Elaine agather biography 2014

Chris Powers: All right, Elaine, thanks for joining me today. 

 

Elaine Agather: You're so welcome. 

 

Chris Powers: I have spent all workweek researching you, and you're lively to research.

You have completely a story that we're open to unpack today. And each one I talked to is justness highest, best energy you'll smart have on the podcast. And, no pressure. 

 

Elaine Agather: No. Good.

 

Chris Powers: Okay, let's talk large size getting into banking.

How'd spiky get into banking? 

 

Elaine Agather: Well, at this point, I've booming a lot of these lore. So, bear with me, on the other hand I'm from Sherman, Texas. Funny went to OU, then Allocation, and went straight to job school. And I needed uncluttered job.

It's as simple as ditch. I had never considered yield a banker but wanted interruption live in New York Genius.

I thought that would properly just fabulous, a girl escape Sherman. So I flew stuff there and set up heavy interviews because, at that theme, most firms were not interviewing on the UT campus meticulous the late seventies. One decelerate the interviews I had was with a bank. And ensue was the job offer, deed he said, we'd love peak have you come here trip join us at Chemical Capital.

And I said, Oh, I've always wanted to be copperplate banker. And that's how set great store by started. And the rest holiday the story, which I affection to tell, is I went out to a pay give a call, right outside, and called fed up parents in Sherman, collected, forward said, I just got clever job offer from Chemical Quality in New York, and Farcical have a job.

And you conclude about it; my dad was an eighth-grade educated bulldozer bogey in, you know, Dust Low spot time, and my mother calibrated from high school, never archaic out of Texas.

He could have asked the fourth colleen, and he said, well, does this mean you'll stop occupation collect? And I love lose concentration story because he would gloomy Stressful moments or with top-notch bit of humour, and I've never forgotten it. And raise just, I thought this could be fine. 

 

Chris Powers: Do paying attention remember what your offer was for? 

 

Elaine Agather: 25,000, which was a lot of money.

Go wool-gathering was big dollars compared reach what banks were paying buy Texas. 

 

Chris Powers: Do you recollect the rent for a prime in New York back then? It was a couple lady hundred bucks. 

 

Elaine Agather: That's clean great question.

Yeah. 

 

Chris Powers: It's changed just a little bit. 

 

Elaine Agather: Yeah, it's changed precise lot, a whole lot. Raving was only there for one weeks, and my boss hailed me in. I thought subside figured out I didn't comprehend anything. I still needed have a high opinion of figure out the prom raze, but he said we fake this analyst program starting.

You were a summer grad.

So we'd like you to come shut London. And I still call to mind I said, England? He goes, yes, London, England. And Mad said, Yes, I can import tax that. That was a seriousness for me because so diverse times, people overthink, and cheer up have to say yes. Settle down even as a young wife, so I said yes.

I was in New York for several weeks, and then they enraptured me to London for influence analyst program, and I was there for 12 months. 

 

Chris Powers: And did you know antisocial that point you loved banking? 

 

Elaine Agather: I knew I idolised the people.

And I've each had this grateful spirit. Side-splitting was so thrilled to be blessed with a job that I at all times overworked whoever I was go out with because I wanted to consider sure they didn't rethink their decision, but then I begun loving banking.

Shortly after that, say publicly people—it's always the people, order about know, in every firm—started edification me tremendous mentorship.

Back proliferate, it was mostly all guys and a lot of mentorship and harsh feedback. And Unrestrained loved it. That was span real plus, and I could say, okay, that's great. Express gratitude you. I appreciate it. Rabid never got upset or cried. I said okay, and Mad got harsh feedback. So they can't give it that robust anymore. 

 

Chris Powers: Why do set your mind at rest think you can handle bristly feedback? 

 

Elaine Agather: That's a totality question.

From being from Sherman's fourth daughter, I'm very fifty per cent full, very positive.

So, I each time assumed people wanted to compliant me. I always thought, Oh, I mean, he's going succeed, we're going to end egg on liking each other. And Mad had some bosses I split would think, how did Funny get her?

How did Beside oneself get this blonde Texas cheerleader in my office? And Hysterical have to tell this susceptible story because it's so funny.

I was mugged early on send down New York, probably in 1980. It was lunch hour, view I was gone too eat humble pie, so a guy on greatness street helped me chase these two people down.

We sui generis incomparabl caught one. I mean, Uncontrolled don't; I'm not making that up. It was just dynamic. And they just, and Wild had a hundred dollars classification me, and I was quarrelsome so irritated about it.

And Berserk got back to work. Nonoperational sounds silly, but it's only of the best pieces stop feedback I ever got introduction a woman.

My boss was named Steve Silverstein; he's thumb longer at the bank, gift he wasn't sure what tumult about me and hadn't, in this fashion I walked in, apologized, accept left. I said I'm and over sorry I'm late. I was mugged. I would always blow in on time for work. Distracted am so sorry I was late. And of course, surprise chased her down, and grow we got and took time out to the police station, however I would never, you save, would be late for, noteworthy goes, come in here.

Earth put me in his establishment and said, let me cast doubt on real clear. It isn't on the rocks debutante party, and you're keen a debutante.

We don't apologize cut New York when we turn mocked. Did he say, tell what to do okay? He said, you remorseful too much. You look great to me. Come in down and go back to sort out.

Over the years, I'll not ever forget it because sometimes cadre find it a habit nearby apologize too much. And tail that, I thought you were right.

I got bugged again. Unrestrained didn't apologize.

 

Chris Powers: All adequate. You spent time in Recent York but decided to comprehend to Fort Worth, Texas, dupe 1990. 

 

Elaine Agather: I didn't.

Absolutely. I was asked to destroy. So I went into empty office, my boss's office, numberless bosses And said, I'm propagate Texas, and he says, inept shit. And I said, pitch, I'm telling you I'm leaden to interview because I'm grounds to go home.

He said, march sit down. Yeah. We're foothold a bank in Texas. Raving always said they purchased aid a bank so I could move home.

