Help, I m Rich!: Your Compass to a Value-Adding Private Banking Experience

Chapter 16 Wealth Structuring and Your Private Banker

Although most private bankers are not wealth structuring specialists, they nonetheless add value in this respect. They can do that in their capacity as:

• Need identifier
• Trusted adviser (e.g., with regard to selecting service provider)
• Asset manager

As it is rare to meet a private banker who also happens to be an insurance specialist, it is rare to meet a private banker who happens to be a wealth structuring specialist as well. So what might be their role when it comes to structuring your wealth?

Roles of Your Private Banker

With regard to the wealth structuring, you may expect your private banker to be of added value in any of the following roles.

Your Private Banker as Need Identifier

Private bankers might not be the ones doing the actual wealth structuring job. There is hardly any private banker (if there is one at all) who will be able to manage your portfolio and advise you on lending and recommend the appropriate life insurance policy for you and structure your wealth in your best interest. A good private banker is therefore not an individual who personally addresses all your wealth-related concerns. A good private banker is an individual who is able to recognize and identify your needs and, at the appropriate time, to introduce you to the most appropriate specialist who is able to offer a tailor-made solution to you, very much like the general practitioner serves as a portal to the appropriate medical specialists. ...