There are so many private banks in the United Kingdom; some of them are very popular in the money market as well as in media and in common people. Some private banks are serving throughout world and marked as global banks. So you might be confused in choosing a good private bank. We have researched and found some basic points which are considered as some important features of good private bank.
In search of private banking, it is very important to select one with a shining goodwill - both in general and with respect to any specialty you need. As for example: alternative investments, succession planning, investing in hedge funds.
There are many number of industry league tables have been published (e.g. Annual PAM Directory), but it is also main thing to look for a private bank established with a good story. There is no guarantee that a private bank that has been present for a long time successful. The banking with an institution has a good track record and Goodwill in the industry will give you peace of mind.
Banking and other charges
Make sure you should know exactly what fees you need to pay to any private bank under consideration, and also compare the loads carried by different private banks. Sometimes a private bank will charge less overall if you get more of their products and services, so it's worth considering.
Banking services and their products
Ensure that any private bank you are considering offers a wide range of products which meets your current needs and any needs that you think you may have in the future. Different private banks offer different products and wealth management services.
The products and services you require will also depend on the practices who want to be with the management of its portfolio. If you wish to participate in the management of your account on a day to day, find a bank that offers a counselling service. If you prefer your treaty account executive decisions for you, look for a bank that offers discretionary.
Your account manager
With a private bank, your need to have a much closer relationship with your account manager than what you would do with the staff if you have a personal account on a high street bank. It also has to be able to trust your account manager to deal with the large sums of money. It is therefore important to have a good relationship with them, so talk to the person who handles your account to make sure you feel comfortable working with them before choosing a private bank.
Bank locations and their methods of contact
One of the benefits of private banking is that you can have regular and direct contact with your account manager, and not have to wait in a queue at lunchtime. However, it is important to know how you can contact your account manager and ensure that these methods will suit you. Also you may want to ensure that you are choosing private bank has an office that is convenient to visit if you want to discuss any issues with your account manager.