Families of significant wealth rightfully expect their attorneys, investment professionals and CPAs to be creative, effective advisors. It's time they expect the same from their banker.

Banking is one aspect of wealth management that affects the family every single day. Yet, despite the increasingly complex needs of families with significant wealth, they and their family office professionals often view banking as a tactical, commodity service. The banker is merely an order-taker, opening and closing accounts, sending wires, etc. and competing for their business based primarily on rates and fees.

Failing to consider what these tactical activities are meant to accomplish on a strategic level can cost families significant time and money and lead to breakdowns in efficiency, security and the quality of their client experience.

Efficiency. A tactical approach to banking usually produces this situation for wealthy families and family offices: Over the years, dozens of accounts are opened, each serving a specific need, with various authorized signers. Eventually the structure becomes so cluttered that simply finding accounts, looking up balances and moving money is a clunky, painful process.

Security. Families with significant resources will always be targets for financial fraud. Banks have resources to ensure that families are as protected as possible, but identifying and implementing the proper checks and balances does require a more advisory relationship between family office members and bankers.

Client experience. Unless you have a bad experience with a transaction, you tend to forget about your banking relationship. But client experience means much more. At their core, bankers are capital advisors, counseling families on appropriate liquidity and how to use leverage, structure accounts, move funds, and protect their assets and their privacy. Bankers are also facilitators, helping families complete important projects, meet deadlines and realize their dreams.

That is the missing component in most banking relationships today. Your bank's reputation, stability, technology, fees, rates and products are extremely important; but understanding your family's goals, legal structures, operational and information needs is what truly ensures a banking relationship that is efficient, secure and produces a tremendous client experience. The only way banking can become more than an afterthought is for families to see that a new way is possible, and demand the banking experience they deserve.