7 Private Bank Benefits: Everything You Need to Know

private bank benefits

Do you keep the bulk of your money in the bank? Are you looking for alternatives to increase your capital gains amidst challenging times? In the United Kingdom, small and medium-sized businesses are feeling the impact of the pandemic. The same thing goes for the real estate markets. Hence, people are looking for investment options that will help reduce the financial impact of the pandemic. 

But with or without the pandemic, strive to look for investment options that offer flexibility and higher returns. This is where private banking enters the picture.

But what are the private bank benefits that should convince you to shift some of your money? Continue reading below and learn about the advantages of private banking.

1. The Digital Edge

One of the key private bank benefits that attract investors is its digital edge. This doesn’t mean the kind of digital banking that all the other conventional banks offer.

Instead, it involves mobility through apps and chats. Through these technological methods, private banking lets you connect with your private banker anytime and anywhere you want.

Before the pandemic, the opening of new private banking accounts increased by 43%. A perfect example is Standard Chartered Bank. The financial giant incorporated real-time file sharing and instant messaging features in its mobile app.

Furthermore, other private banks partnered with existing platforms. These include WeChat and WhatsApp that DBS Bank uses.

2. A Dedicated Manager

Like wealth management solutions, private banking also gives investors a dedicated account manager. The role of the dedicated manager is to oversee the financial assets of the investor. He handles a single client’s money spread across various accounts.

Since the set-up is a one-to-one affair, the manager provides personalised banking services to his client. This means you will enjoy focused attention from the private banker. He can make life easier for you to conduct various banking tasks.

Examples of which include initiating wire transfers; ordering checks; and depositing checks.

But personalisation doesn’t limit the account manager from coordinating with other professionals in the bank. In case he needs help on something, he can connect with a wealth management specialist; an investment analyst; or a tax attorney, to name a few.

3. Investing in ESG

Private banking also lets you experience personalised Environmental, Social, and Governance (ESG) investing. An ESG is a type of sustainable investment. It aims to generate positive returns and leave a long-term impact on the business, environment, and social sectors.

Though ESG investments are available off-the-shelf, they don’t offer a high level of personalisation. Through private banking, you can experience ESG investing that aligns with your ethical considerations. 

For example, you may want to invest in the energy transition. The problem with an ESG investment that is not personalized is that there can be stakeholders that you do not agree with. In this case, the investment may involve an oil stock that is against the promotion of renewable energy.

Hence, the birth of a conundrum. Will you push through with a promising investment if a part of it goes against your convictions? Through private banking, you can avoid such a dilemma. 

4. Specialty Asset Management

Helping you capitalize on your speciality assets is one of the key options for banks with private account managers. Special assets or “nonfinancial” assets include real estate interests, farms, and ranches. 

They can also be rights to natural resources. Examples are rights to gas, oil, and mineral properties. Your regular banks generally do not manage such assets. 

On the flip side, private banking offers management for these investments. A private bank manager can reinvest these properties to generate more money.

He can also assist in lease and contract negotiations. Additionally, he can help facilitate inspections. He can also deal with tax, accounting, and legal professionals concerning any requirement for your speciality assets.

5. Different Perks and Freebies

Private banking also comes with many perks and freebies. Some of them you cannot find in regular banking. For starters, private banks can offer discounts. 

If you are applying for a home equity loan or mortgage, they can offer a lower annual percentage rate. They can offer different commercial mortgage financing options.  Moreover, they can offer senior underwriting support, as well as priority loan processing.

They can also give a higher annual percentage yield in case you’re opening a savings account. From time to time, private banks also hold special events for their clients. However, this can be a challenge for now considering the ongoing pandemic.

6. Opens Up Opportunities for Your Business

If you are running a business, private banking can open up opportunities that will help your business grow faster. If your private banker also comes from the same bank as your business account, you can enjoy lending opportunities and other benefits. 

Moving your personal funds to your business account and vice-versa can be easier. With a call to your private account manager, you can transfer your money without much hassle. Additionally, you can enjoy promos and discounts that the main bank offers to regular clients.

You can simplify this even further if you use mobile banking. This allows you to open up private banking services and the option for paying banking fees anywhere you go.

7. Concierge and Travel Services

Private banking offers a concierge, which goes beyond financial assistance. The concierge’s main goal is to make the entire private banking experience seamless.

For example, the private bank can prepare wealth management lectures for your heirs. Others offer events planning for clients who have projects concerning philanthropy. 

Also, some private banks offer premier travel services. This is a welcome benefit for clients who often go on business travels. Here, a travel specialist can arrange everything you need to make your business meetings hassle-free.

Discover More About Private Bank Benefits, Today!

These benefits and advantages are more than enough reasons to consider private banking. After all, banking is something that should not be tedious and time-consuming. Instead, it should help you maximize your time and generate growth for your assets.

Thus, we invite you to learn more about private bank benefits and wealth management. Connect with us and we will gladly assist you in your inquiries. Take the first step to increase your knowledge of investments, today.

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