Wealth banking is an industry that provides financial services to a diverse group of clients. These clients include high and ultra-high-net-worth individuals. There are several types of wealth banking, and many of them specialize in particular financial situations. The services that these organizations offer are extensive and diverse. In addition to providing financial services, these organizations also provide consulting services.
Wealth banking services are usually categorized into two: private banking and wealth management. Private banking focuses on deposit-taking, while wealth management focuses on investment management, financial planning, and estate planning. The primary focus of private wealth management professionals is investment management, which involves creating a strategy to help clients increase their assets and protect their investments. Private wealth management services can be combined with traditional banking services to create a customized financial plan for clients.
In addition to investment advice, wealth banking services provide convenience and flexibility. For example, clients can use a mobile app to manage their money and access their accounts wherever they are. This app is free for clients. Clients who choose private banking services can even enjoy concierge services, where their bankers provide personalized service. Whether you’re a business owner or a homeowner, these services can help you maximize the potential of your assets.
Private banking services have distinct advantages and disadvantages. Compared to public banking, private banking services are more expensive. Moreover, private banking services tend to experience higher turnover rates. This means that the best private banking professionals may leave for more lucrative opportunities. The best private banking services offer personalized services that go beyond traditional banking. They offer exclusive loan terms, discounted foreign exchange rates, and safe deposit boxes.
Wealth banking services offered by DBS are designed to suit the needs of wealthy clients. A minimum AUM of S$350,000 is required to become a DBS client. Thereafter, the client will be allocated a relationship manager. Clients will also receive a dedicated wealth management manager, a personal account manager, and a host of exclusive benefits. Additionally, wealth banking clients receive timely insights from the OCBC Wealth Panel. They will also enjoy preferential fees on selected transactions. They can also enjoy the convenience of transferring money overseas with zero cable and commission fees for up to 18 currencies.
Wealth banking services are a great way to manage the assets of wealthy clients. These services include the creation of an investment portfolio or hiring a robo-advisor. Wealth management services also offer a wealth manager, who can be an invaluable resource in the process of accumulating wealth in Singapore. If you are looking to make an investment in Singapore, consider setting up a priority banking account with a relationship manager.
The services offered by wealth managers also include estate planning and family office services. These services can be tailored to suit your individual needs. For example, a wealth manager can help with Medicare planning if a client is eligible for it. The services offered by wealth managers are best suited for clients with investable assets of $250,000 and more.