2009 is a year to remember for many private banking professionals. Hedge funds failed, Bernard Madoff convicted, clients withdrew assets from private banks. The global financial crisis has fundamentally changed how the HNWI clients invest and the wealth management business itself. As part of an orginal research, we study financial data and key events in […]

Private banking due diligence checklist

July 11, 2009 | Comments Off on Private banking due diligence checklist

Before you open an account with an advisor, make sure you conduct your own due diligence and know the answers to the key questions on topics such as conflicts of interests and fees. This special due diligence checklist has been created to help you understand your risk. Private Banking Due Diligence Checklist (pdf)

How the private banking industry is changing

July 7, 2009 | Comments Off on How the private banking industry is changing

For most investors and financial professionals, 2009 is a year to remember. The collapse of Lehman brothers, the conviction of Michael Madoff, the massive layoff within the industry and the dramatic drop in equity value make 2009 a year to remember, for all the wrong reasons. Two Harvard Business School professors, Michael Porter and Jan […]

Summary: “The relationship edge: the key to strategic influence and selling success” by Jerry Acuff

July 6, 2009 | Comments Off on Summary: “The relationship edge: the key to strategic influence and selling success” by Jerry Acuff

This is a book summary I have written for “The relationship edge: the key to strategic influence and selling success” by Jerry Acuff. Selling success comes from meaningful dialog and meaningful dialog in turn comes from trust. Good relationship itself doesn’t sell, people still have to explain benefits and features in order to close a […]

Non profits are increasingly turning to professional wealth managers

June 23, 2009 | Comments Off on Non profits are increasingly turning to professional wealth managers

Recently I read an article on Wall Street Journal about the trend of NGOs turning to professional wealth managers for financial help. The article cited that the total foundation assets in the US dropped about 22%, or almost $150 billion, in 2008.  There are many benefits for charity boards to use professional financial advisory services, […]

Can private banking clients sue their advisors?

June 15, 2009 | Comments Off on Can private banking clients sue their advisors?

In short, the answer is YES. However, clients have to prove that their losses are direct results of negligence on the private bankers part. When the market is hot and everyone is making money, life is easy for wealth advisers. Advisers take their clients to lunch at Four Seasons, or go for a round of […]

What you need to know about offshore banking options

March 12, 2009 | Comments Off on What you need to know about offshore banking options

When people talk about private banking, some images automatically come to mind: Switzerland, secret vault and mysterious account holders. There are many good reasons why many high net worth individuals choose to put their money in offshore accounts, but before you decide to open one, I urge you to think through the following issues: Insurance […]

Choosing a private bank (part 2 of 2): Benefits of boutique firms

March 2, 2008 | Comments Off on Choosing a private bank (part 2 of 2): Benefits of boutique firms

Boutique firms can be appealing for many reasons. For most seasoned investors, the reputation of the private banker is just as important as that of the bank. Savvy investors need to like their relationship manager AND the bank itself before transferring assets. Some private banking clients are willing to move part of their asset with […]

Choosing a private bank (part 1 of 2): Benefits of bulge bracket firms

March 1, 2008 | Comments Off on Choosing a private bank (part 1 of 2): Benefits of bulge bracket firms

At first glance, all private banks look alike. But in fact, they differ on fees, product offerings, advice quality and strengths. Roughly private banks belong to either one of the two categories: Bulge Bracket or Boutique. Bulge bracket private banks are the wealth management arms of investment banks or multinational banks. UBS Wealth Management and […]