Category: Private Banking

The number of mobile wealth management accounts rose from 22% in 2018 to 40% in 2019. They allow users to manage their wealth remotely and effectively. A private bank helps with wealth management but provides a range of other services and benefits as well. They offer personalized service at all hours and let you enjoy exclusive perks.

There are several private bank options, and choosing one can be difficult. There are certain factors to look for before putting your money in their hands. It can also be difficult to begin a career in this field, but the more knowledge you have, the easier it will be.

Read our private banking guide to learn the benefits it provides and how to enter it as a client or account manager.

Private Bank Benefits

A private bank’s primary purpose is wealth management. It helps keep money in the right place and makes investment easier.

These are not the only benefits that private banking provides or the only reason you may choose to join one. There is a range of other benefits offered as well.

When you join a private bank, you’ll get connected to a skilled account manager. They can handle all your financial assets while providing personalized service.

The account manager can also easily connect with other professionals such as wealth management specialists, investment analysts, and tax attorneys.

A private bank also allows you to diversify your investments. Your account manager can put your wealth into ESG or Environmental, Social, and Governance investments. They can also manage your non-financial assets like real estate and natural resources, negotiate leases and contracts, facilitate inspections, and communicate with tax, accounting, and/or legal professionals.

A private bank gives you access to your banker at any time and place using apps and chat services. They also keep your assets private.

A private bank may also include concierge and premier travel services. They can educate you and your heirs and make business travel less of a hassle.

Private banks offer price reductions that can save you a great deal of money. These discounts include free checks and savings of up to $300 per year on a safe-deposit box.

Most private banks offer a range of other perks such as:

• Loans with low annual percentage rates
• Savings accounts with higher annual percentage yields
• More commercial financing options
• Senior underwriting support
• Priority loan processing

These benefits and more explain the rise in private banking.

Starting a Career in Private Banking

Working at a private bank offers several benefits over other financial careers such as stockbrokers and investment bankers. These include high income potential, shorter hours, reduced stress, and stronger professional relationships.

Remember that most clients who join a private bank have a great deal of wealth. They are typically classified as either high net worth or ultra-high-net-worth.

You’ll also have to have a range of skills to begin a career in private banking. You should be familiar with wealth management, estate planning, taxes, portfolio management, and any other tasks your client requests.

There are also several steps you must complete to begin your career. They include education, experience, networking, certifications and licenses, and getting a job.

Education

The first thing you’ll need is an undergraduate degree, preferably with a focus on finance. Options include business administration, economics, and other related degrees.

Experience

Follow up your education with experience. Look for internships in a private bank and get all the experience you can in banking, investments, and related fields.

Networking

Networking is another important task. Meet up with potential clients, bankers, professors, and anyone else who can help you advance your career.

Certifications and Licenses

Certifications will make you a more attractive candidate, and there are several options to choose from. T

The Wealth Management Institute or WMI offers a 10-week Wealth Management Private Banking Programme and an associated certificate. The Globecom Institute offers a 9-month course and certificate in Private Banking and Wealth Management and a 3-4 month certification in Operations Investment Banking and Securities Markets.

You’ll need to get licensed before you can begin a career in private banking. You can obtain a Series 6, Series 7, Series 63, or Series 65 license by passing an exam. They differ in the services they allow you to perform and how much you can charge for them.

Finding a Job

Find a job by sending out as many resumes as possible and networking with professionals in the field. You can also start your own firm if you already have a large client base.

These steps are the basics of beginning your career, but you may be able to break tradition. Try moving from another financial field into the private banking industry.

Finding The Best Banking Services

There is a range of private bank options to choose from. They differ in the services they offer and the fees they charge, which can make choosing the best bank difficult.

When deciding where to invest your money, you should look at a variety of different factors. Look for proof of quality, past experiences, and the services offered.

The experiences of past clients can help you choose the best private bank. Look for testimonials that suggest clients have had positive experiences with qualified account managers in the past.

There are also ways to find proof of whether or not you’ve found a high-quality option. Look for things like bank awards and stay away from banks with blemishes like lawsuits.

The best investment bank offers the full range of services you require at the best possible price. Compare all the options and see where you can get everything you need at the most affordable price. 

How Can I Join a Private Bank?

Everyone wants to keep their money safe, especially those with plenty of wealth and investments. This is where a private bank comes in.

Joining a private bank gives you access to a qualified account manager at any time of day. They’ll manage your assets, keep them secure and private, and offer several other perks.

If you’re a high-income earner with a large portfolio of investments, a private bank can provide an account manager to look after them for you. If you’re a qualified financial expert, you can begin a career in private banking to help others manage their money.

The more you know about the private banking industry, the better you’ll be able to enter it or use it to manage your wealth. Contact us for more information today.

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.