When Legends Bank was founded in 1998, the goal was to provide a local bank with a hands-on, personalized approach. “Our founding CFO and I had worked for a regional bank and saw the pain points of being at a larger, multi-region, multi-state organization,” says president and CEO Tommy (Thomas) Bates, Jr. “We wanted to be able to focus more closely with our community.”
Today, Legends Bank, with offices in Brentwood, Clarksville, Nashville, Pleasant View, and Ashland City, is the only locally owned financial institution in Montgomery County.
Being a community bank doesn’t mean that it doesn’t offer all the services that larger banks provide. Whether customers need personal or business accounts, mortgages and other types of loans, treasury management, or more, Legends can meet those requirements.
For those looking to invest their money, its team of experienced financial advisors is ready to create a portfolio that fits each client’s unique objectives. To do that, advisors must take the time to get to know every client.
“Our approach is built on building mutual trust and understanding,” says Robin Davis, CRC, LPL branch office manager with Legends Financial Services. “Each relationship is important to us. We don't want to be just a vendor. We want to be the neighbor in the community we serve. Our mission is to bring Wall Street to Main Street.”
Using a consultative approach, advisors meet with potential clients, asking questions and actually listening to their answers about their goals, dreams, and expectations. “Working together, we then create a roadmap to help them get to their financial destination,” he says.
To assist clients in choosing the right investments, Legends has partnered with one of the largest investment firms in the country, and the largest that works with banks.
“Our securities and advisory services are offered through LPL Financial, and that sets us apart in how we build our client portfolios,” says Robin. “We utilize its vast resources, which consist of economists, analysts, research staff, and research teams. They help us filter through and pare down the thousands of investment choices out there to fit the ones that actually meet the needs and objectives of a particular client.”
For example, he explains that over the last two years, several tech stocks have really carried the market. But now, he’s seeing other sectors and industries that have somewhat underperformed over the last couple of years coming back into popularity.
“What we think investors ought to be doing now is checking their allocations. A portfolio should have exposure to many different sectors of the economy, and what's happened over the last couple of years is that some portfolios have gotten a little out of balance. Some of the really strong performance sectors have become such a big part of their portfolio that their risk profile has probably changed without their realizing it.”
Without getting into specific sectors or industries, Robins says there's a whole asset class that's been forgotten over the last couple of years: the bond market, or the fixed income market. “We think that's probably worth revisiting, given that interest rates are much more attractive than they were several years ago. And, fixed income can certainly act as a buffer to the volatility of the equity markets in a balanced portfolio.”
Not only are its clients investing with them, but Legends is investing right back into the community. “We stay very involved in local organizations, whether it be the Chamber of Commerce, the Rotary Club, or various economic development organizations,” says Tommy. “I've been chairman of the Chamber, the Economic Development Council, and the Education Foundation, and several of our seven past Rotary presidents are with our bank right now.”
He and his staff also volunteer extensively, sponsor many worthwhile causes, and host events to raise funds for local charities. “One of the most important things about what makes us different is that we see our customers on the street every day, and I think our level of commitment is much higher than when they deal with big firms. There, people come and go, including investment advisors, or they’re doing a lot of things over the phone. But, when you look a person in the eye, you know you're going to give them your best.”
Even though he’s the CEO, if someone has a suggestion or a complaint, Tommy makes himself available to speak with them, which is unheard of in larger banks. “If they’re not happy about something, I hear from them directly, so I know we have to put our best foot forward every day.”
Being heavily involved in the community also allows Legends’ staff to get to know their clients well. This personal touch and dedication cannot be found with online investing. “People’s dreams, goals, risk thresholds, and investment timeframes are all a little different, and that’s why we use a consultative approach at the beginning of our relationships,” says Robin.
Also, online investors don't always have access to the research or to new products or offerings that might become available. And, with markets and economies in constant flux, it’s important for advisors to continue monitoring the investment roadmap and to suggest any necessary changes. “It takes us a lot of energy and commitment to do that on a daily basis.”
To find out more about Legends Bank, and to make an appointment with one of its financial advisors, visit their website or call.
1-866-391-1925
LegendsBank.com
Legends Bank - FDIC Insured
Services include:
Personal
Checking
Savings
Lending Services
Money Market Accounts
Card Services
Digital Services
Business
Checking
Money Market Account
Lending Services
Card Services
Treasury Management
Digital Services
Mortgage loans
Securities and Advisory services through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC)