Wealth manager in Private Banking

Private banking

Wealth manager

The modern financial market for the client is not only attractive, but equally abstract. The level of complication is increasing. We therefore need an institution that can offer care and advice. After all, someone must help you make effective decisions. Practically for the client there is no alternative to private banking. One can only argue about the scope of using this comprehensive offer.

Private banking has two basic functions. First, it secures the customer’s financial assets. This is a security almost literally of a physical nature. It concerns e.g. political, criminal, fiscal risks, inheritance issues. Let us also remember that a strict banking secret has its charm. The second function of private banking, more familiar to us, is to preserve or increase the real value of financial assets through the execution of financial operations.

In private banking, customer requirements are the basis for cooperation. These are not the standard needs of the statistical client, but the actual needs of each specific client. The client’s requirements should be precisely defined, taking into account the value of financial assets, the client’s willingness to take risks and his short-term and long-term plans. A special advisor is assigned to the customer service, whose task is not only to determine the above issues, but also to take care of the relations on a daily basis.

Private banking w Polsce

In Europe, an individual carer-counselor is, so far, of primary operational importance. Facilitates the execution of current financial operations. This saves time, provides access to the desired products and solves the issue of supervising the effectiveness of investments. However, in the course of time one should expect and also require from an individual advisor a strategic engagement. Private banking is to facilitate the long-term management of personal finances, e.g. children’s education, pension programmes, investments in real estate, etc. This means that the customer will also have to change his attitude to the bank a bit. The counsellor will have to be open and initiated into the basic assumptions of private financial policy (our goals and planned dates). Otherwise, advice may be wrong. It is therefore a challenge for the customer as well. Without establishing a client-consultant relationship, based on knowledge and trust, it is impossible to speak of effective private banking. It is not by chance that private banking is referred to as a relationship banking.

The scope of bank advisory services is constantly expanding. The need for a competent adviser is increasing and the role of adviser is becoming increasingly important. His role towards the client is sometimes referred to as wealth manager. Thus, it is not only the passive execution of customer orders, but also the active manager of the entrusted assets within the limits of authorization. Especially that it can also manage non-financial assets.

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