As member experience manager at Lake Trust Credit Union, Chatum Taylor helps individuals and business owners navigate their financial journeys with confidence. From building wealth to preserving it for the future, she is focused on creating meaningful member experiences and helping people turn their financial goals into reality.
When you sit down with an affluent client for the first time, how do you uncover needs they may not even realize they have?
I understand the members’ needs by uncovering the initial reason for coming in to meet with me and by trying to listen first, ask the appropriate detailed questions around what I’ve discovered and inspire all possibilities that are tailored to their specific need.
Affluent clients often have sophisticated advisers already. How do you demonstrate your value without stepping on the toes of their CPA, attorney or other advisers?
I explain my level of expertise and how I bring member banking experiences into their realities in helping them achieve financial success that is catered to their life or business. I explain that I am here to help complement any other advisory services … and build upon what they currently have, and my goal is to make sure they all are in alignment with each other.
What are the biggest financial blind spots you see among affluent clients?
A big financial blind spot with affluent members at the credit union is assuming that because they have a lot of money, they don’t need any financial advice and that their finances are already taken care of. The thought is: “They already have someone taking care of their finances” like another adviser or CPA. Most will only see the member’s checking account and think that’s all there is and forget that this member could have plenty of opportunities and gaps that need to be addressed with mortgages, investment opportunity, retirement accounts, business services and many more.
How do you approach a client who wants to make a financial decision that you believe is a mistake?
I always make sure to remember it’s their money, not mine. I respect a member’s right to their own decision-making. On the other hand, I always give the approach of wanting to give other options for the member to consider while stating the reasons why. I listen, ask, understand, listen again, educate, offer alternatives and let the member decide.
How do you stay current on changes in tax law, markets, estate planning and other areas that could affect your clients?
I stay current through continuing education, regulatory and industry updates, and relationships with tax and estate professionals. I also recognize the limits of my role — my responsibility is to identify potential issues, educate the member where appropriate and involve a qualified tax or legal professional when necessary.
Is there anything else you think we should know?
My goal is to ask the right questions; listen more than I talk; and make sure members feel heard, educated and confident about their financial decisions. … I want members to leave the conversation feeling like, “They really listened to me, they understood what I needed and they genuinely wanted to help.” If I can accomplish that — and maybe make talking about finances a little less intimidating along the way — I consider that a win.
