Private Banking Services of Wichita, KS V/S Retail Banking Services

by | Oct 15, 2012 | Banking Services

People who invest ample amount of money, normally more than 1 million US dollars are provided with much more personalized banking service in Wichita KS. The most apparent difference between private and retail banking services in Wichita, KS are that private clients get the advantage of customer service on a one to one basis through a private banker or relationship manager. Rich people with private bank accounts have the advantage of meeting their bank contact in person, and can directly talk to relationship manager directly. Normally the private banking sector of bank is separate from retail banking and the services offered are also different.

A private bank is something that is not amalgamated. Private banking services in Wichita, KS are supported by conservative investors since the directors are personally responsible, and are very careful in managing the funds of clients. These financial institutions are family owned sometimes and only serve wealthy clients. Confidentiality is one of the main reasons why people choose them. Some people choose them because they don?t want to be targeted by lawsuits and criminals. Others use it to protect their income from IRS and eliminate tax.

Most of the private banks in the world exist in Switzerland because of the rigid laws of bank secrecy and Swiss financial services? sophistication. Small banks in places like Switzerland are known to keep the records of their clients as a secret because they restrict their operations to within bank secrecy laws of the country.

Private banks not only offer private banking services, but some of the huge providers of wealth management and banking services like Credit Suisse, Barclays and UBs are not even privately owned. Private clients of these banks can take benefit of their in-house trading the departments of research, and have all their assets administered by the bank sometimes. They can expect high returns than those offered by small savings account or deposit certificate.

Types of Private Banking Services in Wichita, KS

Normally, only wealthy clients ask for their wealth management, where private bankers handle their investment portfolio. The fee is charged for this kind of service and it varies from one bank to another is charged per year as a percentage of total lump sum invested. The return will depend on the private banking service standard. Though some will bring good returns, other will keep charging too much of fees while investing the funds of clients in the own investment funds of the bank, no matter whether it is advantageous for the client or not.

Self directed private banking is one of the well-known alternatives for wealth management, here the client handles his own investment, he may ask for the advice on investments from banks sometimes. The benefit of this kind of account is good personal control on investments and no additional fees.

Banking Services Wichita, KSSouthwest National Bank?s banking services are known for their unique customer service and unique way of handling financial transactions.

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