Growing older brings new perspectives, changing priorities, and opportunities to embrace life in meaningful ways. With the right resources and community support, this stage of life can be both empowering and fulfilling.
Noozhawk’s Senior Life: Living Well and Aging Wisely shines a light on the people, programs, and local professionals dedicated to helping older adults navigate the years ahead with confidence. By connecting with trusted community leaders and experts, we aim to provide helpful information and thoughtful insights that support aging well.
In this Q&A, Noozhawk spoke with Montecito Bank & Trust, about how the bank serves and supports seniors throughout our community.
Montecito Bank & Trust
Question: What inspired you to start your business, and how does it cater to the needs of the 55+ community?
Answer: Fifty years ago, in 1975, a visionary group of local businessmen and women including Michael Towbes, Jerry Parent and John O’Keefe established the Bank on a simple vision, to make the communities we serve better places to live and work.
They believed their new Bank could deliver exceptional and personalized customer service, contribute to the economic vitality of our communities, build lasting relationships and fulfill the financial needs of our local community. We carry that vision forward each day, by providing secure financial services to individuals, businesses and nonprofits.
From checking and savings accounts to loans and investments, our locally based teams are ready to support the entire community’s needs, through world-class customer service, simple and secure products, education and philanthropy. For those over 55 our more common products and services are checking and savings accounts, business banking and lending and the numerous facets of wealth management and planning.
Q: What unique products or services do you offer that help seniors live well and age wisely?
A: Our banking services are designed to help clients at every stage with flexible options and personalized support to make managing finances easier.
- Free checking accounts for seniors (65+)
- Easy-to-use online and mobile banking
- Investment Advisory
- Estate Planning and Trust Administration
- Locally based customer service
- Education on cybersecurity and fraud prevention, home buying, and financial foundations
Q: How does your business support seniors in staying active, healthy, or engaged in their community?
A: We provide world-class experience to our clients in our local communities through financial wellness services, community educational programs, and partnerships with different nonprofits or businesses. By banking with us, your deposits are reinvested locally to your community, supporting programs, experiences and destinations that focus on staying active and engaged.
Q: Can you share a success story or testimonial from a senior who benefited from your services?
A: A Downtown Branch customer mailed a written letter to our Executive Offices praising the branch on their assistance in preventing fraud on their 93 year old mother’s account. Because the branch staff was familiar with the client and their common activity, the branch was able to prevent withdrawals that were the result of fraud. The customer noted that the branch staff that assisted was “exceptionally professional” and very much appreciated the kindness and service the Bank offers customers.
Q: What trends are you seeing in the senior market, and how is your company adapting to meet those needs?
A: 1. Financial Scams: Seniors are a prime target for fraudsters and we continue to see annual increases in the number, frequency and tone of these scams (romance scams, phishing emails, IT computer scams, etc). We have a three-prong defense – our people, our systems and our education offerings. Our branch and service center staff are highly trained in spotting red flags and working with clients to mitigate the potential activity.
The Bank invests heavily in fraud monitoring with real-time detection of unusual activities and extra security when logging into banking accounts and online banking includes customized alerts that can also help individuals monitor their accounts for unusual activity.
We also offer the community different workshops to talk about cyber security tips. Protecting your security is our top priority. The Bank has also just added Greenlight Family which includes financial monitoring, alerts and fraud insurance, through our partnership with Greenlight Financial.
2. Increased online and mobile banking adoption: Since the pandemic our client’s adoption of these services has sky rocketed and our addition of features and functionality the last few years now rivals the national bank offerings. Features like Zelle®, mobile deposit, card management, credit score monitoring, bill payments, money transfers and more provide the simplicity and security to manage your banking with peace of mind.
3. Wealth Management & Estate Planning: We understand that wealth management goes far beyond managing finances—it’s about securing one’s future, preserving a legacy, and aligning one’s wealth with their personal values.
Managing wealth requires foresight, expertise, and a commitment to long-term success, and having a locally based team that is able to meet face to face can make all the difference in the confidence someone has in their financial planning. Our clients trust us for our personalized service, innovative solutions, and sophisticated financial strategies that are carefully designed to meet their unique needs.
Q: What advice do you have for seniors looking to improve their quality of life or achieve their goals?
A: Whether your goal is to travel, support your family, live comfortably, or leave a legacy; it’s important to identify your priorities with smart planning and saving. We are here to provide trusted, personalized guidance to help you focus on what matters most.
Q: How does your business prioritize accessibility, affordability, or personalization for older adults?
