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Private banking has its advantages
04 August 2008
Consumers can experience a number of perks if they choose to do their saving with a private bank, according to an independent advisory firm.
While private banks are normally associated with the wealthy, savers can enjoy the personal touch of a dedicated financial advisor instead of going through a busy contact centre, claims the director of Re – Financial planning.
David Higgins said: "The personal service is what they hang their hat on: you're dealing with one or two people rather than going through a call centre."
People with a wide portfolio of interests at home and abroad are more likely to benefit from a private bank as they will have the expertise to deal with international finances, claims Mr Higgins.
"If you've got sophisticated affairs and you need more than just your average banking facility then a private banker might be appropriate to co-ordinate your issues," he added.
According to Schroders, its private banking pre-tax profits were up 54 per cent in April, 2008.
