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Private banking services can be a great benefit for those who can afford them. Private banking services offer individual attention from a personal banker and help clients manage both cash accounts as well as investment accounts in many cases.
Your money will likely be happy about the attention and personal services it receives as it grows in size, and you will like the individualized attention from a personal banker who knows you and is acquainted with your financial situation.
Personal Attention
With a private banking situation, you will have an individual banker assigned to you. This person will acquaint him or herself with you complete financial situation, and will know each aspect of your finances.
Whenever you need to contact the bank for any reason, you will contact your personal banker who will provide whatever services you need.
Multiple Resources
Personal bankers have whatever resources you need from anywhere in a financial institution available to you. A single banker is able to gather together services from all over the bank in order to meet your needs.
Being able to contact a single person for any need – from opening a new savings account to creating an IRA – saves you time and frustration and cuts down on waiting time at the bank.
Types of Services
To give you an idea of what the kinds of private banking services you might receive, here are some of the more popular types:
Personal account services involve checking, savings, and money market accounts of all varieties for any member of your family. A personal banker will keep track of all accounts and how they are used. He or she will make recommendations for which accounts to keep, which to switch to a different variety, and when to close an account.
They can keep track of the accounts from your entire family, and can help you retain access to your minor children’s accounts so that you can see what activity is taking place and easily transfer money between accounts when necessary.
Investment services help bank clients with investment accounts. This can include retirement accounts such as IRAs, or it may mean stock investments. An investment portfolio might include a variety of bond funds as well.
Real estate and mutual funds are other kinds of long-term investments that might be managed through personal banking services.
Personalized mortgage lending is an area where many clients need specific guidance. Private banking services can help direct clients to the best kinds of loans for first mortgages, second mortgages and lines of equity, as well as mortgages for vacation or summer homes and guest homes.
Estate Planning is a serious concern for many who hire personal bankers. What to pass on to children and how best to do it is a question most families face at some point. Private banking services include the best practices for estate planning and ideas for keeping most of the estate intact and moving onto the children rather than being taken by the government.
Private Banking Services Your Money Will Love
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