What is Private Banking and is it right for you?
Private banking unlocks a wealth of opportunities and resources. At its core, it helps you maximize financial opportunities while providing resources to reach your financial goals and objectives. But what is private banking, really? And more importantly, is this the right choice for you and your family?
What is private banking?
Private banking is personalized banking for high-net-worth individuals. Private banking programs provide exceptional attention and trusted service, going beyond standard bank offerings, providing you with a dedicated, single point of contact who can help you manage the complexity that comes with wealth; including investments, financial planning, retirement, and more. The goal is to help you spend more time doing what you enjoy and less time managing finances.
Ultimately, a private banker knows and understands your goals and objectives and they proactively support you by focusing on what's most important to you while providing unbiased advice.
The advantages of private banking
What special benefits can you expect from a private banking relationship?
1. Personalized concierge service. Imagine a single point of contact for all your financial service needs. The goal? To spend less time managing the details of your financial life (managing investments, day-to-day banking, and business needs) and more time on what you enjoy. A private banker provides expertise in banking, lending, and financial planning services and provides you with that single point of contact.
2. Wealth management expertise. Where appropriate, a private banker will be backed by experienced and credentialed advisors who understand the needs of high-net-worth individuals We offer a customized approach to identifying long term goals and balancing that with appropriate solutions.
3. Regular Check ins. Reaching your goals requires constant attention and review. A private banker coordinates all your product and service needs. They stay on top of your entire portfolio and provide regular performance updates for your investments, recommend portfolio changes when needed, and keep your financial plan up to date. All of this allows them to suggest personalized solutions, ensuring that you stay on track for your short- and long-term goals.
4. Legacy planning. Private bankers help you create a blueprint for what you want to achieve—whether it’s charitable giving, leaving a legacy for the next generation, traveling abroad in retirement, or any number of other priorities. The purpose of a private banker is to partner with you and your family to achieve your goals.
5. Benefits for your business. If you’re a business owner, a private banker can offer expertise in growing and managing your business, from strategies to improve cash flow to insurance needs to succession planning and even serving as administrators of employee retirement plans.
Is private banking right for me?
Because private banking is unique and customized for each individual, it’s important to explore all your options. The more your wealth builds, the more complex your questions, opportunities, and risks may become Even if you are a savvy investor, a private banking relationship can provide greater insights, focus, and personal attention.
One key question to ask yourself about your financial situation is: “How much should my advisor be doing for me?“ A relationship with a private banker offers you a more comprehensive relationship that can encompass banking services, loans, investment management, retirement and estate planning all delivered through a trusted professional. If you have questions or are unsure if it’s right for you, reach out, ask questions, and get an informed opinion.
Why choose Broadx Private Bank?
We start with a client-focused approach to comprehensive wealth management. It means we put your objectives at the forefront of everything we do, and our robust capabilities enable us to provide the products and services that align with your goals.
Backed by strength and experience. Broadx Private Bank and Broadx Financial Advisors currently manage in excess of $15 Billion in assets for our clients.
If you’re looking for a private banking experience with a more personal, collaborative approach to planning, growing, and preserving your wealth, a private banker could be the right solution for you. Our Private Banking team can help you take the next step toward a better financial future.
