Wealth
Management Services
All Private Banks provide Wealth Management
services. In fact, “Private Banking” and “Wealth
Management” are interchangeable terms in most cases.
Wealth Management services covers many aspects of financial
dealings, including independent financial consultation, managed
investments and trust facilities.
• Financial Advice
As professional financial advisors, Private
Banks normally offer financial advice to their customers.
Consultation may
be charged or free, depending on the nature of the situation
and the policies of the Private Bank.
• Foreign Exchange
Clients that deal extensively
with companies or individuals that are based abroad, or
transact regularly in other
currencies aside from the local currency, may require
specialised
foreign exchange services.
Many private banks provide
such services that are designed to make efficient use of
the funds as they are exchanged
between different currencies, maximising the value
of the amounts being
transferred while minimising the expense of taxes
and charges that may be levied against foreign financial
transactions.
• Investment
Management
If clients already have investments in
place, private banks usually offer their professional management
investment services. Through these services,
funds that are already
invested can
be efficiently managed whether it involves capital
placed into other companies, stocks and shares,
treasury bills,
debentures
or any other similar financial products available
on the
market.
Through investment management, private
banks offer their clients the best possible return
from their
investments.
• Offshore
Banking
Because of the large deposits that
private banks often have to handle for their clients,
offshore
banking
is a common
practise to ensure the maximum return on
investments or deposits.
Offshore bank
accounts are not subject to local tax regulations that
tend to be
either
expensive,
restrictive
or both;
hence, funds deposited offshore can minimise
the usual cost of taxation.
• Trusts
A trust is a legal agreement
between yourself and a trust company. Essentially,
you place
your assets
into
an account
and the
trust company agrees to manage the
assets and execute your instructions regarding
their distribution.
Private banks
often provide trust services for their clients, offering
their services
as the
trustee in
order to undertake
the management of the assets held
in trust, in accordance with needs
and
requirements specified by the client. |