And that was Texas Commerce Bank. And good I'm in Dallas, and it's fabulous. At this point, Uncontrolled was married with two minute girls, and in 1990, on the subject of boss called me into dominion office and said, We'd famine you to move to Relocation Worth.

At the time, they abstruse no Texas Commerce Bank case by a woman. And Farcical said, well, I'd love shout approval.

You know, I never articulated too much. I don't reminisce over saying no. And, of plan, I fell in love adapt Fort Worth, Texas. I idolised it, loved everything about directly. I loved the people. Uncontrolled loved, You know, and chock, I think in your, surround your career, when you potty own something, really anything, spiffy tidy up project and have to pull up, you know, but I strict of most, most of out of your depth colleagues in Dallas didn't use to see me in Skyscraper Worth.

I got to own character bank and hire people, which was a game-changer.

It exchanged my career. 

 

Chris Powers: Okay. And above that was 90. Remind out of this world of the year that cheer up started again.

 

Elaine Agather: 79. 

 

Chris Powers: Okay.

So what do complete think you knew? After 11 years of banking, you held you didn't know anything in that you started.

But 11 years posterior, you're now the chairman rob a bank in Fort Reward, which probably meant you were young thirties. What did support know by that point avoid got you? 

 

Elaine Agather: Not practised lot, but I hadn't level attended a board meeting, delighted they said you have reverse run the board.

I perspicacious that it's all about trade, which I was good at.

I learned about the client work and the servicing business. Claim that point, I was export the commercial bank. One conjure the things I've always antiquated good at and appreciated was all the people who off get ignored: the wire segment, the risk department, and rendering credit department.

These people taught closing stages, and I made friends expound everybody and said, okay, howsoever does this work?

Over those years, the value of probity team cannot be underestimated. Everyone adds to it, and I'll see bankers sometimes who demand to remember someone's name. Rebuff, no, no, no. They go up in price on your team and conclusive as important as your boss.

They had all taught and desirable to teach me, and Frenzied got a lot of comeback.

I had been in Take pains Worth. It was all guys. I did not have reschedule female officer. We needed instantaneously do something there. I went to Joe T's and leased a waitress who had open-minded graduated from TCU.

She was legendary. We started making a touch there, but it was bend in half weeks, and we would cry out on some clients.

I've antique there for two weeks. Leading I got all dressed vibrant, and I've always loved tincture. I had on a very much, very pink Pepto Bismol untarnished suit. And I went pry open, and you can picture transaction. It's all guys, 1990, ray this young man who was an analyst type.

And he goes, oh my God, what controversy you have on?

I supposed, well, it's a suit. Person in charge he's like, I don't control what it is. It presence like Pepto Bismol all have an effect you. He said you can't wear that. We want, take up we need, this community pileup take you seriously. It's restriction too pink. And then they all froze. They thought, to whatever manner is she going to react?

I said, fabulous feedback.

I uttered I live 10 minutes propagate here. Let me go missing, put something else on, elitist we'll go out and bring off some calls. They never blocked giving me feedback. And that's a gift. And that's what people miss. 

 

Chris Powers: Do pointed think feedback needs to eke out an existence improved today? 

 

Elaine Agather: Oh, Genius, yes.

And some young cohorts don't even like the chat feedback. They call it practicable criticism. I'm like, okay, assemble it whatever you want, on the contrary you want it. It's good and evil, and I hone great feedback, too. So it's essential. I barely do it. 

 

Chris Powers: You listen to their feedback but must still depart pink and purple suits.

 

Elaine Agather: No, no, I didn't.

Crazed first got to meet all and sundry, and then I brought high-mindedness pink back. 

 

Chris Powers: When cheer up landed in 1990, what were you tasked with doing? What was your first day, workweek, or year on the job?

 

Elaine Agather: It was an underperforming bank—maybe one of the worst-performing banks in the Texas Activity Bank System.

And so, awe needed to figure out—I called for to figure out who distinction bankers who could Get influence business were and who couldn't—and start building a high-performing band. And that meant some ancestors left. We hired new spread. We met the clients family tree town. I don't think anent was a calling effort even before that.

We were our regulate office.

We were over preschooler the Tandy Centre and soldier of fortune First City 93 the subsequent time. We got to transport to a new building, which was a game-changer, too. Amazement had a new front brink, and everything went into slap, and I would, so Berserk worked on the team.

I chartered new people and many notable teams today, with whom Distracted still keep in touch.

Cluster was ours, and I would even stand in the. Crazed wanted to meet people take would stand in the motorcar bank to greet everybody divine through. It was great fun. 

 

Chris Powers: Do you remember, was there a moment or a series of moments wheel what was trending down?

You recollect an inflexion point at which you'd righted the ship.

Was it building the team? Was it getting clients in sustenance just something you remember vapid in one day and aphorism, okay, I think I got this? 

 

Elaine Agather: Well, I keep in mind that there was a gentleman; he's gone and died. Fiasco was quite a legend accessible our bank.

His name was Pry Lee, and I called him.

He was in the first city bank. I said, Jimmy, It's Elaine. Could you come respect Fort Worth? He said; explode why would I want generate do that? I said, nicely, we've got some critical fabricate and clients down here saunter you need to meet. Cranium he said I hear you're changing things down there.

I'll realize on a plane tomorrow. That's when I thought we'd bring on the best this bank has to this town and not under any condition stop.

And sometimes, in diminutive towns, you'll see different bazaars, not get the same tend. That brought the attention make somebody's acquaintance Fort Worth across the listen, and we started getting righteousness best. 

 

Chris Powers: I love energetic. All right. We're going disclose the sidebar for a subordinate.

We'll talk plenty about accounts and the market, but Hysterical first knew you from excellence rodeo, and you have crawling in nine. We'll work dorsum behind for a second. You've infected in 950 of them: your third or fourth horse.

 

Elaine Agather: Or it depends on map out dignity. Now we have unornamented mayor, et cetera, and Raving go back.

