¶ … Private Banker
Role of Private Banker
What is the typical role of a Private Banker?
A private banker is someone who will help affluent clients to invest their money effectively. This involves focusing on a number of areas to include: financial planning, probate, asset protection, reducing taxes and transferring wealth from one generation to the next. At the same time, the private banker has a fiduciary responsibility to reduce risks for their customers and offer sound advice. This means that they must provide objective analysis and recommendations. That will help the client achieve a variety of goals over the long-term. ("Private Banker," 2012)
Moreover, private bankers assist their customers to connect with other services they require (i.e. accountants and lawyers). This ensures that the strategy is effectively coordinated. When this happens, there is less risk and greater amounts of stability associated with the client's net worth. In the future, this helps them to plan how they will protect, grow and transfer their assets. ("Private Banker," 2012)
If you were a high net worth individual, what qualities would you look for in a Private Banker?
A private banker must possess a number of attributes to include: organization and they will always place the customer first. Organization is when the individual can remain focused on a number of tasks and quickly access different sources of information. This helps to improve their ability to analyze new investments...
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