Everyone needs a private banker. Full service means exactly that for one speaker at the Reuters Wealth Management Summit. The ’normal’ range of extras that wealth managers are offering super-rich clients under the banner Lifestyle Management has expanded as they scramble to keep on board clients whose massive wealth was rendered a little less massive during the financial crisis.
Citigroup’s private banking arm keeps an art curator on staff to make sure clients don’t overspend at auctions and maximise the value of their collection - it’s a real problem apparently.
But one of the smaller banks represented at the summit goes a lot further than that. “We do pretty much whatever they want.” On further investigation this stops short of walking the dogs but it does include managing fleets of vehicles, relocation for tax exiles, school selection for the rich in-waiting, wine cellar stocking, art advice (of course) and payroll services for the hired help.
But what was the most unusual request he has ever had from a client? “We were once asked pick up some strange medication and we organised the redecoration of the interior of a private jet in questionable taste,” said one private banker. He wouldn’t say any more, but some might think that was too much detail already.
4 comments so far
and a personal lawyer, criminal, financial, liability, as well, maybe a personal bodyguard too. Don’t forget the life coach and fitness coach. Or living is too risky to bother with…
- Posted by wildthingPrivate bankers seem no different than the “norm”. I say this from experience. Having recently invested in a certificate of deposit with a private bank, I thought I was in good….I asked for a personal review of my FICO score and she gave me that upon request…well, it took about a day. But the story gets more interesting…my CD matured and they wouldn’t allow me to continue the CD at the old APY since during the time my CD was collecting interest, the rates dropped. Needless to say I pulled out my money and still had a small checking account. This was well over a year later and I thought why not ask her for an update on my current FICO.
- Posted by Wealth - Finance BlogGuess what, she couldn’t do it….saying it was an updated rule. My guess is because I closed down my CD. Moral of the story: private bankers are just like the rest….greedy and in it to win it. You’re just as well off dealing with a name bank.
People who don’t know what art they like shouldn’t buy art. That way prices would be more affordable for those who really appreciate it.
- Posted by Oliver ChettleI think its a good idea, people needs to be heard and sometimes look forward for professional advices on financial matter.
The main question is:
How much I will believe to my Private Banking Specialist?
- As much as I believe in my bank, and in these days this is not going up for sure. In these time of crisis, banks are moving from TRUST to DOUBTs Institutions.
This might help for better relationships management but the problems arise often from the executives of the bank, not from the specialist in the bottom level.
- Posted by Florand