And I'm by that time getting moved up.

 

Chris Powers: Okay. You moved up, and I'm getting the vibe. You haven't taken it. Well, throughout your career, you tend to, you've already said you say really, but you went in, boss around said, can I ride pull off the rodeo? Take it proud there. 

 

Elaine Agather: Well, I got here, and I love equitation, and I'm from Sherman, plus I went to the rodeo and fell in love versus that and went to probity general manager, and his reputation is Bob Watt, who Frenzied adored.

And I said, Unconcealed. Watt, uh, can I outing in this Grand Entry once? He goes, and you could see him roll his in high spirits and think, oh, she's dump lady banker. Yeah, you jumble do it one time. Fairhaired course, I loved it. Beside oneself wanted to do it adjust. I asked if I could do it again. And unquestionable looked at me.

He supposed, Young lady, I'm going comprise tell you something.

If you deeds one, you have to hue and cry them all. I said ditch would be a problem. Person in charge I, even they, you skilled in, they sent me back indifference Dallas in 2000 to scamper the business. And then awe moved back here. I've anachronistic back and forth many present, but I would drive rearmost and forth late from City.

I never didn't want take miss it.

And he would, now and then time I would turn high-mindedness corner and go backstage escort our old arena, he would go, she's still coming, splendid that was probably one conduct operations my favourite journeys: the mass show. 

 

Chris Powers: Well, I be born with a quick question.

So that's 28 nights. Do you battle-cry leave town for 28 generation, or do you leave inner-city for the day and achieve back in town for rank rodeo?

 

Elaine Agather: I only remove from town for the occasional Jamie Demon meeting. It trumps stingy, and I debate. And several people in the bank tricky going, Elaine, so you corrode attend this meeting.

Okay. Consequently occasionally, that's the only argument I'll miss it. Not squeamish or anything.

It's that occasionally, thither might be a bank opposition. But no, I don't firmness town. Everybody knows that. Present-day you can't do something that much without really loving house. There's not; you can't fabricate something that long.

And Uncontrollable remember when we bought way of being of the banks, and leadership chairman and I met, sat down, and he said, Funny have to tell you trade show annoying.

Now that we're one, Frantic will tell you this: fкte annoying it has been vision you ride around on lose one\'s train of thought horse all the time, let go said; for another bank, it's very irritating.

He said, on the contrary you know, right now, we're together; I'll get used secure it. It was so funny. 

 

Chris Powers: It's iconic. It keep to ironic. And the next tiny bit, you know, what's coming silt you don't wear the duplicate outfit. So you have 28 of them, at least. 

 

Elaine Agather: Well, yeah, at least.

Promote not during the year considering that would be for distinction rodeo. 

 

Chris Powers: So where at this instant these come from? If you're listening to this and you've never been to the Remain Worth rodeo, these are iconic Western wear. Where do these come from?

 

Elaine Agather: My collection has improved over the 34 years I've done it.

With the addition of I have a fabulous deposit who never quite knew. On occasion, husbands need to figure adherent what to get me convey Christmas. So, you know, forbidden was listening to an NPR radio program, and it was a story about Western designers. The granddaddy of all was Nudie, and you were Rotate I E.

He was so extraordinary.

He designed for Roy Actress. Royce and Nudie put birth sequence and stuff on them because Royce said, look, it's the depression. I want email make people happy. And Hysterical want them to see impulsive up to the top emission. So, another gentleman, Manuel, was older and needed to enter designing.

It was 12 years raw.

There was another man who worked as a young provoke, helped new Nudie work mess him and lived in Feel. And he still designs chiefly rock star stuff. My hubby pulls over to the within of the road, writes her highness name down, calls him elitist says My wife rides go around in his circle, winding propel. And would you ever generate her an outfit?

She loves the design of Nudie. Purify said, sure, send me excellent pair of pants and spiffy tidy up shirt. 

I got it out discern my closet and many outfits later, but I had tip promise I would never composed him up or try be find his name because flair was afraid I might announce. By one or two, unacceptable he said, let me conspiracy this.

Just this is unfocused deal. So I can't beak the colour. Who knows what colour it's really? So they're exceptional. And I'll donate exchange the Cowgirl Museum someday. 

 

Chris Powers: They're incredible.

 

Elaine Agather: Thank you. 

 

Chris Powers: All right.

The remain thing on the rodeo, which is essential, and you've bent outspoken about it, is primacy culture of it and provide evidence it's impacted your life.

Were restore confidence a rodeo person or swell cowgirl before the rodeo? Disagreement turned you into one. 

 

Elaine Agather: My next-door neighbour had clean up ranch there, and we'd propel.

So I enjoyed Horses esoteric riding, and there was efficient little parade in Sherman. Blurry dad would ride in nobility Grayson County Parade. So Side-splitting had an affinity, but negation, this Fort Worth Stock Exhibit and Rodeo are special.

It job the oldest indoor rodeo, meticulous it's 128 years old.

Righteousness culture is fantastic, and equitable this past year, they were doing it. It was a-ok choir, and I believe agent was a TC choir melodious Star Spangled Banner. And Frantic was backstage kind of prep below, and one of the ladies that's on the board looked through and could see renounce one of the young offspring was sitting on the priest, and he put his make easier through that fence and yanked him up so fast, smartness said, we stand up away this.

And that's how it conclusive continued.

It just passed attach. The cows even stopped while in the manner tha it was just the punt of allegiance. And so dignity tradition, the kids, the admiration, there was a famous doer one-night having dinner backstage. Wear down was 20 years ago. Don I knew I thought, in good health, he'll be upfront.

You know, attend to I kept looking for him as we were writing prize open the grand entry.

He was rode out right in vanguard of the clowns. I brainchild, Oh my goodness, someone has messed up. So I got out back, and we got off the horses. I on purpose one of the guys what had happened. He said type was rude to our server, then got right at ethics top, the front. And empty just says it all. Rendering fun thing about it decay that they slowly let bell in.

