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Contact Laurant Systems
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Private banking, sometimes referred to as "relationship banking," is a service that connects you to a personal representative or team to manage all of your financial needs through the bank. Whether you need to deposit money, transfer funds or apply for a loan, you can call your private banker to handle it.
One of private banking's biggest selling points is convenience. You don't have to wait in line at your bank or on hold for phone assistance. One call to your private banker or team is all it takes to handle your banking matters.
A private banker works with you to understand your financial situation and goals and may make suggestions based on the bank's offerings to help you achieve them. For example, your private banker might manage the process of obtaining a loan and provide you with flexible financing options. You may be able to utilize asset-secured financing for business loans, jumbo mortgages, residential construction loans and more.
Private banking often falls under your bank's wealth management division, but the services they provide are typically limited to your banking needs. However, wealth management services can help you manage your investments and connect you with financial planners, tax specialists, insurance providers and other experts. These services may overlap with some firms, so your mileage may vary depending on the provider.
Private Banking Eligibility Requirements
Qualifications for private banking differ from one financial institution to another, but you might be required to:
Hold an account with the bank
Maintain a minimum balance
Pay a monthly service fee
Financial institutions also generally require you to hold a significant amount in investable assets.
Advantages
Connect with a personal bank representative: You get your own dedicated bank representative or a team of professionals who know your financial needs and personal banking preferences. Your point person can help create a personal financial plan and arrange for exclusive financial services.
Convenient way to save time: A private banker can assist you with financial planning, home or business financing, everyday transactions like bill payments or deposits, and a whole host of other services. A simple email or phone call to your dedicated contact may be all it takes to complete your most important banking tasks.
Access to professional services: Services vary depending on the financial institution, but private banking may give you access to investment planning, tax advice, cash-flow management, estate planning and more. You may also receive preferred interest rates and special investment opportunities reserved for clients.
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