One specialised need HNWIs have is that for privacy. It is not uncommon for HNWIs, with their vast assets, to have their capital allocated across a spectrum of investment vehicles and causes, etc. Banking secrecy is a legality that prohibits banks from providing the personal and account information of their clients to authorities. This is prevalent in countries like Singapore and Switzerland; it is no coincidence that these two countries are also the private banking capitals of the world.
HWNI clients are typically assigned a relationship manager who essentially consolidates all of their personalised needs. Acting as an amalgamator who also learns and understands the client during the course of their engagement, the relationship manager saves the client time, taking away his/her need to go through layers of customer service staff to reach a solution. Communication, and hence the provision of solutions and recommendations, is made swift, efficient and tailored especially for the individual or family.
Because of the considerable assets a HNWI client brings to the institution, private bankers, in their provision of advice and solutions, can offer attractive and discounted rates for undertakings such as real estate investments, estate planning and currency conversion.
Through private bankers, HNWIs have wider and deeper means to grow their net worth and augment investment performance. Relationship managers have access to their institution’s full-fledged team of investment professionals, whose expertise helps to produce good investment returns. Also, private banking institutions have access to specialised and alternative investment vehicles such as hedge funds and private equity funds. These funds are typically difficult to access or invest in, and can generate large returns for clients.