Private Banking Services

bank lamp White Oaks Private Bank is a unique and special offering that many wealth management firms do not have. Our decision to provide an offering for our clients was based on the notion that helping people in this area would allow us to help them in a special way. It’s hard to imagine living in today’s world and not having a banking relationship. My great-grandfather worked in a bank in Iowa for 69 years! As a young child I remember going to the bank and seeing him at his roll top desk with arm bands and a green eye shade to boot; images from an earlier time. Back then banking in a small town was based on trust; trust built on knowing people and who they were and what built them was their character.

In today’s world of super banks that feeling is all but gone. White Oaks continues to be built on relationships and knowing people and their situations. White Oaks Wealth Private Bank can’t bring back all of those feelings of old but, it can pull together more pieces of the wealth management puzzle into a central point of contact for checking, savings, loans and many other services.

White Oaks Wealth Private Bank is a private label option being powered by the Bancorp Bank. This is a strategy for Bancorp to not have all the bricks and mortar costs of having physical branches, and uses our relationship skills to provide service. There is a 24/7 service team to answer questions and resolve issues (better than we can do on site at White Oaks) and provide all the services you would expect from any bank.

Services like debit cards; I think this is one of the coolest features! Most banks require you to use their machines to get cash without a fee. Not at White Oaks Wealth Private Bank! You can go to ANY cash machine up to 10 times per month and the fee is paid. No more searching for the “right” ATM as any one will do.

Another decision that White Oaks made at the beginning was to NOT have any revenue from this relationship. That notion was consistent with our fee-only values and allows our clients to benefit from higher interest rates on deposits than the “brick and mortar” banks and is often at the high end of interest rates available.

Security Backed Lines of Credit (SBLOC) is a way that your non-IRA investment accounts can be used for low interest rate borrowing. We think everyone should have one in place since there is no cost to establish one and the resource will be available any time you might need it. Other loans are available as well for purposes like purchasing a home or auto.

For those who would like us to “see the whole picture” visibility can be granted to to us so we can monitor balances and incorporate it into the total wealth management landscape. Checking, Savings, Loans, Money Markets and other services are all available for personal and/or business use. Let us know if you have any questions. Our focus on our relationship with you can be leveraged potentially to greater benefits using White Oaks Wealth Private Bank for your Banking needs. Let us know how we can help.
Bob Klosterman

About Robert Klosterman

Founder, CFP®, CFWA

Robert Klosterman, CFP® is Founder of White Oaks Wealth Advisors, Inc. and its predecessor R.J. Klosterman & Co, Inc. Bob has been a Certified Financial Planner licensee since 1989. He has a clear vision for the future having worked in financial planning since 1975, and feels...

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