What is Private Banking for Your Global Wealth?
What is private banking? Private banking is essential for your global wealth. It is a relationship that may span across generations, protects and secures your assets and your family's financial legacy.
Private banking is one of the most meaningful relationships you will ever create for your global wealth. Therefore, you need to choose with care.
What is Private Banking for Your Global Wealth?
What is private banking? Private banking is essential when creating and continuing family's legacy for your global wealth.
Fundamentally, global private banking for your global wealth is different from the high street banking as it allows you to deposit large sums of private wealth.
Normally, you will need to utilise either an spv (special purpose vehicles) or more sophisticated structures intended for global wealth management, a combination of a family trust, offshore companies and fiduciary services.
You may also want to have bespoke and specific banking arrangements for your own family office or a bespoke offshore investment fund.
Essentially, depending on a specific private bank’s expertise and the type of investment arrangement you want to access, you may be able to identify your own investment strategies and include Sharia law compliant investments.
This is what you and your banker discuss during your initial meetings.
What is the difference in discretionary and advisory investment portfolio management in private banking?
In private banking for your global wealth, your private banker will inform you about discretionary and advisory portfolio management.
Discretionary portfolio management means you sign over the asset management portfolio to your private banker, and your investment portfolio is managed under the discretion of your private banker.
This means you have no further say on the matter as to the individual investment products and trust your private banker’s expertise and discretion on the matter.
You still have a choice over how conservative your investment portfolio is to be and your appetite for risk.
Advisory portfolio management means you can choose your own investment products to invest in. This means a little bit more specific research for your private banker. This is also an opportunity to include Sharia law compliant investments.
As you choose either or a combination of discretionary and advisory portfolio management, you need to make sure that this approach is compliant with sophisticated structures for global wealth management that include a Trust.
How does the Private Banking for your global wealth relationship work?
The private banking relationship is usually built up over years. The relationship can span several generations.
I often see the new generation excitedly sharing business and investment ideas with their family’s private banker.
A private banker becomes one of the esteemed advisors within the family.
But what if you do not have an existing private banking relationship? How do you start one? Where do you start one?
The popular approach is to ask your friends and professional advisors.
One needs to remember that one private banking relationship may work for your friends, but not necessarily for you.
Every private bank is different, so is their specialist offering and expertise.
It’s best to do some research and have honest discussions with your professional advisors why one or the other private bank will be a better fit.
What is a Source of Wealth Letter?
At the start of a new private banking for your global wealth relationship, private banks expect to receive a Source of Wealth Letter.
A Source of Wealth Letter is usually written by a family lawyer or a public accountant. These professionals are expected to know the family and their wealth sufficiently well.
The Source of Wealth Letter is designed to aid private bank’s compliance department also known as anti-money laundering specialists in making the necessary decision to accept or not to accept the new private banking relationship for the bank.
Quite rightly, the Source of Wealth Letter addresses the questions of source of funds and explains how these funds were acquired. It further delves into client’s tax and residence status. As well as immigration status and the country of client’s citizenship. These matters need to be addressed with necessary clarity.
What is Private Banking in the UK, Switzerland and other Jurisdictions
There is a clear difference between private banking in the UK and Switzerland. Some of the market leaders for international clients in the UK are Swiss private banks based in the UK.
The quality of service will differ from one private bank to another. Private banks follow an internal structure where different teams specialise on clients coming from different countries of origin.
The performance differs from team to team. Some teams will be more efficient than others.
In overall comparison, private banking is by far is more advanced and better developed in Europe than in the GCC, for instance.
Choose your own private banking for your global wealth wisely.
I can help: what is private banking?
I have been working with private banks across the UK, Switzerland, European and non-European jurisdictions from 2008.
The financial crisis tightened the private banking sector. We saw private banks shed client relationships that no longer met their requirements.
However, the clients needed quick and reliable alternatives. This is where I started to specialise and identify private banks that is a good match for the client and the private bank.
I continue to help establish strong relationships between the client and the private bank.
I also prepare Source of Wealth Letters at client instructions. This underpins International Structuring for Global Wealth service. Book a call to discuss your private banking needs.
Testimonials
Saule has looked after our family's wealth structures for over 12 years. She excelled at finding suitable private banking arrangements. Her execution was always timely, elegant and flawless.
Achieving Specific Results Together
When we are working together you will be able to:
- Choose the best private bank for your needs and requirements;
- Establish a worthwhile private banking relationship with a reputable private banker;
- Prepare the Source of Wealth Letter for your preferred private banking relationships;
- Adequately prepare and structure your family wealth assets and investments;
- Choose and set up the best structures to ensure your asset protection and privacy.
If you are ready to take action now and get that clarity, grab your spot now and schedule a virtual meeting with me!
This is how we will work together
Follow the link to book the virtual meeting
You will follow the link to book a secure video or audio virtual meeting online with me. The automatic setting is Zoom, please inform me if this is not the right choice for you and indicate your preference. You will be able to choose how you wish to be contacted in order to feel comfortable and sufficiently secure during our virtual meeting.
Next Steps
Within less than 24 hours, you will receive an e-mail confirming that our meeting is now scheduled
Virtual meeting
During our virtual meeting we will take the time necessary to discuss your needs and the best way to address these needs. We will choose the best way forward to work together in order to achieve your personal, family, business and investment goals.
The Proposal
If we decide that we are a good fit to work together. I will follow up with you within 5-10 working days with a proposal, which will be prepared to reflect our discussion during our virtual meeting.
Let’s Discuss the proposal and see how we can best work together
After you have reviewed our proposal, you will schedule a follow up meeting so that we can best answer any questions you may have about us working together.
Let’s get started!
The easiest way to get started to work with me is by booking a virtual meeting. As you press on the virtual meeting link and scroll down you will be able to pick the date and time most suitable for you, as well, as how you wish to be contacted in a secure manner.