- The best private bank is one that meets your specific needs
Are you looking for a private bank to help with succession planning? Philanthropy?
Are you looking for a way to access investments that are out of your reach? Different private banks have strengths in different areas, which is why you should select one that has the right expertise in your area of need.
If you’re looking to invest your money in another country – for example – you might want to go with a private bank that has a footprint there as well. If you have corporate as well as personal needs, you might want to choose one that has corporate and private banking services.
- Size matters
While private banks often wax lyrical about how much they manage on behalf of clients – which is their assets under management (AUM) – this isn’t a hollow rhetoric. Annually, they are ranked according to the size of their AUMs and for good reason.
Bigger private banks often can provide a wider range of services and have the budget to invest more in offerings to their clients. So – if you enjoy additional perks and like the idea of a private bank that’s kitted out in bells and whistles – engaging a big private bank might be the right way to go.
That being said, there are advantages to engaging smaller private banks – such as attentive service and tailored solutions.
- Determine how much you’re ready to invest
The entry point to private banks can vary quite dramatically from one to the next – some may only require USD1 million to open an account, others may require USD10 million. Hence, it’s important that you decide how much you’d like to invest and find out from private banks what their minimum entry point is before opening an account.
- Be mindful of fees
Before investing your money with a private bank, it’s a good idea to invest time to understand their fee structure. Do they charge a flat fee or do you have to cough up money every time you make a transaction? Are there annual fees or hidden costs?
Going through a bank document and reading the fine print – although necessary – is tedious, so you may want to have a thorough conversation with your private banker about this. If your private bank is not transparent about fees, you know it’s time to walk away.
- Do your homework
If you’re reading reviews before deciding which hotel to stay in while on holiday or where to have your dinner tonight, you really should be doing the same before choosing a private bank. So – not only should you get feedback from someone who is (or has been) a client at the private bank you’re considering – you might also want to consult an expert. Our directory is comprehensive and designed to give you factual and informative opinions on brands.