Five Questions With: Rogean B. Makowski

Rogean B. Makowski is senior vice president and senior fiduciary services officer of Webster Bank’s Private Bank.
A banking veteran, Makowski joined Webster from The Washington Trust Co., where she worked in various positions with the wealth division.
She talks with Providence Business News about her experience, private banking in Rhode Island and how to stay competitive.

PBN: Congrats on your new job at Webster Bank. Can you tell our readers a little bit about your new responsibilities?
MAKOWSKI:
My official title is Senior Vice President, Senior Fiduciary Services Officer. To most that will mean very little. However, the fact that everything we do within Webster Private Bank we do through a “fiduciary lens” is a key factor in our approach to working with clients. The fiduciary role is something we take very seriously because our clients vest confidence, good faith, reliance and trust in our commitment that our advice and guidance will always be in their best interest [and] we will always act for the sole benefit and interest of our clients.
My primary responsibilities involve working closely with individuals and their families to grow, preserve and efficiently transfer their wealth in the most efficient manner utilizing a vast array of comprehensive services available within the Private Bank, such as financial planning, asset management, trust and estate administration, and lending services. I also work very closely with institutional and not-for-profit clients in ensuring compliance with their fiduciary standards.
PBN: You most recently served as senior vice president, wealth management client services at The Washington Trust Co. How did that work prepare you for your new job?
MAKOWSKI:
I held a variety of positions while working at Washington Trust, all within the wealth division. Each one of those positions allowed me to develop and hone my skills as a wealth adviser. Because I “grew up” with that organization, I had the opportunity to learn from the bottom up: taxation, planning, trust and estate administration, investments. However, what really prepared me to help clients with their financial needs was my personal desire to provide a high level of service to ensure the successful outcome of my clients’ goals.
PBN: Why did you want to be a part of the Webster team?
MAKOWSKI:
First and foremost, they are very client focused, which is an environment I thrive in. As an organization dedicated to creating close client relationships, it provides me the opportunity to establish deeper, lasting relationships with clients and to offer my clients a high degree of availability. Effective client service requires an understanding of each client’s goals along with a documented process for consistent, quality service delivery. In addition, I was excited to be in an environment where we could create customized solutions with specialized expertise combined with that responsive service model. In my new position, we strive to wholly customize the client experience to fit the wants and needs of our clients.
This is a business of trust and confidence. It is not about products. It is important you are able to develop the type of relationship with your client that allows you to really understand and help them define what their overall goals and objectives are. Many times that is an education process for the entire family. This takes time. It is not always easy for a client to articulate what they would consider success to be or to create a family dynamic that ensures their goals and values are being passed down from generation to generation. A good wealth adviser is able to guide the client through that process and Webster Private Bank believes strongly in that relationship model.
PBN: Is private banking seen as a growth area for Webster?
MAKOWSKI:
Private banking is definitely seen as a growth area for Webster Bank. Webster Bank has 80 years of tradition in providing world-class service to their clients. We are fundamentally geared for growth as the premier provider of private banking services in New England. As the 35th largest bank in the United States, we have the breadth and depth of services high-net-worth individuals require. The bank has put together a comprehensive suite of financial services and a committed team to meet the needs of individuals and institutional clients.
More and more individuals of wealth as a result of inheritance, entrepreneurship and employment are seeking sound, unbiased advice. Unlike some wealth management firms, through Webster Private Bank we are able to meet both the banking and wealth needs of those clients. Because we base our solutions on the needs of the individual and are not “cookie cutter,” we are able to establish plans tailored to the individual needs of the client and provide the ongoing guidance across multiple generations of family members.
PBN: How do you stay competitive with the rise of nontraditional wealth management services, especially as margins at traditional private banks are seemingly under pressure with declining fees and rising costs?
MAKOWSKI:
Unlike many in this business, we are able to provide the expertise, personal relationships and comprehensive advisory services at a cost-effective breakpoint for our clients. Our fees are very competitive. Our approach when working with clients is similar in format to the family office: providing a dedicated team of seasoned professionals with exceptional knowledge of financial services, the markets and strategies to provide solutions to our clients’ financial and planning needs.
There is a lot of talk today about “do it yourself” and “robo advisoes”: an online wealth management service that provides automated, algorithm-based portfolio management advice without the use of human interaction. Because these advisers usually only offer portfolio management and do not get involved in more personal aspects of wealth management, such as taxation, retirement or estate planning, they can be more cost competitive. There is no personal outreach in this type of relationship. However, like most anything, one size does not fit all when it comes to financial advice, and this option might be appropriate for those investors just starting out who have less complicated financial needs.
Most high-net-worth individuals are looking for a financial partner and advocate to help them work through the various life events in the most efficient manner. Based on the more comprehensive offerings within Webster Private Bank and our holistic approach to managing wealth, our clients know they are working with a team of professionals who have their best interest in mind. We believe there will always be a need for this type of client-focused relationship.

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