crossing the mark of $10 million in annual revenue, often have unique banking needs. They have the freedom to make long-term investments, but they also face challenges associated with funding for growth, complex family dynamics and the need to manage liquidity events for family members.
“When we’re able to take banking to them, at a place where they already have trust with their employer, that’s a bridge,” says Jennifer Huffman of Atlantic Union Bank’s workplace banking product. “From there we’re able to grow that relationship.”
“Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control,” says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB “has attempted to put that into place here.”
“Capital investment has surprised a great bit of our economy and the business community,” says…
“Often, economic change occurs at this level of the economy,” says Umpqua Bank EVP Richard Cabrera about the middle market of the commercial sector. “While economic concerns still linger, there’s tremendous optimism.”
Corporate CFOs and finance leaders are “best leading indicators.” says Stephen Philipson, head of global markets and specialized finance at U.S. Bank. “They always have to be looking ahead.”
The latest incarnation of ABA’s award-winning #BanksNeverAskThat anti-phishing campaign returns for National Cybersecurity Awareness Month in October. ABA’s Amy Wertlieb talks about new resources this year.