Basics
This BMO business unit delivers personalized banking, investment, and wealth planning solutions for high‑net‑worth clients.
What is the Private Bank?
This type of client typically has multiple financial needs requiring coordination across banking, investments, and planning.
What is a high net worth client?
This notable BMO phrase describes how investment management, financial planning, branch banking, and lending work together within BMO.
What is One Client?
A client comes in to make a wire transfer to Edward Jones for $500,000 - this next step (and tool) best supports the client.
What is complete an MFC?
(especially to find out what external assets they have)
My branch should strive to make this number of qualified private bank referrals every month.
What is 1 referral?
This role serves as the primary relationship manager for BMO Private Bank Clients.
What is a Private Wealth Advisor?
These professions are often a green flag indicating someone may be a good fit for the Private Bank.
What are; Doctors, Lawyers, and Business Owners?
These services help clients manage wealth across generations.
What are Trust Administration Services (Lisa Douglas)?
During a MFC you learn the client has $1MM in investments at another bank, and they also mentioned wanting to sell their business - this next step best supports the client.
What is a referral to your team's private wealth advisor?
What is insisting they meet with your team's private wealth advisor?
What is, not taking "no" for an answer?
A private bank client comes into your branch to inquire about something, and you aren't sure how to help them, still you want to show them that you are taking their issue seriously. This trait is foundational to showing them that you are OWNING the process.
What is taking ownership?
(Radical ownership)
Investable asset threshold at which a client may qualify for BMO Private Bank Services.
What is $2,000,000? (liquid assets)
This life event commonly triggers a referral to BMO Private Bank? (Business oriented)
What is the sale of a business?
This service provided by the Private Bank takes a holistic view of a clients life and finances and helps them PLAN for the expected and unexpected.
What is Wealth Planning (Michelle Mieras)?
You make a referral to the Private Bank that results in the client joining the Private Bank, you will receive one of these the next quarter after the client joins.
What is THE BIG CHECK?
The top sales people of any organization cultivate this one thing that is foundational to building and maintaining relationships.
What is, rapport?
(bonus 100 points: what are 2 great ways to build rapport)
Percentage of first year of revenue paid to the referrer.
What is 10%?
This life event commonly triggers a referral to BMO Private Bank. (family oriented)
What is receiving an inheritance?
A client is unsure (or overly certain) where to invest their money, they should connect with this person.
Who is the Portfolio Manager (Matt Headland)?
This is the only thing that truly differentiates us from any other financial institution.
Who are the employees providing excellent customer service?
This company has consistently been recognized among the top 75 most ethical companies in the world.
Also the only one of the major banks to not take bailout money from the government following the 2008 housing crisis.
What is BMO?
In addtion to other services, the Private Bank offers the highest ____ and the lowest ____.
What are deposit rates, and lending rates?
Due to the, often, COMPLEX nature of a Private Bank Clients life and finances, they are often seeking to do this?
If a client needs access to capital fast, this product is the "bread and butter" lending product for BMO Private Bank.
What is an Investment Line of Credit?
(bonus 100 points, does the ILOC offer rates that are above or below prime?)
A client tells you they have had the same financial advisor for 20 years, and are content keeping everything the same. If deployed tactfully, this can enable you to learn more about them.
Applicable to selling everything.
What is curiosity?
While curiosity may have killed the cat, curiosity gets the banker paid, and allows them to help the most people.
You call a client that you know is a great fit for Private Bank. After initially suggesting that they meet with your Private Wealth Advisor, they politely decline your offer. This mentality will help you learn more about what they think is important, and show to them that you care.
What is, curiosity?