In this episode of Banking on Growth, Michael Graham, President of Midwestern Securities, sits down with Loyd Pohl from Pohl Consulting and Training to explore the intricacies of trust services in community banking. Loyd shares insights drawn from his extensive experience in the trust and banking industry, providing valuable perspectives on the challenges and opportunities faced by community financial institutions.
Throughout the conversation, Loyd sheds light on why community banks and credit unions offer trust services, emphasizing the importance of profitability and regulatory compliance. He discusses common challenges, such as regulatory scrutiny and the difficulty in finding experienced trust personnel, while also addressing the perceived risks associated with trust departments.
Loyd emphasizes the need for community financial institutions to invest in their trust departments, both in terms of hiring the right people and providing ongoing support. He highlights the importance of leadership buy-in and aligning trust services with broader organizational goals, stressing the need for collaboration and communication across different business lines.
The Difference Between Wealth Management and Trust Services:
Loyd also discusses the differences between wealth management and trust services, advocating for clarity in terminology and alignment in service delivery. He emphasizes the role of credibility and client trust in the success of trust departments, urging institutions to prioritize excellence in client service.
Join us for this insightful conversation on trust services in community banking and gain valuable perspectives on how financial institutions can evolve and thrive in today's dynamic landscape.
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Midwestern Securities is a reputable independent broker/dealer and Registered Investment Advisory firm owned and operated by community bankers and financial professionals. With a strong track record of delivering personalized attention and financial advisor coaching that helps community financial institutions take their investment services divisions to the next level, Midwestern Securities has established itself as a trusted partner in the industry.
If your bank needs a team that can help, visit https://midwesternsecurities.com/.
Member FINRA/SIPC
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