The fundamental principle behind private banking is to provide customized, independent and confidential advice to clients concerning their financial affairs, both on the personal and business side.
Private banking is designed specifically for executives, professionals and entrepreneurs whose lifestyles demand a higher level of traditional banking products and services, as well as personalized services such as money management and financial advice. Typically, private banking clients are high-net-worth individuals with an income of at least $125,000 or net worth greater than $500,000.
As a private banking client, you will receive the full attention of one relationship manager. This person will devote the time to understand your unique situation and coordinate your total financial solution. It takes time, experience and specialized knowledge to sort through today’s array of banking investment and money management options.
Private banking services always involve a high level of confidentiality for your client information. The goal is to work with you to develop a truly effective plan for wealth management, including:
* Banking
* Estate Planning
* Investments
* Trust
* Retirement services
* Insurance
A variety of custom deposit accounts allows flexibility in managing your assets. These accounts include interest-bearing checking, money market accounts and CDs. The purpose of these products and services is to ensure that every dollar is working for you. Lending to high-net-worth individuals and their business interests often takes on distinctive characteristics.
A private banker can successfully manage your credit needs with a wide range of flexible loan options.
Your private banker understands that business opportunities and challenges arise in the areas of deposits and credit. These complications can limit your ability to respond to an opportunity.
Your private banker can customize loans to meet your individual and business borrowing requirements. These customized lending solutions should help you achieve flexibility, cost-efficiency and tax minimization.
Access to your credit can be a valuable tool to help you manage your finances. Managing your company’s daily cash position can require a major investment of time and expense unless you have a sound cash management program. With a customized cash management program with a full line of features, you can maximize cash flow and simplify daily funding and investment decisions.
In addition to building your financial solutions, your private banker can also help protect your valuable assets and secure the future for you, your family and your business. A full line of insurance products is offered for both personal and business needs.
You can draw upon the expertise of your relationship manager to assist in planning for the future. As your net worth increases, you need to consider more sophisticated estate planning opportunities. These planning opportunities may require the expertise of a private banker.
Private banking provides access to trust, investment and retirement products delivered in a hands on fashion. These products and services are designed specifically to meet your individual needs.
A private banking strategy offers a personal approach. A client profile is used to determine your investment objectives, investment knowledge, liquidity needs and risk tolerance. This profile is then used to create a strategy that strives for superior returns and provides you exceptional service with a highly personalized and confidential approach.
You’ve worked hard to achieve your financial status. Now let a private banker help you make your money work harder for you.
PAT WOOD is with the Sky Private Banking Group. Reach Wood at (330) 498-9954 or www.skyfi.com. DIANE HAASZ is senior vice president, privatebBanking. Reach her at (330) 498-3554.