What Is Private Banking? Everything You Need to Know

September 24, 2020

Anyone can walk into the bank on the corner and open a checking account, but high-net-worth (HNW) individuals tend to want a more exclusive and comprehensive set of services than just somewhere to keep their money. That’s where private banking comes in.

Private banking includes a suite of personalized financial services and products offered to HNW clients, usually including a comprehensive array of wealth management services. A private bank might include investing, portfolio management, insurance, trusts, and estate planning in addition to traditional banking services.

The Basics of Private Banking

In some cases, a private bank will appoint a personal “relationship manager” to each of their clients. Any time that client calls or contacts the bank, they’ll be talking to the same person. This helps to build a rapport with a specific relationship manager, but it means that you’re not necessarily talking to the best person for the job every time you dial in.

At First Western Trust, we pride ourselves on the wide variety of experts that we employ who can help you with any financial questions you might have, from tax considerations to business expenses to estate planning. No matter what your question is, you’ll be secure in the knowledge that you’re talking to someone who knows their stuff.

A private bank will put significant effort into finding out your unique situation, assets, goals, and priorities. At First Western, we call this ConnectView — a comprehensive picture of your wealth that lets us create the best financial plan for you.

Every private bank is slightly different — they’ll have different investment minimums, fee structures, and product offerings — so it’s important to find a bank that works for your specific situation and needs. For more on what you should look for in a private bank, read our blog post here.

What Sets Us Apart

At First Western Trust, we believe that we’re different from the other banks you’ll encounter. While many banks have a habit of pigeonholing their clients based on broad categories like net worth, location, or age, we take every client as a unique entity. Every client’s needs, goals, priorities, and financial situation are different, and you deserve a financial plan and portfolio that’s as unique as you are. Here’s what First Western can offer:

Time

Some people want to be day traders, watching every little blip in the market and buying and selling in response. Most of our clients, though, have businesses or families to take care of — they don’t have time to think about how their money is performing every waking second, nor do they have time to worry that their finances are being handled correctly.

At First Western, we’re giving you that time back. We’ll have the initial conversations we need to understand your situation, then create a plan that matches the places you want to go. Once that plan is in place, you don’t need to worry about it! We’ll keep you updated on how everything is going and you can keep us updated if you undergo any major changes in your life.

Access

When something does change urgently or you have a question about what to do, you need to be able to talk to the right people quickly. When you bank with a big corporation, that can be hard to achieve — you have to navigate phone trees, find the right person to talk to, be put on hold, and so on.

With First Western, you’re getting the resources of a national organization with the personal touch of a local business. You need a relationship with your bankers that isn’t restrained by a 9-5 schedule or having to navigate the hierarchy of a big corporation, and that’s exactly what we have to offer.

Flexibility

Flexibility is the pride and joy of the First Western organization. Our founder, Scott Wylie, created First Western when he could not find another bank that didn’t shoehorn him into a specific box based on some broad-strokes generalizations about his financial needs. Rather than choosing between highly sophisticated services or personalized services, he decided to found his own organization that could do both.

We believe that a person’s wealth is about more than just the money in the bank — it’s about what you do with it. You’re not trying to acquire wealth just to have it, you’re trying to protect your family, grow your business, invest in your community, extend your philanthropy, and leave a legacy behind. By examining the priorities that matter most to each client, we can create a financial plan that puts your goals first.

Talk to First Western

When you’re looking for the best financial plan for yourself and your family, First Western Trust is here to help you. All your financial decisions are connected, and we’ll examine them all through a holistic lens. If you’re ready to start taking your personal finances seriously, contact First Western Trust Bank today.