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Online Banking Solution India
Click hPrivate banking refers to a set of services for high net worth individuals (HNI) offered by a bank designed to grow wealth. Most of these Banking and Investment wealth management strategies are reserved for HNIs.
Customers with considerable assets are more likely to use financial solutions requiring significant investments such as hedge funds and real estate. Specialised funding options, retirement planning, succession planning and taxation solutions also get included in these services. Private banking's main advantage is the personalised service which comes from having an individual account manager. Often this account manager is available to the customer and provides wealth management strategies that are tailored to their situation. Defining privilege banking as wealth management is not entirely appropriate because private banking generally extends a much narrower set of financial alternatives. A private banker offers approaches that apply to the assets that the bank can access. At the same time, a more comprehensive wealth manager develops broad strategies covering all the assets of a client. Priority banking is distinguished into two types: active and passive. Active private banking involves the HNIs constant input and decision-making, while passive enables the bank to manage the assets without a significant direction. Most private banking has been of the passive variety in the past. Still, recent financial market turmoil has led to an era of more active customer management that wants to get more involved in the management process. Premium banking offers unique benefits to clients with substantial assets and often used to attract commercial banks to this class of clients.
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October 2020
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