How To Utilize Private Banks To Gain Wealth
Bank Like the Rich and Reap the Rewards
It may be a while before you are considered an HNWI – or High-Net-Worth Individual – and you’re able to sail off on a private yacht, or purchase a helicopter to skip the highway traffic as you travel to your favorite holiday destination. But until then, there are some valuable banking habits of the rich and famous that you should consider, as you make your moves towards your next million.
Because banks want to do business with the rich and ultra-rich, these wealthy individuals are offered a set of prestigious private banking services to ensure that they (and their money) are made most comfortable with their bank of choice.
Financial Heavy-Lifting for Hire
The first and foremost advantage of private banking is receiving a personal banking butler. Otherwise known as a private banker, these assistants present you with wealth growth opportunities, a streamlined banking experience, personal attention, and seemingly infinite perks on a silver platter. These individuals, or teams in some instances, are already aware of your financial situation and are able to assist in smoothening almost every banking avenue imaginable.
They can assist in depositing or ordering checks, initiating wire transfers, and can even connect you with other banking specialists such as tax attorneys and estate advisors. These banking butlers can save you time and effort, while opening up greater wealth growth opportunities for your financial future.
Big Banks Have the Best Benefits
One of the most valuable banking habits of HNWIs is using the same banks as us lower-income folk. Because most of these wealthy clients deal with or have businesses all over the world, having a bank with multiple branches in many locations ensures banking convenience on any continent.
Banking powerhouses such as Bank of America, Chase, and Wells Fargo are also lightyears ahead with their banking technology. Nobody enjoys driving to the bank, and with the technological advantages of these bigger banks, communication and transactions can happen either over the phone or using their advanced online banking apps.
What’s more, should your current financial situation increase exponentially while banking with one of these behemoths, they have trillions of dollars in assets under management and resources for you to take advantage of investment opportunities.
Money-Makers Don’t Stop Making Money
Contrary to popular belief, having money in the bank doesn’t mean it’s safe, sound, and secure. Rich investors need to make smart investments to not only grow their money, but ensure that they’re able to hold onto it. If you want to hold onto that yacht or private chopper, you’re going to have to pick up on these valuable banking habits and invest in the wealth of the market.
In contrast to the average Joe – who on average keeps 65% of their assets in cash and only 18% in equity – HNWIs keep approximately 13% in assets and nearly 60% in equity. So, keep in mind how you should be moving your money around as you enter the banking world of the wealthy.
Where Should You Turn to Join the 1%?
If you’re looking to be smarter with your finances, and want to leverage the wealth growth opportunities at your fingertips, then join the Wealth Strategy Seminar and uncover proven strategies to build your wealth in America.