The more complex a financial situation, the more challenging it can be to find a reliable banking partner. Consider an individual who runs a business, owns several properties and manages an array of investment accounts. In a situation like this, it’s critical to have knowledgeable and dedicated support to make sure everything runs smoothly.
That’s where private banking comes in. Private banking is a specialized service offered by many financial institutions that typically targets high-net-worth individuals. In many cases, private banking provides personalized support through a dedicated private banker and associate relationship.
What to look for in a private banking relationship
“Relationship” is the key word. If you’re considering private banking, the most important thing is that you feel comfortable with the banker and can grow a strong relationship with them. If you don’t feel comfortable discussing finances and plans with a private banker, it will be hard for that banker to provide the level of service and support you need.
Try to get a feel for what individual private banking teams are like. It can be a good idea to interview your prospective banking partners before choosing to do business with them. You should also look for a private banker who is comfortable asking you questions. The best private bankers will know the right questions to ask throughout your relationship so they can get to know you better and provide the correct products and solutions that fit your needs.
As you narrow in on some options, try to get a sense for how many customers any single private banker may have. A typical personal banker might work with a large group of people, while private bankers will generally focus on a smaller customer base, often just a select number of households. This allows private bankers to provide more dedicated attention and service, which is what you should be looking for in your private banking relationship.
There for all your financial milestones
Once you find a private banking partner you feel comfortable with, you should expect to work with this banker over the long run as you build your wealth and secure your future.
Your private banker should check in regularly and get to know you and your family. A good partner is ready to work elbow-to-elbow with you and help you reach major financial milestones, such as starting or expanding a business, buying a second home, or retiring.
Private bankers also extend their support to future generations. For example, private bankersregularly help their customers’ children early on by opening their first checking accounts and teaching them good spending habits. When children are ready to start their own financial planning process and prepare for milestones such as buying their first homes or saving for retirement, they know exactly who to call.
Ultimately, a private banker oversees several financial services for someone. Think of it like having a financial concierge — instead of needing to pursue and manage these solutions individually, the customer gets the benefit of a singular point person who provides holistic support. It’s an end-to-end service that offers significant peace of mind.
This peace of mind goes a long way in complex financial situations. If you find a private banker you are comfortable with and who can meet your unique needs, you should be well on your way to a strong banking relationship that will help you reach your financial goals.