Some will say that high earners have different banking needs than most regular savings account holders. High earners require personalized services to help them manage their wealth and investments.

If you are a high earner, do you tend to your banking needs?

Private Banking

High earners or the rich, should consider private banking options. Here, high earners can enjoy personalized financial and banking services usually offered to high net worth individuals.

Premier Banking for example, aims to match the needs of a high earner which is different from the average person. Private clients and smaller corporate clients are assisted in managing deposit and foreign exchange needs.

They cater to the UK clients and abroad with accounts starting at £100,000. High earners can enjoy personalized services with the bank, as well as online account management, perfect for those abroad.

Most private banking services allow high earners to access conventional and alternative investments.

The investment related services you can expect go beyond investment advice. There are also services related to wealth management to address a high earner’s financial situation.

Wealth Management

Aside from investment related services, private banking should have appropriate services for protecting wealth, growing assets, specialized financial solutions, retirement planning and so on.

Significant levels of wealth allow high earners to participate in hedge funds and real estate investment.

Privacy

Another high earner’s need is privacy. This is one key benefit of private banking.

High earners require privacy in order to avoid competitors to copy a similar solution such as lowered or discounted foreign exchange rates. be

Private banking customers can rest assured that the dealings and tailored services they enjoy are anonymous and confidential.

Highly Personalized Services

High earners can enjoy the services of a personal account manager or asset manager with private banking. A manager is typically assigned to high earners to customize services especially for them. The account managers will liaise directly with the bank’s management if necessary.

Private banks can give their high earning or high net worth customers investment returns. One example is an exclusive top-performing hedge fund.

The Downside

The global financial crisis (GFC) in 2008 has resulted in a higher level of transparency and accountability for private banking.

Licensing requirements for one has become more stringent for private banking professionals. The point is to ensure higher levels of service and financial advice, but it has resulted to high employee turnover instead.

The result was a gap in maintaining customer relations with talented account managers.

The good thing is that, talented employees are being kept satisfied with compensations. They ensure the highest levels of customer service after all with a bank’s VIP clientele.

If you are a high earner who can open an account with a significant amount of money, you should avail of private banking. With more personalized services and investment opportunities, your banking needs are tended to by professionals you can rely on.