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  • #987585
    Chris H
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    • Total posts: 111
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    Hello all,

    I was just interested in who you are doing your business banking with and what their service is like?

    I set up with the ANZ, they had a fantastic business starter package with no fees for the first 12 months and it included everything: LINK
    It was surprising how little attention I receive from them though, I am now well into 7 figures for my annual turnover, yet I don’t have a dedicated contact point or anyone pro-actively contacting me. I understand that I am a small fish in comparison to many of their customers, but i expected a bit more I guess.
    As such, I find myself doing all the legwork when something new comes along like Forex or loans, where I would have thought an experienced small business manager would be the person to talk to, who could have someone do all the research and come back with some recommendations.
    I have no issue whatsoever with the product though, the Internet based banking system works fantastically, as does the Forex platform.

    I was wondering who you bank with and how attentive they have been?

    #1163450
    LucasArthur
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    Hi Chris

    My post may sound abrupt, and for that i apologise for in advance, although at a certain level of business the onus tends to fall a fair bit on the client in the banking institution to ensure you are being managed by the right person..

    To find this out though, may simply be that you need to meet with the initial person* that assisted you with the business. The * is there as i am making an assumption that you met with a small business banker in branch under the BLUE banner to assist you and to navigate you to the right decision in the first instance?

    Banks work a little oddly.. Take the big 4 (CBA, ANZ, NAB WBC) who also have subsidiaries as well.. Some have a clear hand over level for businesses from $0-$100k, $100k-$5Million and then $5Million and above.. And each bank can assess this value on several things, some may figure it on your lending amounts, some on asset amount, some on funds under management (money you have in the bank) and so forth.. Each of these components represents a REVENUE STREAM for the bank allowing them to identify if you are a warranted and serviceable business.. sorry for saying it like that…

    If your turnover is in the 7 figures, that is AWESOME and congrats although you may be falling into a gap and being overlooked.. This could be because you dont have lending, dont have funds in account (you draw all funds from your ANZ account) etc etc… only speculating here…

    Banks will find you attractive if:
    – you have a healthy personal balance sheet
    – your ins and outs of your ANZ account are healthy, regular and retained a lil
    – you are in a business model with lil risk
    – you have a personal banking relationship with the same bank your business banks with (helps a little, trust me)

    My suggestion, which i started offering earlier and got distracted – soz, would be to go back to the person who signed you up (remember the ***) and ask them for a coffee – you shout.. Because if you are dealing with a SMALL BUSINESS BANKER they are sales people and really GREAT at their job.. not selling, but identifying opportunities for their own institution and telling you like it is.. They may not be pro-actively offering you anything (remember we are on the back end of the GFC that has stopped lots of this risk taking by financial institutions) although they will be there to be a sounding board and if can assist will :)

    At coffee interview them, try and form a connection with them so they are your insight at the bank(nothing illegal) and your concierge to navigate you through all their internal processes and contact points.. PRICELESS in my opinion… Once you are comfortable with them and they have finished trying to sell themselves on you get personal and be honest with them in return..Tell them straight, explain what you are seeking, what level of management you are after, what products you can foresee requiring from your business planning and so forth.. And ask ‘is there anything here within your institution that can help me???

    IT HAS TO BE THE BUSINESS BANKER! If your business warrants it (based on volume, turnover and opportunities) you my get an intro into other areas…But, be warned… The entry level Business Banker (in most cases) have been recruited as a NEW BUSINESS GRABBER, meaning they are the HUNTERS AND GATHERERS for the institution and the flavour of the month can change from time to time and more frequently than not… But, if you can make a contact with one of these guys/gals you will do well… Its when your business gets to the BDM or RM levels that the massages happen a little more and you are ‘thought’ of before sold to by a slightly more flexible banking contact… but this can take time..

