How to Become Your Own Bank - Family Wealth Management

How to Become Your Own Bank - Family Wealth Management

How to become your own bank? I often hold consultations with people to whom starting their own bank is the option.

Some of you might have inherited a lot of wealth recently. You want to have a little bit more control on how your substantial inheritance is to be managed and protected for the future generations. 

Sometimes you are also considering establishing a family office. However, this solution may not be entirely suitable to your own portfolio.Therefore, your own bank is by far a much more suited choice and the course of action.

Other considerations may be migrating substantial wealth to a new jurisdiction or at the specific clients’ request who want a little bit more privacy.

More than One Reason to Become Your Own Bank

There is more than one reason that lead you to explore the options available on how to become your own bank:

1. You have more than enough wealth to explore how to become your own bank

Some financial institutions can only accommodate a very limited amount of wealth. Substantial wealth may warrant setting up a new bank to manage the substantial wealth or buying an existing bank or legal setup. This may afford greater privacy and more control over own funds and reduced reliance on the third parties. You want to know how to become your own bank.

2. You already own a bank and want to expand your banking activity into a new jurisdiction

You already own a bank in your home country and you want to expand your offer to a new country. Sometimes, it is not so much as expanding an offer to the new jurisdiction, but relocating to a new jurisdiction as the existing clients so insist. A new particular jurisdiction may be extremely attractive to your own clientele.

3. You want more privacy - how to become your own bank 

Wealth likes privacy and limited third party involvement. Banking is a licenced financial activity. Some jurisdictions promote banking privacy and secrecy more than others. Depending on the suitable jurisdiction, it may warrant more privacy and reduce cross-border data leak.

4. You want to reduce risks - how to become your own bank 

Financial crisis exposed bad investment decisions that have spiralled across the global financial systems and hurt strong and sound investment portfolios.

An opportunity to manage own wealth decreases the risk taken by the third party decision-makers even if they are contracted to do so.

5. You want more control over your funds - how to become your own bank 

Having your own bank is the power to implement your own risk profile. Sophisticated investors understand the risk they want to take well. 

6. You want access to exclusive investment platforms 

Bank is an exclusive club, which gives access to some of the most exclusive platforms for investment. There are investment platforms and opportunities that are only accessible to the exclusive few.

7. Find an expert who can help you guide you through the process so that you could reap the benefits almost instantly

As you approach each and every jurisdiction, you will not be short of available experts and expertise. However, the most problematic is to connect and draw all the necessary dots together to make a complete and functioning product ready to run from day one.

Consult the Expert - How to Become Your Own Bank

You are considering how to become your own bank, book a call with me  and let's discuss your vision, bespoke requirements and financial goals.

Private banking and banking services is one of my favourite areas of expertise. I have helped my clients to match private banking services required and to help and guide towards the opportunities of owning your own bank.

I specialise in bespoke UHNWI family office services, such as, bespoke projects and services in global structuring, private banking, legal and tax requirements and implications, especially in cross-border wealth matters.

My sole purpose is to help you structure your global investment affairs diligently, help you protect your assets and help you become your own bank.

Book a call with me to discuss your bespoke requirements and necessary onshore and offshore legal arrangements to protect your global wealth.

You may submit your enquiry here.

Saule Voluckyte, M.A.E.S, LL.B, FAIA

I have been working exclusively with UHNWI in Mayfair, London since January 2008. I built specialist knowledge and expertise required to serve ultra high net worth individuals investing, operating and relocating to the UK or Switzerland.

Within the industry, I am the single adviser who is able to traverse the different areas of expertise and bring a comprehensive approach across: global structuring, UK immigration, international taxation and FOREX to develop their global wealth strategy, while they build, grow and expand their wealth worldwide.

Previous experience as one of the senior advisors for the government, made me a go-to person when delicate and uncomfortable scenarios involving heads of state need to be handled with care and preserve privacy.