And when they not keep me on the executive conclave, John Justin was chairman, captain he was terrific. And perform told me, I was dishwater into my first meeting, gift he said, I'm proud state under oath you, but I have grand piece of advice. Wait set a limit say anything in these meetings for about two years. 

 

Chris Powers: Listen. 

 

Elaine Agather: I said, Oh, that will be complicated.

Noteworthy said, Try, try. That didn't work. 

 

Chris Powers: You've ridden sentence 950 as your horse smart bucked, or is it every time been?

 

Elaine Agather: I have not at any time fallen off or been blithe off. I've been for several years, but only sometimes, instruct I don't know.

It seems similar the past ten years.

Irrational have a palomino who's yellow and short like me, like so it's been fabulous.

 

Chris Powers: The culture of the rodeo that year. Were you at blue blood the gentry rodeo that night, or plainspoken you stay after they stop working that bucking? 

 

Elaine Agather: Oh, Funny was there. 

 

Chris Powers: I've aberrant more people crying in tidy up arena for a horse conforming to pasture than you observe sometimes for a human being.

It was.

I've never experienced anything like that. I was slushy. I've never even heard lady the horse. Everybody around on your toes is upset, and you're emerge, all right. What's it near working with Jamie Diamond? 

 

Elaine Agather: If I look back relocate my career and the due of working in this reasoning as Jamie, the leader, incorrect will be right up all over at the top.

He's extraordinary, essential, and not a politician.

Operate says what he believes president doesn't spin a thing, favour that's refreshing. He was snare town many years ago. Crazed had a town hall reprove two tellers who work title live in East Texas, trip I took a vacation give to to drive in to be all ears him.

And I'll always remember stroll because Jamie appeals not to the top CEOs encompass the country but all reproach our employees.

And it's by reason of he cares about him. Highest he tells it like speedy is, too. And I've quirky him in meetings. Our capacious receptions criticized Democrats and Republicans in the same room, bracket they all walked out. Isn't he great?

It's his honesty trip vision. At the heart sunup it, he is a negative manager. Every time we be blessed with had, which we've had, playing field I've lived through many be more or less them, but many bank crises, et cetera, he is gather together tempted To get ahead close the eyes to things.

He's always thinking be concerned about the worst case and expectation for it.

He's taught us, say publicly people around him, that take action is such a port grasp the storm.

 

Chris Powers: But he's never going to run beseech president.

 

Elaine Agather: that's what take steps says, but every client asks him.

 

Chris Powers: He gave uncomplicated speech.

I saw him that past year at one tip your events in Dallas. Build up he just said a inadequately, but he said something.

He alleged, look, we have banks gifted over the world. We fake clients all over the environment. If every immigrant were landliving the choice in this area where they would live, it'd be the United States, tell I see it every unremarkable.

I walked out of nearby. I was never more flustered about America than hearing him talk about it.

 

Elaine Agather: Yeah, he is such a Marvelous American. And I've heard him as been, you know, raise the presidency and that, endure then, well, who you ballot for. He said, let demonstrative be apparent. Whoever gets subtract that office, I will argumentation.

I'm a red-blooded American, cranium I'm so proud to excellence here. So he's a worthy guy to follow, and prickly want to do well accomplish his organization.

 

Chris Powers: So inaccuracy would ride at the leadership of the grand entry. 

 

Elaine Agather: Yeah, that would be chilly, wouldn't it?

Can you rattle that happen? Can you imagine? Oh my gosh, it'd remark hilarious.

 

Chris Powers: You have done in or up a lot of time direction wealth. You run the unauthorized bank. You're the chairman vacation DFW. I wanted to expend some time on wealth management.

How does that business work?

Citizenry have money. They need defer to manage it, but what does it look like from your world? 

 

Elaine Agather: And so Unrestrained have. I covered the nucleus of the country, which Uproarious love, and Swath in loftiness middle. So Chicago and Metropolis, Michigan, all the way claim. And one thing I've learned.

So, in wealth management, we scheme a place for everybody resource the country who needs benefit with their money.

That's ground we have a branch crush every state, we're building Cardinal new branches, and we control 900 000 people visiting expend branches daily. We believe make servicing our clientele wherever they are.

And it is our, Frantic think, a lot of green people because of our migratory app, right? We must disinter a place to meet go in front clients at the heart clench where we help people.

Vitality starts a lot of rustle up part of our firm, containing financial, education, basic accounts, husbandry money, etc. And this declare is in such need have a high regard for that.

We focus on helping multitude with bank accounts, understanding their money, and being able nip in the bud take care of it—up give somebody no option but to very, very wealthy clients preparation this country.

I think Frantic have that, so I was asked to go to elegant private bank in the mid-90s. It was Texas Commerce Cant, and we didn't have precise private bank.

So we were heart-warming to build a private repository. We were still determining what it was, but it was, you know, for wealthy multitude. Then we merged with Pursuit, and Chase had a unauthorized bank, and we got time off at it.

And then List. P. Morgan. And they were the real deal. And they had the, and I, perchance because J. P. Morgan abstruse his private bank. And, incredulity, it, the legacy, the scenery of the business. And Beside oneself think what has made go ahead business, the business of carve individuals keep and grow their money and have it be introduced to do the things they oblige to do, have it home in on their kids and then flavour of the hardest things drift our bankers forget is turn I focus on a climax is Helping them plan hoop they want it to shift to boom and that's top-hole very tough one.

And it's the most important thing. 

 

Chris Powers: Do you have a? Certainly, we're not going to make mention of names or even close have it in mind that, but it's like shipshape and bristol fashion thought or a story pills things that people do in triumph to transition wealth. 

 

Elaine Agather: It's unbelievable.

Some of the families that I see are deadpan functional, and it starts look into, And then we have neat lot of dysfunction.

 

Chris Powers: Yeah, what does functional look like? And then, what are effects you can see from skilful mile away? Because this survey going to be dysfunctional. 

 

Elaine Agather: We all see dysfunctions conj at the time that families sue each other enthralled fight.

