For effective wealth management, it is crucial to get the best private banking services that you can rely upon. While private banking reduces the stress and hassles of managing your wealth, it can be a complex process and needs thorough understanding.
Read on to know a few important aspects of private banking that ensure a seamless experience.
What is Private Banking?
The private banking process comprises providing dedicated banking, tax management, investment, and other financial solutions to High Net-Worth Individuals (HNWIs). This is unlike retail banking services, which focus on the mass and provide more personalized services to individuals via a professional banking expert dedicated to provide such solutions to its clients.
Since High Net-Worth Individuals possess considerable assets than an average individual, they are more likely to utilize dedicated financial services that demand bulk investments such as real estate and hedge funds. Private banking services provided by some firms also include taxation solutions, succession planning, and retirement planning.
Eligibility Criteria for Private Banking
Most private banks like SUISSE BANK, typically require a minimum balance for the clients to activate their private account. This may include bank deposit or any kind of investments, individual retirement accounts, or other investable assets. For instance, certain banks need just a first payment of 10,000 EUR to enjoy the best private banking services. This amount isn’t any kind of bank deposit and is freely available to the client. However, the minimum amount required may vary from one bank to another and it is advised to get complete eligibility details from your dedicated relationship manager.
What Private Banking Services You Get?
Private banks catered to HNWIs offer a gamut of financial services that may include the following:
- Asset planning, consulting and management
- Fixed income securities
- Global trade finance
- Foreign exchange
- Structured products and commodities
- Real-estate investments
- Tax solutions
- Bank guarantee
- Currency conversions
- Multiple channels for worldwide incoming and outgoing payments at low prices
- Priority banking services
- Proof of funds
Before you hire private banking solutions, it is crucial to assess the scope of services based on your wealth and key objectives.
Benefits of Private Banking
Discussed here are the benefits you get with the best private banking solutions.
1. Dedicated Relationship Manager
The top benefit of private banking is that you have a dedicated professional working on your banking and asset management needs. They have decades of knowledge and experience providing expert banking consultancy, investment advice and financial solutions that best fit your needs. One-on-one service also helps save your valuable time.
2. Utmost Privacy
Having a private bank account with a reputable firm like SUISSE BANK provides a safe haven for your wealth. The private banks maintain superior privacy, ensuring your money is fully secured without having anyone spying on your personal wealth.
3. Lower Prices
With private banking, you can get discounted rates for various financial services like preparing and planning taxes, corporate checking, travelers check, currency conversion, real estate investments, etc.
While there are also certain challenges involved, the best private banking services can help mitigate risks, manage your wealth and earn higher returns.