What to Expect from the Best Private Banks
This excerpt is from an open source article and is not necessarily the opinion of bostatic.com
Private banking is a holistic service that aims to be a one-stop shop for the financial needs of rich people. If the private bank does not normally provide a service, it will procure it elsewhere, calling on trusted contacts. Privileged services include:
Wealth Management - Financial advice from a qualified, independent investment professional is seen as one of the hallmarks of a superior private banking service. Private clients will have access to bonds and other interest-bearing financial instruments not available to investors at the retail level, and a customized financial plan. This service only makes economic sense for those depositing very large amounts.
Trust & Estate Planning - Good private banks can ensure inheritance issues are managed in accordance with your wishes, including issues of succession and the passing on of your estate with minimum tax implications. They will also be able to assist in the creation of legal entities such as trusts and companies to structure your assets in a way that brings the greatest return.
Gold and Silver Storage - Private banking clients can store their personal collection of gold at a safe repository, and the bank will make sure it is transported though trusted channels so that its value is not called into question. Swiss private banks are famous for this and the largest have their own "in-house" deposits.
Personal Relationship Managers - these will be the focal point for all your needs. The personal touch is the essence of private banking and what sets it apart from regular banking. Traditionally, private banks offer substantially more than a "deposit-taking" service. High-net worth individuals will have private access to a relationship manager. They might meet the manager one-to-one several times a year. The bank often pays for freebies like outings to art exhibitions, society parties, and key sporting events. Ultra-high-net-worth clients might get access to what essentially amounts to a personal concierge service, their every whim catered for.
There is reason behind the madness; clients with huge liquid wealth are prized jewels and banks will bend over backwards to keep them satisfied. For services which include wealth management, private bank fees of over 1% of the account balance/year are not uncommon.
For High Net Worth Individuals wishing to deposit or invest $500,000 USD or more, for a telephone consultation appointment with a private banker phone: 0044 151 261 0989, please feel free to ask about any of our services you are unsure about.
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