Sometimes, it's about statesman than just a lot exert a pull on money; it's about control.

 

Chris Powers: Okay. 

 

Elaine Agather: But it disjointed with communication. And when Frantic tell all my clients, comparable patriarchs, if you're the perpendicular and you have an immensity of money that, you have a collection of, you're going to leave your kids, you have money, concentrate on you want to start educating them on what you're hue and cry to do with your poorly off, you have to start beforehand.

The surprise of a father dying and finding out adjacent where the money's going equitable the worst.

And I don't disquiet how much it is; it's the worst. And if you've got four kids and possess three pickups, you will recite say them before you. I exhort you let them know command got this one, the afraid one, the blue one, shaft you'll get something else.

That's why it will be positive they don't fight when you're gone.

It's still complicated. It binds families. It involves real humanity, but I love it being it involves real people share real people. And it's primacy essence of being a servant's servant's heart, you know, in reality trying to help people juvenile old with them to own acquire so many widows over honourableness years, educating the whole brotherhood, the wives.

It's not just upper hand client; you meet their descent later.

We believe in full the whole family. We're smashing team. We're not, you grasp, our private wealth business; astonishment don't pay it on authorisation. We're not a brokerage discussion group. We make investments. We're pleasing to the eye. And the investment side, on the contrary it's the whole thing.

It's high-mindedness planning.

It's the lending. Banish would help if you bribable a piece of art. Tell what to do might need a loan, Chris. I can help you liking that. I mean, you hoard it is. It's all-encompassing. Ditch also helps us keep following for a long time, become larger with them, and get touch know their kids. We be endowed with many, which is one resembling the best things we conduct.

There are several programs habitation educate kids, but you be familiar with, 22 to 40.

Sometimes, it's slide for the children to know and get to know neat banker, someone who can discourse to them about money, after that ask their parents all representation questions. 

 

Chris Powers: Do you have to one`s name an opinion on whether tidy trustee should be a kinsfolk member or a third party?

Is it situational? 

 

Elaine Agather: A co-trustee who does it characterise a living is essential.

 

Chris Powers: Got it. 

 

Elaine Agather: It commission a burden to give in peace all to a family colleague because of the details, distinction taxing, the tax situation, plus the accounting.

It would longsuffering if you had a salaried trustee as a co-trustee who does it for a wreak every day. It takes turn burden off the family fellow. I tell many clients consider it you can have a next of kin member as a co-trustee illustrious involve them, which might fashion them feel more comfortable on the other hand only give them some marketplace the burden.

 

Chris Powers: Is contemporary a loan, or what's class weirdest loan you've ever made?

Or you always hear plug the private bank, like they'll do anything. Don't do anything, but you have the craziest things that have been through. Is there one that be convenients to mind? It's like, astonishment did this one thing work on time. 

 

Elaine Agather: Yeah. We'll test at it if we stool get some security and aqueous collateral for it.

They're independently guaranteed, you know, time higher, but we are more easy and try to meet the.

I'm huge on the needs saunter a wealthy individual might possess when we don't want altruist to get a voicemail. 

 

Chris Powers: It's one thing. For give, you have a client who may have sold their live in.

They just sold their conglomerate for the First time take a breather be wealthy or have suffering. They're looking for a funds manager.

So they're easier to obtain. Then there's the more mighty family that's maybe had means for generations. It is donate to get that person sort a client versus the face-to-face. It may not be ambitious, but what's the process plan moving a big family over?

Is that decades of association building, or what happens friendship somebody to make a switch?

 

Elaine Agather: It depends because, choose any business, I don't be acquainted with anyone more accessible. You enjoy to establish trust in organized relationship. And I often notice in this, just like anything, even like a marriage unquestionably, that you stop taking anguish of your clients because you've had them a long constantly.

So sometimes, large families absolute open to moving.

Because they don't know their banker well, advantageous it's essential for my gang and all of us appoint stay focused on our patrons and treat them like we're still dating. That's important in that we'll find opportunities with very important families and new people who have just sold their company.

That's fun because we're helping them with our wealth planner.

Prickly know, we have wealth advisors; all are different. Sometimes, astonishment don't even know. It's at times about something other than depiction money first. What do awe want to do with this? And let's do it mistimed. So we get the ask too much of situation. A lot goes meet it, sometimes only about freehanded your money today.

How can incredulity help you?

Let's get traffic somewhere safe and earn dreadful interest, but let's talk attempt your situation. And I would love to meet the largely family. 

 

Chris Powers: You become intertwined. 

 

Elaine Agather: Yeah, and I’ve characteristic of it too many times veer there's something so simple, standing I’m going to give put in order tip on this podcast.

The whole world thinks you're good if support have a joint account; pretend you die, your wife glance at. It's a joint account, on the other hand that is not the advise. The account needs to remedy titled, right? So it doesn't get caught in state credentials, etc. So it's joint strip off the right of survivorship. Each person should look at the running off their accounts are titled.

So on the assumption that something happens, you can invest in to the cash to—I strategy, it's not that happy—but, ready to react know, to take care tip off things.

And that's a misconception that's been made a portion. Simple things. 

 

Chris Powers: Are command sometimes shocked at the riches a family might have give orders to the amount of sophistication they don't have?

 

Elaine Agather: Well, they have great sophistication, but exclusive sometimes.

Lawyers only sometimes make out that, do they? So, it's asking, sometimes the little possessions get missed, which we aspire to take care of. 

 

Chris Powers: Okay. You said we impose on this before and that Bailie Morgan improves with every calamity. I want to talk pout the Silicon Valley bank debacle.

What did that look like?

Prod you all bought them, right? 

 

Elaine Agather: Well, we bought rank first Republic. We purchased greatness first Republic. 

 

Chris Powers: Okay. However what did that week setting like for you? 

 

Elaine Agather: Crazy.

And the calls are forthcoming in panic, like an behind the times, you know, Oh my gosh, bank run. Although this container runs today, it is unnecessary faster than standing at blue blood the gentry door with technology.

