When looking for a private bank, prospective investors should expect nothing less than the ultimate in financial expertise and personal attention. After all, private clients are often the most lucrative customers which no bank wants to see leave.Private banking is a holistic service that aims to be a one-stop shop for the financial needs of rich people. If the private bank does not normally provide a service, it will procure it elsewhere, calling on trusted contacts. Privileged services include:Wealth Management – Financial advice from a qualified, independent investment professional is seen as one of the hallmarks of a superior private banking service. Private clients will have access to bonds and other interest-bearing financial instruments not available to investors at the retail level, and a customized financial plan. This service only makes economic sense for those depositing very large amounts.Trust & Estate Planning – Good private banks can ensure inheritance issues are managed in accordance with your wishes, including issues of succession and the passing on of your estate with minimum tax implications. They will also be able to assist in the creation of legal entities such as trusts and companies to structure your assets in a way that brings the greatest return.Gold and Silver Storage – Private banking clients can store their personal collection of gold at a safe repository, and the bank will make sure it is transported though trusted channels so that its value is not called into question. Swiss private banks are famous for this and the largest have their own “in-house” deposits.Personal Relationship Mangers – these will be the focal point for all your needs. The personal touch is the essence of private banking and what sets it apart from regular banking. Traditionally, private banks offer substantially more than a “deposit-taking” service. High-net worth individuals will have private access to a relationship manager. They might meet the manager one-to-one several times a year. The bank often pays for freebies like outings to art exhibitions, society parties, and key sporting events. Ultra-high-net-worth clients might get access to what essentially amounts to a personal concierge service, their every whim catered for.There is reason behind the madness; clients with huge liquid wealth are prized jewels and banks will bend over backwards to keep them satisfied. For services which include wealth management, private bank fees of over 1% of the account balance/year are not uncommon.
Our life has been transformed by the positive effects of technology. Technological innovations have simplified our life. The changes are visible in every sector. The Banking and Finance sector are among one of those sectors which have completely changed due to technological innovations. Nowadays, we use several advanced banking and financial services like Internet Banking, ATM Transactions, Core Banking Services (CBS), Electronic Funds Transfer, and Cashless Transactions while shopping. These are just a few examples of the changes experienced.The banking services mentioned above have become a common way of life. A few decades ago there were not even a concepts as such in the banking and financial services sector. More recently, people used to hesitate while using these types of services. They were concerned about the security of their personal information as well as their money. But, secure security implementation techniques in the delivery of such services, packed with time sensitive results encouraged people to leverage the benefit of these services and the use of these services has increased year in year.To provide a interactive and user friendly service, banks and financial institutions have adopted the most recent technological trends. Queuing at banks is a thing of the past; nowadays customers can enjoy various facilities at the doorstep of their banks and at other locations. Phone banking and SMS banking services can also keep customers updated with the status of their money, investments and offer an array of additional services.Consumers can use most of the banking services anytime and nearly everywhere. You can transfer funds, pay utility bills, deposit your insurance premiums, and shop online with the assistance of online payment facilities and technology to access these services. Stock or share trading is also not spared with the changes in technology Stock brokers or even everyday normal buyers can have an almost instant up-to-date update and status of the market status of stocks of their interest. They no longer need to wait for newspaper, news channel or need some fancy program.Most consumers have accepted these significant change in the banking and finance sector. The early adapters are more experimental and they are more willing to accept anything that can make a significant difference in their daily life. One of the best examples of the change in consumer behavior is the global popularity of social networking websites like Facebook, MySpace and the micro blogging website twitter. Just another reflection of how consumers are more readily accepting technology and innovative changes to enrich their life’s or make it easier and more convenient.