Individuals who classify as having a high net worth don’t have the typical financial needs of the average investor. With high levels of wealth, investors need access to top-tier investments, impenetrable security, and protection against risks of all kinds. High-earning individuals can’t rely on the services provided by the average domestic bank. Private banks unlock the wealth management high net worth individuals and families need. Private banks are typically exclusive to investors who have at least $250,000 in assets, but some banks require more. High net-worth investors can take advantage of financial solutions that utilize significant investments, like hedge funds and international real estate. Throughout this article, we will take a look at what makes private banking the best thing you can do for your financial success. Further, we will discover why investors believe Switzerland sits at the top of offshore private banking lists. For more information about offshore private banking or to find the bank that matches your needs, connect with Alpen Partners below!
Why do high-earning investors choose private banks? One benefit is the privacy these institutions offer. All of the hands-on services offered by private bank advisors are confidential. The idea of conducting business privately is often negatively regarded and often raises a lot of questions, but most private banks are legally backed by confidentiality regulations. This is especially attractive when an individual chooses an offshore banking destination and investors are looking to tighten their asset protection plan. Although no plan can promise 100% protection, a private bank, especially in an offshore location, can make it very difficult for creditors to reach your assets.
Customer service is another leading feature of private banks. Private bank account holders often remark how the one-on-one attention they receive is one of the leading reasons to continue the service. The account managers work directly with their clients to create a plan and offer the perfect services perfect for their goals. This gives account holders access to mid-level or upper management officials without having to talk to customer relations first.
The services provided by private banking institutions are desirable for high earners. With a private bank account, clients receive an account or relationship manager that tailors a customized approach to asset management. This is a fantastic benefit because many high-earning clients hold assets in multiple accounts, which can be challenging to manage alone. These asset managers can also create relationships for their clients, giving them access to investments worldwide. Account managers, or relationship managers, oversee their clients’ financial assets, utilizing hand-crafted strategies curated with the client in mind. Private banks also manage nonfinancial or “real” assets, including real estate, oil, gas, and mineral properties, and business partnerships.
Last, private bank account holders experience significantly higher returns on investment often provided by private banking. Clients can usually leverage resources as well. This lends access to high-performing hedge funds through affiliation with a private bank. One of the reasons private banks are so successful is because of their ability to fight risk. Private banks give you access to investments all over the world, including foreign currencies, which can help fight inflation and other risks that will buffer any hit your portfolio takes.
When looking for an offshore bank, one should choose a country with a strong economy. When choosing a location for a private, offshore bank account, our clients will typically choose a jurisdiction that has a thriving economy, giving them access to the best investments, services, and asset protection. If you are going to consider international private banking, Switzerland could be the right fit for you. Banks have played an important role in the Swiss economy for decades, and Swiss private banking is also highly regarded around the world. These institutions are known for sophisticated and discreet banking services. Similar to the agreement of doctor/patient confidentiality, Swiss laws forbid bankers to disclose that someone even holds a bank account or any information about it without the approval of the client. If any of the information is given, laws state immediate action is to be taken. Beyond typical investments and asset management, many investors find that investing in gold or other precious metals and holding them in Swiss private banks provides portfolio protection. Gold has been a popular way to store wealth for many years, and Swiss banks understand the importance of owning actual gold rather than a certificate saying you own gold. Switzerland has historically been one of the leading countries for holding physical gold. The country has one of the world’s largest reserves of gold per capita.
Opening a bank account in Switzerland is not complicated; it just may take some time as you will need to gather the correct documents and wait for everything to be processed. Applicants are required to provide a valid passport, various documents about their financial history and income, and documents proving their identity.
Average banks are not equipped for the needs of high-earning investors. Trust private institutions to provide the services to handle the amount and value of your assets. The experts at Alpen Partners are ready to help you find the right private bank for you. With close relationships with the best Swiss private banks, we are prepared with the knowledge and resources to be a trusted partner of wealthy families. We offer a comprehensive range of services by combining proprietary expertise with an external pool of first-class advisors. Each client decides which modules work best for them. Alpen Partners is a credible alternative to existing or projected in-house organizations thanks to its efficient and cost-effective solutions. Connect with an expert today!
No matter the problem, Alpen Partners will handcraft a solution for you. We know that there is no one-size-fits-all when it comes to financial success. Our approach involves working with our clients to make a unique plan to meet their needs. Rest assured that we will work hard to guide you through the process of meeting your financial and personal goals.
Contact us to enhance your financial plan today.