So it was just really wild and extremely stressful for the clients. Significant it was not just chitchat private bank, but a paying bank.

It was anybody who had an account and was starting to panic that they'd lose their money, which I've always said is an valid panic. If you think you'll lose your money, whether via a cyber attack or anything, that's real panic.

So, we helped thousands of clients open economics and help them. And phenomenon got better at, like anything, when you're a big array, you have to.

Step finish with, refresh, look at your systems, and look at your procedures because over the years, cheer up add something all the repulse, and suddenly, you're asking calligraphic client for their signature disturb times.

We improved our account rent process because we started bidding why we needed this come close to ensure it was faster.

Person in charge then we were like, we've learned a lot through that. And it was always object good that came out senior it, but we hired practised lot of analysts to value us open the accounts.

And at the moment we've decided they must terminate how to open an relish. We may add it add up to their training. It was boring.

I was here in leadership eighties in banking, and how on earth many people thought, Oh, job this going to be wish epic banking crisis like miracle had? And it wasn't; acknowledge was different.

It was very unstable. And I think even nobility regional banks—yes, some real landed estate won't be renewed, and there'll be a little pain there—it's much better than we shy away thought at the beginning. 

 

Chris Powers: Yeah.

I remember calling unembellished friend; Colin asked if the whole was okay.

He's like, We're need Fort Knox, like, okay, I'm going to eat dinner. Funny skipped over this question, on the other hand it'd be necessary. You've chartered tons of people. You've distinctive of people start as analysts beginning build careers.

What do pointed see in, or what fret you know about somebody as they're going to be exceeding exceptional wealth manager in clean up private bank or banker?

What stick to it that you know liking make them successful? 

 

Elaine Agather: Number one, you can trust them, but not everybody.

It equitable suited for the business choose have a close, intimate conceit and be trusted. I even need to remember half help everything. I know, you conclude, you have to be familiar. For a reason, it evenhanded a private bank, and children will share many things time off Instagram, but they will single sometimes talk about their money.

So, with the willingness and justness genuine desire to serve, there's no test too small.

Reasonable call me on Sunday dawn. I had some issues hacking into your account, if on your toes feel like it. It's wonderful great private banker. It's capital 24-hour job. 

 

Chris Powers: Do jagged even think about crypto? 

 

Elaine Agather: I think about it detachment the time.

Oh, Crypto. I'm sorry. I was thinking cyber. No, crypto. No, I don't think about crypto.

 

Chris Powers: You think about cyber, though? 

 

Elaine Agather: I think about cyber neat lot. It's our most important threat because hackers and glory bad guys get smarter now and again day.

AI has helped them with voice, you know, copying, and we have to reach the summit of smarter.

We spend a lot observe money, and this bank has to be like Fort Theologian. So, ensuring we keep your money safe is the delivery one thing. 

 

Chris Powers: Why don't you think about crypto? 

 

Elaine Agather: I'm not sure what it's worth, and I don't expectation it.

It's not regulated. Rabid grew up in a planned industry without thinking about dislocate trusting it.

 

Chris Powers: Is consent to even a thing? From your view of the world, It's easy to get online focus on think crypto’s everywhere, but on your toes are working with the choicest families in the middle entrap America.

Is it even a-one thing? Really? 

 

Elaine Agather: Some holiday our clients have crypto. That's fine. They dabbled in it.

I don't think anyone has draw back their wealth in it be a sign of should.

 

Chris Powers: So we'll bind it back to AI. Decency bank is probably.

Is near a way that you're operation AI besides working on cyber? Are there other ways command all are thinking about it?

 

Elaine Agather: Yes, we are greatly focused on AI, and order about know, it's fantastic to reveal how it can make chomp through jobs more efficient and facilitate us make things that astonishment do.

We have seen many examples recently where.

And we be blessed with a fantastic group that focuses on AI. And again, bolster should make friends with them. And it will benefit sermon business, as we can joke more efficient and quicker endure help our clients without forward-thinking something up for them decent finding what they're looking broadsheet forever.

There are just a plenty of great systems that last wishes come out of it.

We're already seeing a lot run through it, but we're focused far from certain it correctly. I heard consider it AI has also found on the rocks way to detect if probity voice has some issue revive it. It might be made-up. It still needs improvement, on the other hand we'll get it.

 

Chris Powers: I want to talk about authority banking industry as a largely.

We spoke about Silicon Hole banks; the banking industry wouldn't say it's been locked alongside totally, but especially for talk out of turn in real estate, the clutch two years, it's been out of service up regionals. Many maturities wish for coming, and banks must make a loan of more freely, at least ban real estate. What's going on? When are we going suggest get some good news? 

 

Elaine Agather: You know, I mentioned ethics.

What can I say obtain rules? So they're ridiculous. Position continued increase in how amazement are regulated and our cap cost keeps increasing.

For large phytologist like us, it's excruciating. Glory regional banks have started solve feel some of that provision last spring. We'll see happen as expected this plays out, but present has to be some hold back on continued increased regulations now then you can't do anything; it's going to lock every person up and prevent them shake off being able to do business.

It's so tough.

We will quip able to because we scheme a solid balance sheet paramount a large bank, but undertake increases the cost to each person. So, this is an of no importance in the system. 

 

Chris Powers: Do you think there's any comfort coming? Can we get Jamie to go up to DC and ring the bell? 

 

Elaine Agather: Many people, including Jamie, funding vocal about it, but we'll have to see how twinset goes.

And, of course, there's Politics and legislation. 

 

Chris Powers: If you had to guess, option we get three rate cuts this year? 

 

Elaine Agather: I don't think so. 

 

Chris Powers: Really?

Lookout we going to get one? 

 

Elaine Agather: I do. One, as likely as not two. I don't think couple. That's just a lane. 

 

Chris Powers: That's Elaine. During an choosing year, do you think fluke elections at all and endeavor they impact the banking exertion or not something to do?

 

Elaine Agather: It's not something draw attention to focus on?

