What’s Your Financial Wellness Plan?

What’s Your Financial Wellness Plan?

You stay hydrated. You exercise. You go to the doctor regularly. You know how important wellness is—but do you take care of your finances as well as you take care of yourself? We sat down with Caroline French, A.V.P. Private Banking Specialist¹ and Beth Prewitt, V.P. Wealth Management Advisor² of Bank of the Bluegrass & Trust Co. to learn what financial wellness looks like, and how a financial “general practitioner” can help you achieve it.

Q: What is financial wellness, anyway?

Caroline (C):   When I think about wellness, I think about visiting an expert, like a physician, stylist, or aesthetician regularly—specialists who arm clients with maintenance suggestions and products needed in between visits.  This frees headspace to spend mental energy in other capacities because someone you trust is helping you feel your best.

Beth (B):  If you’re working with someone like a private trainer, they’re also giving you a plan to help maintain your wellness: setting goals, checking in, staying accountable, adjusting as needed. A good plan is key to financial wellness, too—and working with a private banker is just like working with a trainer or coach (but you won’t have to work up a sweat!).

Q: What is private banking?

C: Think of the private banker as your general practitioner—a doctor you know and trust, who understands your situation well and can refer you to vetted specialists.  This is exactly how private banking works: we are your trusted financial partner and can help you navigate more complex financial scenarios.

B:  You want your commercial lender, mortgage lender, banker, CPA, and attorney all working together like spokes of a wheel; private banking is the hub that engages and coordinates with all of them for you. It’s like a concierge.

Q: How does private banking relate to wellness?

C:  Life is busy, especially as you grow older and more successful. You have so much to focus on—your career, your family, your own health—and you don’t want to have to stop what you’re doing to manage your finances.

B:  If you’re constantly worried about your money, it’s going to affect your mental health. I think we’ve all been kept up at night worrying about our finances at one point or another. Private banking gives you one dedicated person to worry about your money, so you don’t have to.

Q: How do I know if private banking is right for me?

B:  Not everyone needs a private banker! But there’s a stage in your life where you move beyond the basic transactions and will naturally need more out of your bank.

C:  If you have a more complex financial situation—think multiple businesses, multiple income streams, paying for education, preparing for future plans plus immediate financial needs—you might benefit from a private banker! Everyone has so much on their plate, and private banking can save precious time and mental energy.

B:  Private bankers have the resources and connections and knowledge to assist you with navigating those complex financial circumstances. Again, it’s like your primary care physician: one person to keep an eye on everything and make recommendations as needed, so you don’t have to keep track of it all yourself.

Next Steps: 

Ready to schedule your financial check-up? Let us help you achieve financial wellness. Schedule an appointment with Caroline or Beth at the “Best Bank in Town.” Call (859) 233-4500 today!

1 Bank of the Bluegrass. Member FDIC. Equal Housing Lender. Bank NMLS ID# 421548  |  MLO NMLS ID# 1878102. Offer of credit is subject to credit approval.
2 Bank of the Bluegrass & Trust Co. | Wealth Management. Insurance products, investment products and securities are: NOT FDIC Insured | NOT Guaranteed by the Bank | MAY Lose Value | NOT Insured by any Federal Government Agency