Private banking differs from retail banking in that these banks focus on high net worth and companies who need to ensure that their wealth grows and is protected at all times. Unlike the retail banks, private banks provide a personalized one on one service to their clients, building strong banker and client relationships and ensuring that you have the latest financial products at your fingertips as and when you need them.
One of the most important things to look at when identifying a great private bank is their communication. When you have your own private banker, they should be communicating with you on a regular basis, advising you of what is going on with your accounts and also making recommendations on new financial products that they feel will benefit you. They should be tailoring their services to meet your particular needs.
A good private bank is going to provide you with a professional and private service. You will have your own banker and enjoy the convenience of one point of contract for all your banking needs. They will work with you, stay in contact with you and focus on your wealth management daily. You should be on first name terms with your banker – rather than having ten or more different bankers that you may have to deal with, where the no one customer service representative has any idea what the other one has told you.
A private bank should provide you with a boutique service. When you join a private bank, you expect a higher level of service. You expect to be the top dog, so to speak. Your banker should focus on you and ensure that you are treated with the finest level of service at all times. They should provide you with a boutique service that you will not get elsewhere, ensuring that your banking is tailored to your particular needs just as dealing with the world’s top banks.
Your bank should be working for you. When you join a mass market bank, you are joining thousands of people all using the same services and using the same bankers. These banks don’t focus on you, but rather update their financial products based on the needs of all their clients, as an average. With a private bank, your banker should be there working for you to ensure your money is protected and continues to grow moving forward.
In addition to this, any private bank should provide a reliable service. They should have an outstanding reputation that you can count on and they should be known for their reliability and transparency. When you work with a private bank and you need any banking advice or assistance, you expect to pick up the phone and speak to your private banker without delay. In fact, you may even have your bankers cell phone number on your speed dial for added convenience.
The final thing that makes a great private bank is the relationship you form with your private banker. As you get to know each other and work closely together on your financial portfolio, you will build trust. This trust is exactly what you need to be able to make banking decisions with confidence moving forward.
Remember that private banks are focused on the needs of their individual clients – they are constantly working on developing new technological banking advances to make your banking experience easy, effective and efficient.