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Private banking is available to more people
18 September 2008
Private banking is no longer the preserve of the privileged few and is seeing a shift towards a wider customer base, claim a pair of financial advisors.
According to Professor Scott Moeller from Cass Business School and Simon Hopes, head of regional operations at Natwest Private Banking, they are seeing a lot of people who do not conform to the stereotype of a rich person but qualify for a private banking service.
Mr Hopes said: "No longer is it the preserve of the landowners, the landed gentry, [or] captains of industry. We have seen a shift towards a more generic customer base."
The pair advises that people investigate whether they qualify for a private banking account as when you compare savings accounts, private banking offers a better service than others.
Professor Moeller said: "The research has shown that there is about double the number of women who are eligible."
Research by Natwest revealed that 3.27 million people in the UK are eligible for private banking.
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