Get the Banker on Your Side
In my coaching work, I’ve noticed how “intimidating” bankers can seem to everyday investors.
My coaching clients are professionals and entrepreneurs - successful in their careers and businesses, yet not necessarily from a finance background. They come to me to learn how to invest in a structured manner, and many share a common hesitation: speaking to bankers (or other financial service providers).
Why the hesitation?
Many people (who are not financially trained) worry they won’t understand financial jargon or feel they lack the knowledge to evaluate the products being offered. There’s also a fear of being pressured into buying something they don’t fully grasp.
To protect themselves, some avoid meetings with bankers altogether or approach them with skepticism and even frustration. Worse still, some end up buying what their banker suggests, simply because they felt pressured or obligated. I’ve worked with clients who accumulated multiple unit trust funds or several investment-linked insurance policies - all recommended by their bankers. Yet, when asked about the underlying investments or asset classes, they were clueless about what they had bought.
Recently, a coaching client came to me feeling anxious about a meeting request from his banker - the banker had invited him to upgrade his account to the next banking status. His concern? That the bank relationship manager would push more aggressive sales tactics on him, given that higher-tiered clients are often targeted for more financial products. Since he had learned to invest independently through my coaching, he wondered if there was any benefit to meeting with his banker at all.
My advice? Don’t be too quick to dismiss your banker.
The benefits of building a good relationship with your banker
A strong relationship with your banker over time can offer advantages beyond just product recommendations:
You get market insights and updates on financial trends and market movements.
You can ask about popular investment products and how they are being used by other clients and investors.
You can get access to more financial products as your banking status increases so you get to learn about new products or financial instruments that may suit your needs.
You can negotiate for better rates and terms on foreign exchange transactions, fixed deposits, mortgage and more.
You get better service and get any information or assistance quicker.
Before meeting your banker, get prepared
Get familiar with your own financial position, risk profile, and investment strategy. Instead of passively accepting sales pitches, come prepared with what you might need and evaluate what’s being offered to see if it fits in your own investment plan.
Remember - you are the best steward for your money!
Rather than fearing the conversation, think of it as an opportunity to gain clarity on financial products. You can be in control of your financial decisions, and the banker is simply there to offer products and services. There’s no obligation to buy or commit on the spot. Instead, you can first gather information and decide later if it fits your strategy. If you ever feel pressured by the banker to make a fast decision, take it as a red flag.
How to handle your FIRST meeting with a banker
1. Go with an open mind and get a feel for the banker. Do they listen to you or are they just pushing products from the first meeting? Do you feel comfortable with them and is there good chemistry?
2. Ask questions. Can the banker explain clearly and patiently to you about the markets and products?
3. Set your boundaries. For example, if you have a fear of being sold to, mentally commit to not buying anything on that first meeting. If something interests you during the meeting, simply say: “Please send me the information/factsheet..I would like to review it first.” If nothing interests you, thank them for the session and say you’ll reach out if needed. Mentally preparing yourself with boundaries will help you avoid making "impulse decisions".
4. Observe their follow-up. This will tell you a lot about the banker's sincerity and how they do business!
A client-banker relationship can be win-win when there is trust and mutual understanding.
At the end of the day, it’s about getting comfortable with money conversations. The more comfortable you become discussing money, the more empowered you’ll be in making financial decisions.
So, I would like to encourage you – if you have been ignoring a meeting request with your banker, take a first step to initiate a conversation with your banker - you never know what opportunities it might bring. If meeting face-to-face is too intimidating, I’m sure there’s a possibility to speak over the phone or via a video call.