Serving up golden nuggets of wisdom for breakfast; Greater Fayetteville Business Journal hosts eighth quarterly Power Breakfast
By Stephanie Meador, posted Jun 8, 2023 on BizFayetteville.com
In the early morning of Thursday June 8, hundreds of employers, employees and community members gathered together for a morning of pleasant cuisine, company and conversation.
GFBJ publisher Marty Cayton facilitated a discussion on banking with a panel of experts comprised of Peter Gwaltney, President & CEO of the North Carolina Bankers Association; Chris Isley, Regional President of Truist; and Rob Patterson, Regional President of First Bank.
Though it is impossible to capture all of the wisdom shared during the chat in just a few hundred words, here are some of the key takeaways from this summer’s Power Breakfast: Banking On It.
Silicon Valley Bank, First Republic Bank and Signature Bank have all shut down in 2023. The failure of these banks has caused many people to worry about the security of their money. Our panel of experts gave a run down of what caused the downfall of these banks, what customers can do to ensure their money is secure wherever they are banking and banking best practices that promote secure and smart financials.
The primary error committed by all three of these failed banks was their lack of diversification. Silicon Valley Bank’s overconcentration in tech startups and Signature Bank’s overconcentration in crypto currency ultimately landed them in a hole they couldn’t dig themselves out of.
Experts shared that the best way to secure your money is to make sure you understand how deposit insurance works and to speak with your banker about how to structure your accounts to get more deposit insurance. Additionally, make an effort to be proactive and to think forward in regard to your finances.
As for whether or not the failure of these big banks should leave customers fretting about their own finances, Gwaltney says these failures do not reflect the principles most banks are careful to uphold.
“I really don't think it's something you should be concerned about because as they pointed out earlier, diversification is a fundamental principle [and] these three guys strayed way off road in this area,” shared Gwaltney.
As Isley mentioned during today’s conversation, money is a very emotional thing. While it is impossible to know for certain how the economy may shift and change, it is important to be mindful of your financial choices and the systems in place to help you and your business keep what’s yours.
As much as we are pulled towards doing what feels safe and secure, starting a business requires a certain level of risk. Gwaltney spoke about the North Carolina Small Business and Technology Development Center and how this is an incredible asset to small businesses. Additionally, anyone can go to https://www.capitalopportunitiesnc.org/ which is a website designed to help business owners or aspiring business owners organize and develop a plan for their business, as well as connect them with nearby banks.
Ultimately, banks and bankers want to work with businesses, business owners and customers, not against them. Speaking with a banker about your financial plans and assets can help provide clarity for the best way forward in managing your money. Always be mindful of the market and your resources when taking action with your money.
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