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Private Banking
Comments
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I don't have millions, purely an enquiry. What are the actual advantages to it?
Proper private banking - They know your financial situation inside out, and provide products that fit in with tax planning and cater for those who can make most of their money through bonuses, dividends or capital gains, and can provide financial products to meet these needs. Not worth it for the average individual, but for High Net Worth the fees are easily covered by tax savings
High street "private" banking - someone who knows your name and will try and upsell bank products. Will provide a point of contact if you have any issues though, although in most banks the matter will just be referred to the appropriate team, so the same process as if you went and talked to the front desk in any branch. You just have to decide if its worth the fee / lack of interest for this0 -
There are some true and also some wide of the mark comments here.
High Street Private Banking offers more than IFAs in truth. IFAs may claim to have whole of market Products which is a wide section of products, however they cannot sell exclusive Private Banking products such as perferencial mortgage rates, specific investments etc.
Do they look at loans, Black cards, Tax planning, Will writing etc??
There is no fee for most of the private banking services, simply a fee for packaged accounts. They offer a relationship manager who yes, is there to bring in income (like an IFA!!) but also to offer a first point of contact which these days in Banks is priceless to look at some of the more run of the mill issues.
As you can probably tell, I am a Relationship Manager and I actually look after a lot of IFAs who tend to do a lot of investment business through me because they know their firms cant match some of the product/fees involved. Also, if a Private Banking client simply requests "Independent" advice then they can have this too as well as tied advice.
All for free!!!!0 -
So which bank do you work for, topbombing?
EDIT: Nevermind, just seen it's RBS/NatwestKavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
topbombing wrote: »There are some true and also some wide of the mark comments here.
High Street Private Banking offers more than IFAs in truth. IFAs may claim to have whole of market Products which is a wide section of products, however they cannot sell exclusive Private Banking products such as perferencial mortgage rates, specific investments etc.
Do they look at loans, Black cards, Tax planning, Will writing etc??
There is no fee for most of the private banking services, simply a fee for packaged accounts. They offer a relationship manager who yes, is there to bring in income (like an IFA!!) but also to offer a first point of contact which these days in Banks is priceless to look at some of the more run of the mill issues.
As you can probably tell, I am a Relationship Manager and I actually look after a lot of IFAs who tend to do a lot of investment business through me because they know their firms cant match some of the product/fees involved. Also, if a Private Banking client simply requests "Independent" advice then they can have this too as well as tied advice.
All for free!!!!
It is not free is it?0 -
Private banking arrangements rarely put people in to the best paying savings account, let alone find the best range of investments.
"Free" or not - there's a price to pay for having some bloke on the end of your phone who's supposedly at your personal and private service.0 -
You can assume they make the money from slightly worse off rates etc etc. An IFA would do the same or commission, doesn't really matter how the pricing structure works:)0
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jonesMUFCforever wrote: »Who gets the commission?
It is not free is it?
Certainly not me!!!And I certainly wouldnt purposely tell a client to put money in an account that wasnt any good for them. I am targetted on customer satisfaction scores as well as income.0 -
topbombing wrote: »Certainly not me!!!And I certainly wouldnt purposely tell a client to put money in an account that wasnt any good for them. I am targetted on customer satisfaction scores as well as income.Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
topbombing wrote: »Certainly not me!!!And I certainly wouldnt purposely tell a client to put money in an account that wasnt any good for them. I am targetted on customer satisfaction scores as well as income.
Never mind though you could always start again with a different company.0 -
If you have to ask about private banking then you don't have enough money to qualify.0
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