What is private banking?
Private banking is a type of monetary service that provides highly personalized attention to the selection of client list. Private banking is usually available to those who have extensive assets, intended as a means of management, investing and planning the use of great wealth. Since many rich patrons long for anonymity in their banking transactions, the high security rules and strict confidentiality rules are often an important part of private banking.
Unlike typical banking, the patron with a private account will have a usually reserved account manager. This manager is familiar with the funds, plans and needs of his client and can offer a number of services adapted to the needs of clients. In addition to processing regular transactions, the account administrator can serve as a planner of investment, goods and trusts. All this is done with maximum discretion to the client protection against external exposure.
Most banks require a certain part of the stored or managedCH Jakosady before allowing the customer to access private banking. Although these amounts differ, the customer usually must entrust the bank for a considerable amount of wealth, in some cases more than two million US dollars (USD). Although it generally does private banking in a very rich province, exclusivity is somewhat justified. Private accounts dramatically increase the Bank's assets, which can guarantee the best services that competitors will prevent the wealthy customers from stolen.
Although some institutions work primarily with this type of banking, most large banks have a private department for large accounts. For those who are able to invest in this type of account, carefully consider comparing shopping before selecting the company. The function offered by private banking services is often extensive and some may be highly personalized to meet the needs of the client.
Various reasons, private banking often has a dangerous reputation. Banks involved in this type of banking often place the company headquarters in regions with generous or lenient tax laws to help clients avoid a higher tax rate in their home country. Switzerland, the home of famous Swiss banks, is remarkable for controversial policies to protect clients and their assets. Swiss bankers have the rights to confidentiality, like doctors. For many years, tax evasion has been treated with relatively slightly Swiss law, although the amendment from 2009 removed the difference between leakage and active fraud and changed the climate of private Swiss banking.