You can have a look right now. Google "private banking" and see what you get. A short Wikipedia entry about private banking followed by lots of sites promising you how they can make oodles of money for you, how you get tailored services, how this bank is so good about taking care of your investments. All of this is designed to separate you from your money without really caring two hoots about your hard earned.
Find any blogs on private banking? Any real, understandable writing on what private banking is to you and how it can really help you. Anything? Go on, have another look.
The fact is that private banking is a gargantuan size business (note I am talking specifically about private banking business as opposed to retail banking). The 20 biggest private banks have a combined assets under management (AUM) of over 10 000 billion US Dollars, yep you read that right: ten thousand billion dollars. Just to give you a little perspective, the combined debt of Portugal, Italy, Greece and Spain is only 60 % of that. Please remember, we are still only talking about the 20 biggest private banks, yet you have nobody who tweets about it, posts about it, talks about it or writes about it on the web with an open and honest style. Well you do now. Right here.
When it comes to managing your money and when you have enough money to be able to use the services of a private bank and private banker this site will handle all aspects of the business in a no holds barred way.
If you have read this far you are probably thinking "What's this guy selling?" "When's the pitch coming?" You are in for a long wait. I am not selling you anything, I am simply going to give you my opinions as a private banker, gained from my experience on the job a job I still do today. The mission here is to give you a clear view in to what is often a secretive world and communicate to you in a style I am sure you will find frank and clear.
As this site develops, you will not find a better source of information anywhere for how you can get the best out of your private banker and how you can make sure that you are treated fairly, charged correctly and taken care of.
Well done, you got to the end of the first post on this blog. And I kept my promise, I haven't tried to sell you anything.
Come back soon, the next post will tell you the most important quality your private banker has to have and I can promise you it isn't an MBA.
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