A: We blend flexible options with personalized services to find a perfect fit for your banking needs. We want to meet your unique goals, needs, and lifestyles so you can plan the future with confidence.
Q: How can readers learn more about your business or get started with your services?
A: Go to our website at montecito.bank or call us at (805) 963-7511 for more information on all the services we offer. Our annual Community Impact Report within the Community section of our website is a comprehensive look at our offering, our community commitment and our impact.
Q: What steps should seniors take to ensure financial security during retirement?
A:
- Determine your retirement income style – consistent with your expectations for a good retirement
- Quantify your financial goals (budget, legacy, reserves) and assess your preparedness
- Review and evaluate Social Security, Medicare and other Government benefits
- Review and update your Estate Plan (Trust and Will), Durable Power of Attorney for Finance and an Advance Care Directive
- Stay up to date on top financial scams and what you can do to protect your information and your finances. Your Bank can be a great partner to you in remaining vigilant.
Q: How does your company help seniors navigate challenges like estate planning, budgeting, or long-term care expenses?
A: Montecito Bank & Trust offers workshops and seminars to retirement communities, through our branch network and through our nonprofit partners on these topics, presented by Wealth Management professionals, Bank community outreach partners and in collaboration with other professional advisors.
Having a solid foundation of knowledge about these topics and understanding how they can change over time is critical not only for one’s financial well-being but for peace of mind as well.
Q: Are there financial tools or resources you recommend for seniors looking to manage or grow their savings?
A: Maintaining an open dialog and regular communication with relationship managers at financial institutions such as banks and investment companies is very important in understanding the risks and rewards in various approaches to investing, as personal circumstances and market conditions evolve over time.
There are many resources available including online and print media focused on specific retirement income, taxation and long-term care planning topics.
Q: How does your business help seniors and their families prepare for end-of-life planning? What advice do you have for families looking to have open conversations about end-of-life wishes? What services or products do you provide to make this stage as smooth and meaningful as possible?
A: As a trusted financial partner, Montecito Bank & Trust has been proactive in offering Advance Care Planning workshops to Bank customers, through retirement communities and nonprofit organizations. This is a very delicate topic and one that should start long before there is an actual crisis situation.
This conversation should focus on the preferences of the senior in terms of how to navigate changing health, cognitive and financial circumstances as they evolve and should be a regular part of family communications.
Montecito Bank & Trust collaborates with local medical providers and other professionals to present Advance Directive workshops to ensure that seniors are educated and engaged in their own long-term care and end-of-life planning.
Q: What lifelong learning opportunities do you offer for seniors looking to expand their knowledge or skills?
A: We offer financial literacy, fraud prevention and cybersecurity awareness classes, many of which are adapted specifically for senior audiences as these individuals are targeted at higher rates by fraudsters. Beyond basic financial foundations, these classes provide insights into current scams and offer tips on the preventative actions that can be taken to mitigate one’s risk of falling victim.
From romance and nonprofit scams to identify theft, we offer our workshops in partnership with local organizations like Family Service Agency and retirement homes or senior living facilities to make sure that we are reaching seniors where they are.
Additionally, our MClub program offers cultural enrichment and travel itineraries to its members. Through their qualified membership, members have access to fully escorted group tours—both domestic and international—designed specifically for older adult travelers to provide camaraderie, safety, and knowledgeable guides, eliminating the stress and burden of planning while allowing travelers to relax and enjoy the journey.
All our tours are thoughtfully planned with safety, comfort, and enriching experiences as top priorities. Before departure, we host a comprehensive pre-tour briefing that covers everything travelers need to know, including a pre- departure checklist (notifying banks and credit card companies, sharing itineraries with loved ones, packing tips (including medication kits), and travel-day logistics).
We also review the day-to-day itinerary, currency conversion, and electricity conversion, and discuss the culture and language of each destination—ensuring our travelers feel confident, prepared, and well supported every step of the way.
Additionally, monthly lunch programs bring members together to enjoy behind the scene looks at a local artist’s portfolio, an author’s newest novel or an architect’s inspiration, among any number of other cultural experiences.
Q: Are there any upcoming classes, workshops, or events you’d like to highlight?
A: Currently all our workshops are arranged with / through community partners like retirement homes, housing authorities, nonprofits, schools, museums and businesses. Organizations can reach out to Brianna Aguilar directly if they are interested in scheduling a workshop – baguilar@montecito.bank
Click here to learn more about Montecito Bank & Trust.