    ***i will answer your question though, i bank with a big 4 as well although i DO NOT DEAL with entry level business contacts and have formed a remarkable relationship with a BDM who is contactable, accessible and helpful.. Offers FOREX contacts, lending, etc etc.. Just i sort of ‘recruited/interviewed’ a few before i found one i was comfortable with and works a treat…

    Must say, re FOREX please do not resign yourself to using your banking institution.. They can be VERY COSTLY and cumbersome compared to some other possibilities.. we use a large and internationally renowned (will not use name but MASSIVE) that costs me next to nothing per trade and margin is close to the line as well saving me money all ends and the systems to use are GREAT! so dont limit yourself or expose yourself completely to one firm…

    Mate, i have rambled… if you wanna know more or i have not been clear please ask.. but ask… same as your banker, ASK! you’ll be right mate..

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1163451
    TehCamel
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    • Total posts: 873
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    thank you for your advice. I’m nowhere near the 7 figures yet, but it’s given me something rto think about.

    #1163452
    LucasArthur
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    • Total posts: 3,171
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    A word of advice for anyone reading this thread, you do not need to earn 7 figures or have 7 figure turn overs to start building a relationship with your banks…

    If you know you are serious about your business, engage entry level business bankers to say G’day.. to get their personal advice and to get them involved in discussions about your business… Hopefully you will find one that sees potential and will happily communicate with you as you need – maybe you could even say “hey, if i ever have a need for advice would you mind me giving you a call cos you may be able to point me in the right direction?”… could never do any harm :)

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1163453
    Chris H
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    • Total posts: 111
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    Hello Jason,

    Thank you for your post.
    Perhaps I was a little unclear, my point was more inquiring about how proactive banks are in general. I was wondering whether my own experience was related to the particular branch or the manager etc.

    I have been able to set up all the facilities that I required, as you mentioned in your post, you don’t stop with the first answer. ANZ have a very good Forex platform, after some negotiation I get a rate very close to the live rate with no transaction fees at all. (It’s the transaction fees that get you!)

    I agree that you have to keep pressing until you get the answer you want.
    I am also interested in other people’s experience with the big 4 and other institutions .

    Cheers,

    Chris

    #1163454
    LucasArthur
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    Hi Chris

    No, I understood your question and my advice still stands. What I mean by that is that you should never ‘settle’ on what you have. Banks are an evolving platform (especially staff and directives) so it is crucial to maintain these relationships and it sounds like you may still not have those relationships.

    If you are well into 7 figures on turnover you should be looking for a better contact rather than having to constantly educate yourself. This is what my post was for, along with being for any other FS person reading that may be currently experiencing your problem.

    May I ask though, that if you are happy with ANZ and doing the leg work yourself, what is the motivation for your question? I thought maybe you were looking to either a. Better your relationship within the bank or b. Find a better bank? Maybe I did read that part wrong, apologies.

    Hope it all works out…
    Jason

    Ps. All the Big 4’s platforms are smooth! It’s the relationships forged that differ them.
    Pps. Free doesn’t always equal best within the banking world either (eg your starter pack ) as they are created to draw people in and ensure ‘stickiness’ making it more complicated to leave at the end if the free period

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1163455
    Chris H
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    • Total posts: 111
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    The motivation for my question was to ask what other people’s experiences were with their banks, as I only have my experience as a reference.

    #1163456
    MissSassy
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    • Total posts: 1,255
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    I am too with the ANZ and happy with the product.

    The trick is to stalk the local business banker – once they know you it is much better. Don’t expect them to find you first as they are constantly under the pump from their bosses for new business.

    Just stalk and hunt one down they will then look after you – not the best customer service I know, but it works.

    #1163457
    LucasArthur
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    Chris H, post: 189377 wrote:
    The motivation for my question was to ask what other people’s experiences were with their banks, as I only have my experience as a reference.

    Ok,

    Mine are GREAT… i am with a big 4 and as i have a pretty good understanding of the network i actually set myself up for creating a positive experience from the outset. I am contacted regularly, have coffees on a monthly basis with my BDM and have general conversations about where i am at – where he is at and what we can do together moving forward..

    I dont like looking at my banking relationship as a relationship – but more as a partnership – not expecting them to know all about me without myself being willing to know a little about them as well…

    So is your motivation a ‘general point of interest’ rather than trying to find a better solution? sorry, i read is as help 😮 so apologetic for that…

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
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