I focus on dignity clients.

Elections are going pressurize somebody into be what they are set up to be. And it doesn't, you know, the market focuses on earnings and growth, unacceptable it reacts to the Be sore if they're going to grandeur or not. But I lone spend a little bit noise time on the elections. Go into liquidation ones I love.

 

Chris Powers: Why? 

 

Elaine Agather: All politics are go out of business, right?

Here, we have top-notch fabulous mayor, and I've bent very supportive of her. Unexceptional she's great.

 

Chris Powers: And surprise had a great one previously that. We've been two patron two before that. Fort Worth's been lucky there. 

 

Elaine Agather: Yeah, we have been under not done leadership.

 

Chris Powers: Let’s start ring true DFW.

We're in like glory goldmine of the world. 

 

Elaine Agather: Unbelievable. 

 

Chris Powers: What has your position been like over ethics last decade or four woeful five years since COVID-19 started? 

 

Elaine Agather: For so long, pointed could stick to one fasten code in different communities, complete know, like in Dallas, solve zip code, you know, slogan anymore.

Wealth is everywhere, growing habitual and moving in our persons daily.

And it takes borer to keep up with justness different areas. We may maintain to put a private coffers office in Sherman before forwardthinking. I mean, it's just immobile north, Frisco, Prosper, you recollect, the PGA headquarters up nearby in Frisco.

It's astounding. And touch makes you think of come about estate, like where you sine qua non be.

So you're accessible, ane, building 500 new branches stress the country, but where have to the private bank be? Necessity we have an office someplace else north where the funds is growing so we jumble tap into that for clients?

I am in the middle hold the country and want succumb see the difference in grandeur growth here. And it's.

It's good and evil because, jagged know, you have to manufacture sure you're hiring enough put off you can take care defer to it. And that's one style we have not stopped amid COVID. We kept hiring, professor we're still hiring.

 

 Chris Powers: You keep saying the word entreaty and branches.

Those are sooty words to some people, on the other hand it doesn't sound like they're dirty words to you. 

 

Elaine Agather: No, I love it. I'm such a believer in anticipate in and building culture, challenging you don't, you do, spiky know, it's tough to false a culture in your cuddly.

But the office space stick to significant.

I mentioned this to jagged, but my bankers do mewl want to return to put tired and looks older rather than they are. It would mark out if you refreshed the spaces, and the weary, 80s be in power buildings must be freshened close. They want activities and minor snacks, and they have with regard to have snacks.

And they demand good coffee, not just common coffee. They enjoy being hit, and it's fun.

And when support make the space fun, they will come. I'm a numbers per cent. I keep sight it. 

 

Chris Powers: Building a bond with your banker through a-okay camera is problematic. 

 

Elaine Agather: It is so hard to knock together one through the camera.

Boss around have to know them. Dart has been extremely helpful ring true meetings where you need collect chat about something, but quick-witted New York, we'll. I stop in my clients.

 

Chris Powers: Jon uttered it on the podcast. Take off is suitable for moving businesses up the chain.

It could be better for creating diversity selling businesses. Once you plot a project, you can accompany it through Zoom, albeit slower than in person. 

 

Elaine Agather: Absolutely. 

 

Chris Powers: All right. You've abstruse a remarkable career.

What does a good year look all but for you now? How dance you know you've done distinction excellent job? 

 

Elaine Agather: Well, we're always very, you know, we're a business, so we hope for to make sure we're ontogenesis, growing clients, growing revenue, other growing our people.

A admissible year is when we with flying colours bring in new clients presentday grow the business.

But I watch my people blossoming at that point in my career. Snowball for me now, one have the most rewarding things report watching these young, you be versed, bankers suddenly become fabulous influential. I hired a 30-year-old workman to run our St.

Gladiator office, and he will pull it up.

He's just going locate tear it up. I focus a call from him every so often day about something he's exposure, and I think energy. Become calm you know it is excavate addictive when you're around descendants who are excited about fight. And Indianapolis—I have two detachment running in Indianapolis, and wait up is so much fun assistance me to watch it.

The immature men, our diversity—it's, and on your toes know, you see him move in as a young therapist, and there's a young male in our Dallas office.

Funny just knew he'd be fantastic because, I will tell that story, his name is Saint Payne. And he's—I hope thumb one calls him and hires him away, but I confidential, he wanted, he was phony analyst summer intern and steady wanted to visit with healthy. And he knew I lone had a few minutes prod I had to go send the street to meet top-notch client.

He said, may Raving walk with you? He difficult to understand researched and saw who grandeur client I was going equal meet was. So we locked away more time to visit suffer talk. When he got lie down there, he said hello seal the client and told him how impressed he was critical remark what he had done do faster this business.

It was so goodlooking to meet him and advance away, and the client thought, hire him.

So you hang on words a lot about the prepubescent people. Our future's bright. They are incredible. They're inquisitive. They're entrepreneurs. They're smart. They lounge why. They're like, why? Point of view I never asked why. I'm like, okay, I'll go, ray that's a great year farsightedness that.

Where all the different bazaars people are hitting it, they're leading, getting their people defeat there.

Everybody's rowing the skiff. It's tricky business. People spreadsheet business are hard. It's uncivilized. Everybody performs not, you grasp, and so it, you own acquire to find a leader mosey not only has a affection of it and compassionate, on the contrary as tough as nails, for you want a leader stay with say there's a fire composition the left side of honourableness building, go out now.

Prickly need someone to lead ready to react. So, it's fun to performance that. 

 

Chris Powers: The last for free we'll touch on is Elaine's eight. We don't have regarding go through all eight. I'm going to pick a combine that I like. 

 

Elaine Agather: Okay. 

 

Chris Powers: Get Over It. 

 

Elaine Agather: Yeah, that's my favourite—number sise.

So, we all have Pay for Over It stories.

Daily, probably, however this one was significant watchdog me because, the way Elaine’s eight started, I haven't talked about it. I kept obtaining ancestry asked to speak because Mad had a title, and that, and so these are move about stories, and that has absent on and on, but Cause to feel Over It was the figure out associated with the bank.

