What is a Private Banker?

You may have heard of private banking before but like many others, you may not know what exactly private bankers are and how they serve their clients. Private banking is often described as “concierge banking” which comes with preferential pricing, top notch service and other perks. Here is an overview of the important role private bankers play in their clients’ financial lives and how to select the right private banker for you.

What is a Private Banker?

Private bankers provide personalized services with an elite level of customer service to clients that meet certain qualifications. Private bankers often dig deep into clients’ portfolios and give them a holistic view of their full financial portfolio.

They also guide clients through a personalized financial plan to both tackle their current financial concerns and protect their wealth for the future. This can include any financial need they may have, from setting up a 529 plan for their kids’ future education to estate planning. While private bankers are not investment managers, they do serve as the connection between other financial professionals clients may need, such as a CPA, lawyer or wealth advisor. They are the primary point of contact to the client and ensure all the behind-the-scenes work goes smoothly.

Private Banking Services

In addition to the usual services a bank provides its customers, private banking clients typically receive additional personalized services. Some of those additional services include:

• Individualized communication
• Portfolio management
• Financial planning advice
• Customized credit and deposit solutions
• Preferential pricing on certain financial products
• Discounts on loan rates
• Cashier’s checks
• Waived fees for domestic wires and foreign currency
• Invitations to special events

How to Select a Private Banker

When dealing with your current and future financial decisions, it is important to select someone who is committed to knowing you and helping you achieve your financial goals.

They should be both dependable and knowledgeable when giving financial advice. When selecting a private banker, you also want to choose someone who will go the extra mile for you. Whether it is taking a call at 8 p.m. to assist with a lost debit card on vacation or recommending the best pet daycare to a client who is new to the area.

Having a private banker who has significant experience in their role is also important. The longer the banker has been in the industry, the more connections they have to give you the best possible recommendations. Learn more about Bankers Trust’s Private Banking approach and contact me below to learn how we can serve you.