The Difference Between Private Banking and Wealth Management
Since the terms “private banking” and “wealth management” usually overlap, most people aren’t quite sure about the difference. However, there are many differences between the two and we want you to stay informed. Visiting a wealth management firm will guide you through these financial services and lay out all the ways these apply to your financial future.
Private Banking vs Wealth Management
Essentially, private banking rendering financial management services to you, but only if you possess investable assets of a certain amount. They aim to protect and maintain your assets by addressing their unique financial circumstances and providing investment-related advice. Aside from helping clients save for retirement, private banking also helps create plans for passing their wealth to their heirs and beneficiaries.
If you’re a private banking client, you can expect to receive desirable rates and instant access to banking personnel who are working on your large accounts. Furthermore, you won’t have to use a teller to obtain their services, and you can complete any type of transaction in a snap. Financial institutions provide this concierge-like service to generate more money in profit, encourage repeat business, and attract new business. Sounds fancy, right?
Private wealth management firms provide advice and execute investments on behalf of wealthy clients. If you plan to invest in different funds and stocks, your primary source should be wealth management firms that specialize in these practices. Aside from helping with financial planning and portfolio management, wealth management advisors also provide their clients with other financial services that are related to their client’s financing choices.
They also conduct one-on-one meetings with their clients to talk about their comfort levels with risk, financial goals, and other restrictions or conditions that are related to the investment of the clients’ assets. All of the information these firms gathered will be used as their basis for creating an investment strategy that can help their clients meet their objectives.
Are You Looking for a Wealth Management Firm?
Receive a comprehensive analysis of your existing portfolio holdings and specific recommendations by booking your free portfolio evaluation with the financial experts at 1879 Advisors today.