When considering your options about your finances and your new business, the tendency is to only consider high street banks.
This might not always be the best option for you and your business. It is essential to consult all the types of banks that are available and how they can facilitate your requirements and needs.
Private banks might just be the way forward when looking at a bank to store and manage your company’s finances and outgoings.
In this article, we will go through and explain 7 benefits of how using a private bank can help small businesses and why you should choose one.
Read on to find out more about private banks and why they could be the solution for your business.
1. Private Banks Offer Additional Support to Their Clients
Private banks are run in a different way than average high street banks. They actively work with their clients and can offer tailored advice on not just various financial aspects of their business, but their personal finances as well.
Private banks are able to go above and beyond for their clients in terms of managing their assets, wealth, and finances and give an in-depth analysis of what a client should be doing with their projections and future investments.
2. Private Banks are Highly Personalised For Their Clients
A real benefit of choosing a private bank over a regular one, is you are often assigned a private banker who manages your account. This means that a singular person is in charge of your finances, and has a much greater understanding of your goals and has a keen knowledge of your business.
They are able to actively recommend and advise on your finances whilst developing a relationship with you.
You are able to have confidence in your own personal banker who will be proactively searching for the best investment options and course of action for your business.
3. You Have a Direct Line to the Bank
Often one of the most frustrating things with traditional banks, is that if you need an issue resolved or have a question that needs to be answered, you might have to ring and wait for hours on hold to speak to someone.
The person you eventually get through to has no knowledge of your business, and you will probably need to repeat yourself a few times whilst you are transferred to different departments.
This whole process can be incredibly time-consuming and frustrating, and you might not even get the resolution or information you need.
With private banks, this is never an issue. You often will have a direct line to your own personal banker, who is completely in tune with your finances and is able to facilitate your requests much quicker than a regular bank.
4. Private Banks and Bankers Fit into Your Financial Support Network
If you have other elements to your financial support network such as an accountant or lawyer, the private bank or banker will be able to take an active role in this infrastructure and speak to them regarding any issues or financial information.
This connection between the various aspects of your financial support system can be integral to how your business can develop and grow. This is not something that can be achieved or managed using a regular bank.
5. The Relationship is Tailored and Flexible
When beginning an account with a private bank, you will have a meeting to discuss everyone’s expectations and what you are wanting out of the relationship between your business and their bank.
You are able to tailor a schedule of how often you should meet and what needs to be discussed at these meetings. And if they need to be done in person, or whether a phone or video call will be adequate.
The benefit of a private bank is that the contact and schedule of the client and bank relationship is personalized to the client’s requirements.
6. The Bank Will Assign You a Banker Best Suited to Your Account
This is dependant on the bank you decide on, but private banks will take a look at your application and make informed choices based on who at their company will be the best fit for you.
Bankers will have specific knowledge and expertise in certain industries and sectors, the bank will always try and match a client with an employee who is most qualified to handle your finances.
7. Private Banks Offer Additional Perks
If you qualify for certain VIP services then you might have access to some great perks or discounts.
Some banks offer premium travel services or favorable mortgage financing and options with discounts on fees and reduced interest rates.
There are some that offer free worldwide travel insurance, discounts on hotels and give you a certain number of points every year to redeem on holidays and breaks away.
It is worth enquiring with a private bank to see what type of perks and discounts they can offer you if you become a client. These options could help you save or redeem hundreds of pounds in your private finances.
Private Banks: Where Can I Find Out More?
We hope you have enjoyed this article explaining the benefits of choosing a private bank for a small business.
The focus is always going to be on personalization and quality service with private banks. You do not have access to that level of care and proactiveness with a regular bank.
If you want a bank that will act as a consultant, who will be supporting you at every stage of your financial cycle, then a private bank might be the option for you and your business.
If you have any further questions about the benefits of private banking, why not check out our previous blogposts? Or contact us directly?