Private Banking - A Confidential Wealth Management Service Some people m ay not be aware of what the ter m "Private Banking" actually m eans? Some m ay start pondering on finding difference bet ween private and retail banking. This article will put all issues regarding private for m of banking at one place altogether. It is actually personalized for m of banking that provide personal attention to high net worth individuals. HNWI are those individuals bearing sizeable assets of totalling m ore t han $ 250,000. Private banks assign a personal financial advisor or m anager to each individual who overlooks all wealth m anagement plans and invest ment m a t ters for t he m. Although personalized banking has been viewed strictly for HNWI, but this concept has started changing. People with low net wor th can also use personalized services. Services provided: Personalized banking caters financial and invest ment 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 m oney savings, loan facility for almost every kind of invest ment and insurance policies. Contrary to this, private banks m anage complete invest ment portfolio for t heir affluent clients and handle their financial affairs. The financial advisor suggests financial solution to protect client's assets, retire ment plans and easy t ransition of assets to t heir heirs. Benefits: After t he recent financial crises, it has become difficult for investors to protect t heir assets fully. They need additional securities for their assets. Private bankers have strong relationship with healthy financial institutions. Choosing a private bank: Four helpful m easures 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 t he best financial institute. Choose a convenient location so t hat you can stay in close contact with your account m anager and financial advisor to take from ti me to ti me assistance from t he m. 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 t hat the bank you choose cater all your basic as well as special needs like invest ment plans, retire ment plans and assets t ransition to heirs. Bank charges vary from bank to bank and also depends and the t ype of services a client demands. In t his for m of banking, m ost of t he transactions are m ade on phone calls which m ay incur some cost. Service cost actually depends on invest ment amount and other financial products. Higher amount m eans higher advise cost and vice-versa. People are get ting m ore and m ore dependent on private banking for their wealth m anagement and m aking t heir financial decision. Banks are also offering m ore products and services to financially assist t heir wealthy clients in t he right way. That is why, t his profession is also called " wealth m anage ment " not only for wealthy, but also for low net
wor th clients.