The Functioning of Preferred Banking Explained

 We all need money to fulfil our needs and build wealth. Banks have transformed their services by using online platforms and reaching out to every customer worldwide. Earlier, you stood in queues for any banking activity. The world of Preferred Banking is rich and varied, offering solutions to high-net-worth or HNI individuals regarding investment, banking, tax management, etc.

It offers personalised financial services to clients through experienced wealth managers and professionals. They can explore greater financial prospects concerning investment, such as real estate and hedge funds.

How does it work?

Also called Premium Accounts, they are customisable. You can open it and get personalised assistance like a dedicated relationship manager to oversee all your accounts. The premium banker performs complex tasks from your end like arranging Loans and setting up recurring payment facilities for your bills.

Services offered

Plenty of banks offer private services to assist HNI people in growing their assets. Clients with such accounts get perks and personalised benefits like instant access to the employees working on their accounts. Though the services are not significantly different from traditional accounts, they bring a customised approach:

Deposit accounts

You can derive enormous benefits from your account as a Priority Banking customer. You get preferential pricing over standard account holders and personalised assistance.

Investment Planning

While they are readily associated with Wealth Management, you can benefit from investment advice and solutions from your private banker. Your assistant can create customised investment strategies and portfolios to achieve your goals after opening the account.

Real estate financing

You can capitalise upon real estate and advice from private banks can offer you significant Loans for primary or secondary homes.

Mortgage lending

Private banks also offer specialised Loans for HNIs to help finance the purchase of amenities like an aircraft, yacht, etc. You also benefit from flexible lines of credit.

Tax planning

You can plan your taxes from your banker due to a fluent understanding of existing laws and prospective legislative changes.

Estate planning

Managing wealth may seem challenging for HNIs who maintain a sharp focus on their careers and finances. With Preferred Account, you get estate planning to arrange seamless wealth transfers to future generations. This way, you can invest in greater avenues and reap benefits.

Tailored wealth solutions

You also get access to a wide range of wealth solutions like Mutual Funds, Bonds, PMS, Alternative Investment Funds, and other Structured Products with the latest market insights and analyses across the world.

Conclusion

Private Banking and other services are available to meet customers' needs, from Saving Accounts, Deposits, Loans, Credit Cards, and more. These services offer better support to the customer’s needs on financial activities.