Brought to you by First Western Trust
When you get away from the cities and suburbs and enter rural markets, especially rural resort markets such as Jackson Hole, the big bank model doesn’t always translate.
In Jackson Hole, there may not be a lot of transaction volume, but the transactions that do occur are significant. First Western Trust’s clients are wealthy and sophisticated, but more importantly, they don’t fit into a specific box. These clients are actively involved in continuously growing their wealth, which means they need to hire wealth management professionals who understand them.
“Our customers have needs that span across a range of financial products, different than what mass market banks are able to offer,” said Mike Eden, President of First Western Trust in Jackson Hole.
Most clients have a minimum net worth of about $5 million, with at least $1 million liquid. First Western Trust offers a range of services that include investment management, wealth planning, trust and estates, private banking, risk management, insurance, and mortgage services. Here’s why hiring these kinds of services locally serves you — and your money — well.
Personal client relationships
First Western Trust associates know their clients by name when they walk through the door and also possess the authority to make high-level decisions without countless rounds of corporate red tape.
“At big banks, the decisions are getting made elsewhere, and you often can’t have access to big decision-makers,” Eden said. “We know our clients and understand their finances.”
First Western Trust is the only financial services provider in Jackson Hole that’s essentially a one-stop shop for banking, asset management, trusts, insurance and more.
“We can have it all done out of this office,” Eden said.
Different approach
Personalized service is great, but it’s the outside-the-box thinking at a smaller bank that stands out.
“It’s about knowing your client and providing that organizational support,” he said. “No one at the big banks is making this kind of effort. We make good credit decisions, but we approach everything with an open mind in terms of how to take a different approach to underwriting, as appropriate.”
If a client’s desired account services aren’t already offered, First Western Trust will custom-design accounts based on client needs and preferences.
“So while the larger banks might be able to lend more money, that doesn’t matter if they can’t figure out your financials to underwrite you,” Eden said.
Money stays here
Local banks across the United States are declining, and consolidation in the U.S. banking industry has resulted in fewer Wyoming banks. The FDIC reports that the number of commercial banks operating in Wyoming is down from 102 in 1987 to 30 in 2017. Â
First Western Trust has two locations in Wyoming. Eden said, “every dime of deposits at the Jackson Hole branch have been lent back out into the community.”
Experience working with high net worth clients
Mass-market banks have an abundance of customers with vastly different financial portfolios. High net worth clients don’t always get the individual attention that their wealth requires.
“Big banks don’t deal with as many high net worth people so they don’t develop the expertise, and their products might not meet clients’ needs,” according to Eden.
At First Western Trust, this is the daily business — managing the complexities that go along with wealth, from estate planning issues to commercial banking.
“This is what we do, day in and day out,” Eden said. “We are very familiar with many of the issues that high net worth families face.”
Feel free to schedule a complimentary ConnectView® consultation with Mike Eden, Market President in Jackson Hole. Connect with Mike here.
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