Financing Personal Assets – Real Estate, Vehicles, Collectables
Financing Personal Assets – Real Estate, Vehicles, Collectables is a complex process that requires consideration of many factors.
Private banking and wealth management are terms that overlap. However, the financial services offered through private banking and through wealth management differ slightly. Wealth management is a broader category that involves dealing with the optimization of a client’s portfolio, taking into account his aversion to, or comfort with, risk, and investing assets according to his plans and financial goals. Private banking typically refers to an envelope solution for high-net-worth-individuals (HNWIs) wherein a public or private financial institution employs staff members to offer high-net-worth clients personalized care and management of their finances.
The primary difference between private banking and wealth management is that private banking does not always deal with investing clients’ assets. Private bank staff may offer clients guidance on certain investment options, but not all banks will be involved in the actual process of investing assets for their clients. Most clients utilizing private banking services open deposit accounts of one kind or another. Wealth management employees, including financial advisors, provide advice to clients to help them improve their financial standing and assist clients in investing assets with the goal of generating high returns. In general, private banking can extend to encompass wealth management, but wealth management firms cannot provide clients with private banking facility services.
Read more: Private Banking Vs. Wealth Management: Not Quite the Same | Investopedia https://www.investopedia.com/articles/professionals/111715/private-banking-vs-wealth-management-not-quite-same.asp#ixzz50yEEhMSd
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