Banks offer advice, information, contacts: industry expert

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TORONTO — Women often don’t visit bankers soon enough when thinking about launching a new enterprise, says an Ontario banker.

“We may not be able to lend money, but we can make sure you get off in the right direction,” said Sheri Griffiths, regional vice-president of the BMO Financial Group in Markham, Ont.

In an interview at the Advancing Women leadership conference held in Toronto Oct. 3-4, she said women are more likely than men to turn to family and friends first for support and think banks can’t help them in the early stages of a venture.

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Griffiths said the male dominated banks of the past may have deterred women from approaching bankers, but that’s changing. Women outnumber men as BMO branch managers, although men still dominate among account managers.

Griffiths advised women to develop a relationship with a bank and share their farm story and what they are looking for.

“Walk in the door at any point. There’s nothing wrong with having a conversation,” she said.

Banks can offer advice on cash management, deposits and lending but can also help make introductions and connections.

Griffiths said a woman interested in a cake business might benefit from talking with an events planner, while those wanting to grow a new variety might connect with someone already growing that crop for mentoring, advice and information.

In light of farm workloads, rural locations and child-care challenges, she said financial advisers could meet them on their farm or operation instead of at a branch.

“The account manager should come to where you are most comfortable,” said Griffiths.

She recommended meeting a banker at least once a year to discuss the successes and challenges faced and offer alternatives such as restructuring to improve a business’s future prospects.

“If you’re being honest about what you need, even in the worst of times, we can find solutions.”

She was among speakers presenting topics such as healthy aging, succession planning and managing social media.