Photo courtesy of Berkshire Bank
Paul O’Donnell
Senior Vice President, Private Banking Center Officer
Industry experience: 40 years
Age: 64
Berkshire Bank is launching its new flagship private banking center and senior vice president Paul O’Donnell is ready to lead its battle for a larger share of Boston’s high-net-worth depositors. Prior to Berkshire, O’Donnell spent 18 years with Boston Private Bank, and its sequential acquirers, SVB Private and First Citizens Bank. At First Citizens, he led its Eastern Massachusetts branches and their multibillion-dollar deposit base. As the battle for private banking deposits heats up, Berkshire is opening its flagship private banking center on the corner of Pearl and Milk streets in downtown Boston.
Q: What attracted you to the Berkshire team and how do you feel the bank is, in fact, investing in the private banking space?
A: I’ve actually spent most of my career in private banking, so I was very excited about the opportunity to open a new office in Post Office Square, right in the heart of the Financial District. I have some former colleagues that actually have come to the bank prior to my joining in November, so I was glad to be reunited with them so that we can open the office. Being in a private bank, my whole philosophy or mission over the past years has always been that we want to be here for our clients. The success of the bank is really on our ability to deliver for our clients, to know our clients, to develop a deep relationship with a client so when they need something or something comes up, they know they have the trust and the confidence in us to turn to us.
Q: How important is it to have this physical space where clients can meet your bankers?
A: Obviously patterns have changed, but clients still like to come to the bank. They still like to physically meet with somebody. So we have our beautiful office: It’s over 7,000 square feet, and it’s a multi-level office. We have business partners that work with us so if somebody wants to meet with a wealth advisor or commercial lender, or any of the private bankers, they have the ability to come in and actually talk with us and sit down with us. They can bring their family in, and companies can bring in their team members to come in and sit down and talk to people.
Q: How does Berkshire Bank plan to acquire customers in this space, and what makes the bank stick out compared to differing financial institutions?
A: Berkshire Bank is really committed to delivering the best service to the client, and that’s what actually was one of the main reasons attracting me to come to the bank. I think one of the important things with this office is that we have stability. I’ve got a great team put in place here. There’s not going to be turnover. They’re committed to the actual client. It’s really relationship banking, just getting to really know the client. Over the years, it’s been generational – whole families that we’ve actually worked with. I think Berkshire’s commitment to delivering the best service, and being surrounded by a really talented team, I think that’s what makes us stand out. We’ve got some really seasoned bankers here that know the ins and the outs of getting things done, and I think that’s the important thing – just to be able to deliver our promise to the client.
An architect’s rendering shows the interior of Berkshire Bank’s new private banking center in the ground floor of the One Post Office Square tower. Image courtesy of Berkshire Bank
Q: How does this new office help Berkshire Bank stand out from its competitors?
A: We’re just basically in the heart of the Financial District, right in the corner of Pearl and Milk streets. This is a high-profile, prestige address. We’re right next to the Langham Hotel. A lot of our clients work in this particular area. A lot of the feedback over this past week from clients coming in, from people within the [One Post Office Square] building coming in, just saying: this is just the perfect location. The visibility is here. It’s a beautiful building.
Q: How have client needs shifted over the last five to 10 years, or have they largely stayed the same?
A: After COVID, clients are still using digital services – and we have a really great digital platform. The clients can actually do things from vacation homes, which gives them the ability to get things done on their own, too. But being a private banker for many years, I can say clients also like the personal interaction. They like to be able to pick up the phone. They have done something digitally, but they want to check on something. Or maybe they have an emergency where they can’t get to their computer, but they need to get a wire sent out to close a deal and something may have prevented them. Then they can call us. We can deliver on that. We can make that happen for them so that they meet their deadline. I think that’s what attracts people to us: our proven track record that we can get things done for our clients. That we know who they are and that we make sure that their information is secure. We have certain policies and procedures in place to prevent any issues happening with clients.
O’Donnell’s Five Favorite Things About Cape Cod
- Crossing the Sagamore Bridge
- Enjoying the fall weather
- Falmouth Heights
- Long walks on the beach at sunset
- Beach time with family and friends
