so that when the inheritance is transferred, it is used wisely rather than squandered.
As a community banker, you know your customers. You know the individuals, their families, their stories, their assets and, in many cases, you know who has and who hasn’t planned for this inevitable transition. My question to you is this: How will you help your customers pass the baton to the next generation?
Not to be grim, but the statistics on death are impressive: 100% of people die. Regardless of what your bank does, assets will pass to someone somewhere somehow. To be a little more practical, because the women of the boomer family will outlive the men by three to five years, who is focusing on how they will handle the transfer?
As a Missouri community banker, you must ask yourself
this: “Who will become the trusted advisor helping your customers successfully pass down legacy assets — both tangible and intangible?”
You have earned your customers’ trust over many years. Now you should consider who is in the best position to be the quarterback of this once- in-a-lifetime process for your customers. Will it be estate lawyers, accountants,
investment advisors or business brokers? Perhaps it should be you, their trusted hometown banker. Te very future of your bank could depend upon this decision.
Randy Dennis is president and founder of DD&F Consulting Group, a 28-year-old full-service goal is growth, performance or security, DD&F is here to help. Contact Randy at 501-374-2600 or
rdennis@ddfconsulting.com. Visit
ddfconsulting.com to learn more. DD&F Consulting Group is an MBA associate member.
Strategic Planning Season is Here.
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THE MISSOURI BANKER 23
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