Why, Oh Why, Do You Need all that Financial Stuff?

Why, Oh Why, Do You Need all that Financial Stuff?

Article By: John Lisowski, Senior Commercial Relationship Manager

Like so many of us, I try to keep myself in relatively decent health. Relatively. To keep me on a path for good health and to help ensure a happier later stage of life, I have a regular check up with my doctor once a year - and more often if he suggests it to me.  I like my doctor.  He and I are of the same vintage.  We share some similar interests. I sort of enjoy going to see him.  He makes it easy on me, and we breeze through some of the more tedious and mundane pieces of the visit.

My first visit though…that was a more of a chore.  There was paperwork, lots, and lots of paperwork.  There were questions, lots, and lots of questions.  The visit took longer than I had anticipated.  It wasn't until nearly the end that I actually got to talk with the doctor, which I thought was the real goal.

I am inquisitive by nature, so I asked Dr. Makemewait why all of that was necessary. His answer was concise and to my delight brief. He said it was necessary because he wanted to do the absolute best for me as my doctor. Not only today but every day going forward.  His answer helped me believe that I had made a good decision by choosing him.

I have no illusions about the differences between the medical profession and banking. I did not go to school like a doctor. I do not have the same mental make up as a doctor. There is one very real similarity though. I take my profession, and my commitment to my clients (or patients to extend this metaphor), just as seriously as my very trusted family doctor.

In short, that's why your banker asks for so much information from you. Or at least they should be.  I would not value advice from someone that does not take the time to understand from where I have come and to where I am going. That applies both medically and fiscally.  Having a good amount of quality information that is accurate and readily understandable makes the job of finance easier. Not just easier, but the quality of the recommendations for finance will become that much more valuable when the right banker has the right information. 

When I say quality information, I am speaking to the accuracy of the information just as much as the volume of the information. Accurate information describes all the things that would show up on your financial statements or tax returns. That includes schedules on returns, K-1s, and notations on your financial statements. All of that data is important.

Just like Dr. Makemewait, your banker is going to request information every year and sometimes more frequently. The same logic applies. Good, accurate, and timely information will lead to good recommendations and service from your very trusted banking professional. 

As a senior commercial relationship manager, John Lisowski has more than 30 years of banking experience, primarily with community banks. He specializes in business acquisition financing, succession financing and financing for insurance agencies. Contact John at 715.629.4077 or jlisowski@sfbank.com.