What is a Private Banker?

Today, the term "private banker" does not necessarily equate to what was previously known as "private wealth management." Some banks reserve this moniker only for their top elite group of advisers. The term still evokes images of the stereotypical Swiss banker in a three-piece suit, but the reality is that private banking now means different things to different banks.   

Private bankers are usually defined as boutique wealth managers who spend more time with their clients than your typical banker. They provide dedicated service, often offering exclusive opportunities and personalized one-on-one advice. Private banking is an old industry that has evolved over the years. 

Benefits of a Private Banker

Financial planning and investment advice

A private banking relationship often begins with a detailed conversation about your financial needs, goals and concerns. The private banker can then put together an individualized strategy based on your objectives and risk tolerance. By having access to products and services from different product providers, they can help you identify the best mix of assets to suit your needs.

Private family office

A private bank's family office provides highly personalized service in many areas including business management, tax planning, estate planning and philanthropic advice. These experts understand the complexities surrounding international taxation and cross-border inheritance tax issues. They aim to help you minimize the tax burden on your family and maximize the growth of your wealth.

Private banking concierge service

Private bankers can provide valuable assistance with travel, entertainment, and gift arrangements for business or personal needs. This may include some combination of arranging air travel via private jet, booking five-star accommodations at luxury resorts, reserving seats at sold-out concerts, or buying tickets to sold-out events. 

They can also provide practical services tailored to your needs such as locating hard-to-find items, booking last-minute travel arrangements, and even arranging for an exercise instructor to come to the family's vacation home so you can keep up with your workout routine while on holiday.

Private banking contacts

A private bank will have extensive contacts in the local business community. The bankers can use these relationships to help you make profitable connections in your field or to acquire goods and services at preferred commercial rates, saving your organization significant amounts of money.

Expert advice on international financial matters

Because they work with families who do business around the world, private bankers are experts in international taxation. They can advise you on how to manage your investments across borders and help minimize the tax impact.

Conclusion

Overall, it is clear that private banking can provide a much more personalized service experience. For this reason alone, many high net worth individuals choose to bank with one of these institutions for their wealth management needs.