Private banking enables you to manage and grow your wealth with personalised advice from an expert.
To qualify to become a private banking client, you need to earn a certain amount of money or have a certain amount of assets.
What exactly does private banking involve and how does it differ from personal banking? Here’s what you need to know about private banking and how you can benefit if you qualify.
Who qualifies for private banking and what makes it different?
Private banking is an exclusive offering only available to clients with a higher net worth. It gives you access to expert, personal advice and support from a dedicated private banker supported by a team of specialists, and a comprehensive set of services, solutions and benefits specifically shaped to the needs of high-net-worth individuals. For example, to become a Nedbank Private Wealth client, you have to earn a personal income of more than R1,5 million per year or have investable assets worth at least R5 million (excluding the property you live in).
The key difference between private banking and personal banking is that personal banking focuses on day-to-day transactional services to meet specific needs. The focus of private banking on the other hand is to provide a more comprehensive and personalised offering based on expert advice about how to make the most of all aspects of your local and international wealth. In addition to banking services such as day-to-day local and international banking, borrowing, saving, investments, foreign exchange services and specialised lending solutions, your private banker is supported by a team of specialists. These specialists can advise you on all your wealth management needs beyond banking, including protecting your wealth with the right insurance, investing and trading to grow your money, structuring your wealth optimally, and giving to causes you care about.
How you can benefit from private banking
Your private banker will advise you on how to make the most of the available banking services and solutions to meet your specific goals and needs:
Private banking is a way to make better financial decisions and optimise your wealth management
Private banking is about so much more than providing access to a set of banking products to meet your transactional needs. It is about enabling you to structure, manage, grow and protect your wealth optimally, with the help of expert, personalised advice and access to a team of wealth management specialists. If you qualify for being a private banking client, speak to your advisor about the next steps, so that you can start reaping the benefits of this specialist offering.
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