A bank or financial entity that offers non-governmental services and is owned independently is referred to as a private banking entity. A large number of financial institutions provide high net worth individuals services such as wealth management and asset protection services to help organize and build the money of their clients.
EFSAG has many years of experience in bank formation and licensing. For information about our services and how we can help you with your banking needs, please view our Bank Formation Services page.
Advantages of Private Banking
Entities that opt to specialize in private banking services are able to provide their clients with personally tailored banking solutions to meet their specific financial objectives. Wealthy professionals are largely dependent on private banking services for specialist and expert advice with regards to:
- Tax planning
- Investment portfolios
- Wealth management
- Asset protection
- Retirement funds
Many financial entities offer their clients generic tax planning solutions as well as trust services. However, banks that offer private banking services are able to offer their clients specific knowledge in regards to their client’s particular needs. The bank is responsible for appointing each client with a private banker who specifically caters to their client’s financial needs. The financial strategy is to build around the customer’s requests, fully tailoring the private banking services to meet their particular banking needs.
Furthermore, private banking services appeal to affluent and wealthy individuals from across the globe, thus assisting the institution to generate large volumes of capital. This is due to the fact that private bank services come at a much higher fee in comparison to the general banking services that non-specialist banks provide.
It is advised to seek the assistance of a professional consultancy firm when establishing a private bank as it ensures that the entire registration and licensing procedure is completed in an efficient and timely manner.
