If you want to do something well, look at someone who can do it in the best way possible. This is a rule of thumb, and that’s why we can rely on the experience of wealthy people when it comes to asset protection. Of course, they follow the basic rule of diversification and invest in securities, real estate, and businesses. And still, they keep some money in a personal account. It would be useful to take a look at the banks they choose and follow their example.
We would like to invite you to our portal called International Wealth to learn more about international banking, investment, asset protection, taxes, and so on. You can also book a meeting with our specialist to discuss your personal or corporate banking needs and find the best jurisdiction and bank that will suit your requirements. We will help you open an account remotely in most jurisdictions at a reasonable fee if you decide to delegate all the administrative procedures to us.
Private Banking for the Wealthy
Most well-reputed private banks provide wealth management services to HNWI customers. As they are interested in keeping the money in the bank, they try to make a wealthy individual interested by offering elite financial services and interest rates on assets under management.
Each wealthy person has a private bank account in a foreign country and takes advantage of exclusive financial management services. Of course, you will need to deposit a considerable amount with the bank to be assigned a dedicated private banker. The latter will consider your financial status and ambitions and offer the best banking experience possible that involves minimum hassle. The private banker can be contacted at any time.
Here are the usual private banking services that healthy people can take advantage of:
- Estate planning
- Cash flow and credit management
- Preferential rates on deposit accounts
- Tax planning
- Investment and wealth management
- General financial planning
These services can be provided to any person with investable assets, so you don’t need to be extra-rich to benefit.
Which currency to choose? Wealthy individuals prefer multicurrency accounts to comply with the diversification principle. The US dollar is a stable currency, but there are other liquid ones, like the Swiss franc – so why not mitigate possible risks?
Banks Used by Millionaires
If you want to deposit a considerable amount, you cannot choose just any bank: you will need professional recommendations. The jurisdictions that are most often selected by wealthy people are the USA, Switzerland, Norway, Liechtenstein, and some other European countries.
Choosing a bank to open a principal or a reserve account is not that easy as there are several criteria you should take into account:
- Make sure the bank does not deal with risky lending
- Choose a bank that has no presence in your country of residence to avoid litigation risks
- Check the bank’s capital adequacy ratio (it should equal at least 20%)
Let’s look at the most popular banks for the wealthy in 2023:
- The best bank for investments is the Private Bank BBVA. Open an account here to take advantage of in-house selection and analysis of investment products, management of investment funds, and internal financing of clients (mortgages and loans).
- The best private bank is the American J.P. Morgan (USD 1.9 trillion in customer assets).
- The best boutique private bank is the US Fieldpoint Private Bank. It uses digital tools to manage all interactions between the registered investment advisor and the bank, making it possible to conclude a transaction or get a loan on behalf of the customer and track the progress.
- The best bank for female customers is Scotiabank based in Scotland. Business women can get professional assistance with wealth management issues here and benefit from the institution’s creative solutions.
- The best innovative private bank is DBS Private Bank which offers state-of-the-industry AI and machine technology.
- The best digital solutions are available in the Hana Financial Group (South Korea) which has won multiple international awards for its innovative approach to digitization.
- The best private bank for business is PNC Private Bank. The institution is actively growing, and it offers an extensive range of personal advisory services for business development, risk management, insurance, and so on.
- The best technological and wealth management bank is BTG Pactual which offers an impressive range of private banking services. It launched a self-study platform last year where you can find ways to deal with your wealth management issues.
- The best private bank for intergenerational wealth management is Bradesco Private Bank which caters to the needs of different generations and offers tailored asset management solutions to the representatives of each of them.
Sounds impressive? If you want to open an account in one of the best-for-something banks, simply follow the above link and contact our specialist.
How to Diversify Assets
Here are some useful tips on how to protect your assets from political and economic risks, sanctions, and inflation:
- Choose the best asset protection tools, such as a trust set up in Nevis, Belize, or the Cook Islands, or a Panama Fund.
- Use several options to diversify your capital: a company, an offshore bank account with a high confidentiality level, investments, an offshore trust, a family foundation, and so on.
- Set up an account with a reputable private bank popular with well-to-do people.
- Keep in mind that a Swiss bank account opened for an offshore company almost never faces the risk of being frozen.
- You need to transfer your assets to the trust in advance as it will be no use doing it when the creditors are after you, the proceedings are in progress, or the sanctions have been imposed.
Would you like to open a principal or a reserve account with the world’s best banks that serve millionaires? Please get in touch with our experts to schedule a session and discuss the most appropriate solution in your case. Many banks will be inaccessible if you address them on your own, but we know how to handle each case and how to negotiate. Open an account with us to have a smooth experience!