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Definition Of Private Banking - Understand what It Is

Private Banking is a set of financial institutions that are intermediaries between economic agents (people, companies, the State).

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Definition Of Private Banking - Understand what It Is

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  1. Private Banking

  2. Definition Of Private Banking Private banking is a set of financial institutions that are intermediaries between economic agents (people, companies, the State). This institution consists of highly professional and comprehensive management of a client’s assets. They have the objective of satisfying certain needs such as investments, wealth, financial, and tax planning of people or family groups with high wealth.

  3. So we can say that private bank has several functions. He is dedicated to financial advisory and wealth management tasks. For this, the bank has to take into account several factors for which, it is essential to do a good analysis of the client. You have to know about the client: their risk profile, profitability objectives, need for liquidity, time horizon, and tax situation. The private banking service offers the client a personalized and appropriate service for him, which is why it is necessary to know certain information about the client.

  4. Characteristics of private banking The main characteristics of private banking are the following: Estate, financial, and tax planning. Intergenerational organization. Personalized management.

  5. A strong relationship with the client In short, it satisfies the global needs of a client’s assets. In addition, private bank offers you many interesting services, such as investment in real estate assets, availability of investment funds, tax optimization of assets, and many others more adapted to its clients.

  6. The main differences between retail banking and private banking. Banking for individuals is what we could define as the retail banking that we all know, to which we do every day, to pay bills to withdraw money, or to update the card. If our assets are higher then we can opt for personal banking, which includes clients who have capital above the average and who can save or invest according to their preferences. Although these clients are not classified as private bank, they also do not reach the level of being private bank.

  7. What are the advantages and disadvantages of Private Banking? Private bank is the least known by most of the population, so we want to explain how it works and what its advantages and disadvantages are. Private bank is still conventional banking but applied to large fortunes that want to invest their money to obtain greater profitability.

  8. Advantages of private banking Personalized treatment and greater willingness of bankers to clients Continuous attention (weekly) on the evolution of investments. Personalized and detailed asset management, offering the best products on the market.

  9. VISIT http://www.prominencebank.com/

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