Exclusivity comes with a winnowing set of risk and a growing set of rewards. It costs money to reach for higher financial status, but obtaining such comes with a bevvy of perks.
It gets harder to manage everything the higher up you go, which is why specialized services come into being. Among the most broadly useful special services for the wealthy is the private bank. A place to house your wealth where it does work instead of collecting dust.
These banks offer more to their clients than other banking organizations. They offer fine-tuned control and added value to the banking experience, which explains why the largest private financial organization takes care of over 2 trillion USD.
But which bank does one chose for their own needs? A lot of factors go into making such a choice but this list will provide criteria and options.
Private Bank Offerings
The majority of what exclusive banks offer is hands-on experience and attention. Instead of dealing with a banker that deals with dozens, if not hundreds, of accounts, each getting a bit of nodding and hand waving when customers ask about their interest rates or money, a private bank offers professionalism.
The growth and management of wealth ranks among the best private banking services.
The overlap between wealth management services and private banking is so large that it’s more worth mentioning how they are different. The largest benefit of a bank over a management service is accessibility.
Finances in a bank are more available in a moment without taking time to untie or vest before moving. Not all funds deposited stay completely accessible, but more so than with a management service.
Instead of having one banker with quotas and customers, you gain access to a dedicated person looking after you. This person may even be a team of people, depending. Their job is to work with you and your wealth to increase your bottom line and keep you aware of opportunities for growth.
You save time through individual attention. No going through a file each time you call to remember who you are. They know you and your needs on a personal level.
The attention you receive from a personal representative bleed over into personal assistant territory. They anticipate your needs and offer additional help in planning and creating.
Network of Specialists
Your personal banker and banking team also bring you the benefit of other specialists. At some point, you will need to encounter and deal with tax attorneys, trust managers, and estate advisors.
your personal banker can offer referrals for each of these that they have personal experience working with. This saves you the time to vet and research for these people.
Perks in Pricing
Offerings, in terms of services, from a private bank contain everything you would see at a lower bank but with incentives woven throughout.
You can expect to see discounts and freebies on some services. It’s quite common to be offered free personalized checks or a safe-deposit box. While it’s not everything, can save upwards of $300 annually on a box.
Of course, most private banks have some fees for their services but it’s nice to see the value additions they supply.
Private Bank Profiles
Now that you have an idea of what types of services you’ll find in a private bank, you can evaluate the following. Each of these excels in their service, security, and returns tho their clients.
1. DBS Private Banking
This Singapore-based institution offers top-class digital transformation. They have trademarked the term iWealth to show their dedication to digital movements.
Their personnel are well versed in tech and connected to Asian and pan-Asian markets that seek to expand influence through the region. They’ve shown impressive growth in the last few years as well, jumping over 31% in assets in 2018.
2. J. Safra Sarasin
For those looking for a social-minded banking experience, Sarasin leads in programs bolstering societal goals.
The bank has been in operation since 1841 as a family-owned business. They have spent the better part of three decades building a reputation for sustainable technology.
They’ve grown while doing so, 23% in 2017 alone. They show that responsibility and social awareness can be profitable endeavours.
3. U.S. Trust
This top private bank offers a somewhat different set of offerings than others. Rather than focus on business owners and hairs, they work with executives and heads of industry.
The bank itself is part of a structure, as such, it is more branding than individual institutions. They work on stock options and retirement benefits for industry employees, which gives them substantial assets. Ideally, they work most often with C-Suite executives.
The top holding private bank is the world’s largest financier. It gained this honour after smart mergers between its U.S. management and its international operations. together they aim to provide the best and most complete investment and client services.
Most private bank accounts start at $1 million in holdings. A few offer accounts for less, especially to financial movers, those with a definite possibility of increasing their portfolio rapidly.
BBVA works with a floor of $340,000.
Currently, it is involved with large housing markets in Spain and holds a presence in Latin American markets. These growing sectors provide new investment opportunities for clients.
6. Citi Private Bank
On the other hand, if you are looking to work with much more than the minimum, Citi Private is looking for that demographic. The bank caters to those with $25 million or more in assets.
They operate with a global strategic view, considering their high-end clients to be global citizens.
They work with multimillion-dollar investments and huge, intricate hedge funds. Their growth of 18% in 2017 shows they know who to influence and call shots.
For those looking for something a bit more local, Pictect caters to the Western European market. An old-line Swiss bank in operation since 1805 with a foothold in Asia.
They work it old school, using investment banking and cross-selling of credit to bolster dividends. Pictect offers a small, cosy feel with a lot of clout in the world.
Finance a Future
Few people get to experience the thrill of shopping for a private bank. It’s not everyone that has the assets to qualify for joining one of these venerable institutions.
For further information on the banking industry and its impacts, read more here.