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Private banking: you may be worth it
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Those who tend to avoid posh restaurants in Geneva’s expensive Rue du Rhone district and famed private banks because they believe they are not rich enough may be given a second chance at century-old wealth manager Julius Baer.
The Swiss private bank, which has made its name thanks to the services it offers to the ultra-rich, believe its powerful high-end brand may be keeping potential clients away.
“It’s a bit like the nice chic restaurant on Rue du Rhone you walk by 10 times and think: “I am not so sure I can go in there, it might be a bit sophisticated,” Boris Collardi, Chief Executive of Bank Julius Baer, told the Reuters Wealth Management Summit in Geneva.
“And then you end up going in there and you have a wonderful meal.”
Private banking services at Julius Baer start at around 1 million Swiss francs.
Worth trying?
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Well I guess no one wants to be told they don’t ”cut it”. Even more importantly clients are being driven away by the huge hidden fees private banks charge for purchasing financial products on their behalf. Why buy into a fund that’s dropping like a stone, and get charged extra for the privilege?
Posh restaurants or not, some swiss private banks have way to high costs for its services. Also make note, Switzerland and luxembourg are no longer “tax havens” for most parts of Europe any longer.