Private Banking

Some people may not be aware of what the term "Private Banking" actually means? Some may start pondering on finding difference between private and retail banking. This article will put all issues regarding private form of banking at one place altogether. For more detail visit: http://www.act-offshore.com/luxembourgbankaccount/

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1. Private Banking - A Confidential Wealth Management Service Some people may not be aware of what the term "Private Banking" actually means? Some may start pondering on finding difference between private and retail banking. This article will put all issues regarding private form of banking at one place altogether. It is actually personalized form of banking that provide personal attention to high net worth individuals. HNWI are those individuals bearing sizeable assets of totalling more than $ 250,000. Private banks assign a personal financial advisor or manager to each individual who overlooks all wealth management plans and investment matters for them. Although personalized banking has been viewed strictly for HNWI, but this concept has started changing. People with low net worth can also use personalized services. Services provided: Personalized banking caters financial and investment needs for families, businesses, individuals and others. They provide extended set of services including services provided by conventional banks. Retail banks provide banks account to customers for money savings, loan facility for almost every kind of investment and insurance policies. Contrary to this, private banks manage complete investment portfolio for their affluent clients and handle their financial affairs. The financial advisor suggests financial solution to protect client's assets, retirement plans and easy transition of assets to their heirs. Benefits: After the recent financial crises, it has become difficult for investors to protect their assets fully. They need additional securities for their assets. Private bankers have strong relationship with healthy financial institutions. Choosing a private bank: Four helpful measures for choosing a private bank are - its reputation, Location, services offered, and bank charges. Always look for a well established banks with prestigious history and excellent reputation. You can ask research on web, ask your friends or colleagues for a favour to choose the best financial institute. Choose a convenient location so that you can stay in close contact with your account manager and financial advisor to take from time to time assistance from them. Switzerland is a renowned locations for private banks because of its strict secrecy law and sophisticated Swiss financial services. Some of the other private banking provider are Luxembourg, Cyprus and Hong Kong etc Make sure that the bank you choose cater all your basic as well as special needs like investment plans, retirement plans and assets transition to heirs. Bank charges vary from bank to bank and also depends and the type of services a client demands. In this form of banking, most of the transactions are made on phone calls which may incur some cost. Service cost actually depends on investment amount and other financial products. Higher amount means higher advise cost and vice-versa. People are getting more and more dependent on private banking for their wealth management and making their financial decision. Banks are also offering more products and services to financially assist their wealthy clients in the right way. That is why, this profession is also called "wealth management" not only for wealthy, but also for low net worth clients.