Today’s guest started his career in the Wealth Management group of PNC Bank. After a little more than four years of working solely with wealthy individuals, he transitioned to a couple credit-oriented roles, one with First Federal of Lakewood and then as a Counterparty Credit Analyst within the Capital Markets group at KeyBank. Allen Mix is now an Associate Relationship Manager with Key Private Bank, and has returned to providing wealthy individuals and business owners with a variety of financial and estate planning services.
Allen has a really interesting background as he has served both ends of the spectrum – wealthy individuals all the way to the international needs of a regional bank. Honestly, I wasn’t very familiar with what a Private Banker did until I spoke with Allen, so we dug in to many of the situations he faces every day.
In this episode we discuss:
- The ways a Private Banker serves high net worth clients
- How having a diverse background makes for a better financial advisor
- Dynamics of selling to a variety of stakeholders (clients, internal compliance, colleagues, etc.)
- The importance to being able to connect financial analysis to client objectives and then communicating how they relate to the broader advisory team for wealthy individuals
- Differences between fiduciary standard (OCC) of a private banker and the suitability standard (SEC) of a financial advisor
- The licenses required for Private Bankers under a Trust Company vs. Financial Advisors at a major wire house
- Managing strong personalities and high expectations
- Using past experiences to your advantage (even those that seemed like “mistakes”)
- The pains of not being patient and humble, especially early in your career
- Balancing analytical skills and the ability to explain and sell yourself
Music by Elijah from NOMADS