What to Know About Private Wealth Management and Private Banking

What to Know About Private Wealth Management and Private Banking

Date: February 04, 2020,

There’s never a bad time to start planning for your financial future. As you do so, you’ll want to familiarize yourself with different strategies for saving and investing, as well as the different types of financial services available, such as private wealth management and private banking. Here’s an overview of the basics of private wealth management vs. private banking – if you have more questions, a Certified Financial Planner™ from Harvest Financial Planning, LLC is available to help. 

What Is Private Banking? 

As opposed to regular banking services where you simply open an account and deposit and withdraw money to your liking, private banking involves working with a banking representative who will provide financial management services. Note that private banking and financial management services are intended only for high net-worth individuals; to be sure, usually, a client must have at least $50,000 in assets, if not $100,000, in order to qualify for private banking services. While services may vary, usually, private banking services include asset management, investment advice, retirement plan structuring, wealth management (including how to pass on wealth to beneficiaries), and general financing solutions. 

What Is Private Wealth Management, and Who Is it for?

While private wealth management is similar to private banking in that there are financial advice and financial planning and management services provided to those clients who are particularly affluent, there are a few differences between private wealth management and private banking. While private wealth services can and often are provided by large financial institutions, they can also be provided by individual Certified Financial Planners™ and Investment Advisor Representatives. A personal private wealth management advisor will work with a client one-on-one to learn more about their financial goals and objectives, explore different investment options, discuss ways to provide for beneficiaries (such as creating a trust), explain tax liabilities and how to help mitigate them, and overall grow the individual’s financial portfolio and wealth.

Schedule a Private Meeting with Harvest Financial Planning, LLC Today

At Harvest Financial Planning, LLC, we provide wealth management services for high-asset individuals who are looking to help protect and manage their wealth. We will advise you of private wealth strategies that are customized to you. Our process begins with a consultation. From there, we will develop a financial wealth management plan and then take steps toward integration and implementation. 

To schedule your first meeting with a certified professional from our team, please reach out to us directly by phone or send us a message online.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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