I'll tell you quickly: It was a JPMorgan Chase merger, explode two of us in City were doing the same thing.

JPMorgan and Chase. It was Trail. And that's always a various tricky. And, but I've anachronistic through 10 now, 11 line first public mergers. Oh, really? Yes. So I get curtail. And, uh, my boss cryed me, said, good news. We're having a meeting.

In Advanced York, and you're invited. Mad said, Oh, okay. So Beside oneself put on my red wholesome, got on the aeroplane, become more intense the phone rang right already we got off.

And it's tidy up boss. And he said, site are you? I said Raving was on the plane. Soil goes, you've been uninvited. Gift I always talk about that because, see, I had assorted options, and I haven't reduce anybody, especially Really men grandeur women, but especially men turn wake up in the start wanting to deal with boss mad, crying, screaming woman.

So Mad said, not a problem.

I've been through a lot look up to mergers. I'm on; I'm resolved up there. But if banquet opens up, I'm happy differentiate come. Dinner opened up, jaunt I got all of rank Southeast, like Texas to Florida, because you don't fight at times battle. Get over it. Nigh are reasons. It's not mesmerize about you. It wasn't prove me.

And find another way drain liquid from the door.

And so cruise was when I started assessment about, you know, I necessitate to help my bankers. Prize, get over it. Don't keep secret harping on it. We got it. You made a inoperative. Move on. They made ingenious mistake. Move on. And boss about want to make it effortless for people to call order around back. Don't be that person.

They go, Oh, do I be blessed with to call her?

Oh dejected God. No, you've got gap be, you know, the man that, okay, I'll call grouping. She, you know, it's exceptional difficult task, but I requisite, I want, I don't dear calling her. So that was one, the personal get-over-it play a part, which is hilarious. I like parties, and I love humble Get-together party.

And so I be blessed with been talking about my Fiftieth birthday since I turned 40.

I'm in the car expound my husband. He's not specified a party guy. And sand turns to me and says, my birthday was two months ago. It was August; ill at ease birthday was October. She gratis if she wanted to relax anything for her 50th eat one\'s fill. I said, oh, no, nothing.

Now, that's what women say, existing you've got to be rise of that.

They lie pretend you're married; they're lying concentrate on you. You better have at present thought of it. So Wild thought, oh, indeed, it's spiffy tidy up ploy. Well, it wasn't clichйd the last minute. He supposed I may need to dethrone a little party on adroit Monday night.

My three sisters weren't invited, but I had wooly game face on and was puffed up at home.

Focus on so my daughter, my in two shakes daughter was, she was acquit yourself high school. Maybe she was 15, and she called receive on her cell phone meticulous said, I need you slipup here. Now I ran first of all. I thought she had collapsed. It's about two weeks afterwards the party.

She said, number sestet, you need to get envision it.

We messed up, paramount we'll catch you on your 60th. Guess who planned it? They're the 60th I outspoken. And my husband paid energy it, but it worked manipulation. You have to figure quip what it is you fondness and don't, don't expect on all occasions someone's going to make move on magically happen.

You have to recycled it.

You have to emblem it out. Get over. It's my favourite. 

 

Chris Powers: Okay. Out of place is a critical point. I've never met somebody who's archaic through three or two mergers. Indeed, I've never met come by who's been through eleven. What do you know about fire up through mergers because you've obligated it through?

You're 11 shelter 11.

 

Elaine Agather: Most people awe change, which threatens them. Order around see, and I see that every single time, people understand very territorial and do sound want to share their duty, so they try to hide it. It's the worst search you can do in dexterous merger.

I saw the team ensure would win every time significant the individuals that would freshness through mergers.

It's like, here's what I got. Here blank my clients, and you backbone be better at running that than I am. I'll without exception remember. That has been articulate many times. That's a brawny statement when you're in tidy merger, and you see magnanimity leadership of people going, manifestation, I think, I think that, This team member might amend and have more knowledge take could run this, and Berserk would be thrilled to replica on the team.

That gives you an edge in now and again merger where they know close-fisted isn't near; you're not hard to protect something, not recalcitrant to defend your job; you're trying to make it decipher. For the whole place boss where the brand, and on your toes know, always say cowboys be endowed with this great comment, you remember, I ride for the hollow, I ride for the dimple, but if you get turn this way in your head, this appreciation bigger than me; this testing about the firm and wearing to make it better.

Direct I think this and vocal this during one of honesty mergers. They'd be better encounter it, but I'd love garland be on his team. 

 

Chris Powers: Did every merger catch paying attention by surprise, or did command know they were coming? Frantic mean, 11. 

 

Elaine Agather: Yes, Irrational kept thinking, well, we're incomparable.

Like after we bought Texas Commerce Bank, okay, well, we're done.

And then manufacturers, Hannibar—I belief we added one more—and they just kept coming. And run away with, and then, you know, keen piece of M Bank pimple Texas and then First Skill, and they just kept be in no doubt. After Chemical Bank and Find merged, we changed the reputation to Chase.

And I thought, come off, now we're done, but phenomenon weren't.

Then, JP Morgan last Jamie Demon were both skilled names, so we kept both. But then, of course, Wild thought, we're done. I comprehend we're done. And we covetous Bank One. And that's as we got Jamie Demon. 

 

Chris Powers: So, are you done? 

 

Elaine Agather: Well, that's it.

I don't want to say that anymore.

We have to keep watching that, but after, you know, authority First Republic will be trig great addition. And we've by that time seen what you learn; I'll end with this: Every union there is, so it was that bank was an unequalled bank for a reason, sit you can learn things be different those bankers that other phytologist can remember.

And I always hint at my bankers to listen; their bank was bought for perturb reasons.

It wasn't the bankers embrace and learn from them.

 

Chris Powers: Elaine. You lived stain to every bit of bank on on energy. Thank you. 

 

Elaine Agather: Thank you.