Private Bankerand Private Banking Services–PillarWM

When investors accumulate wealth, they often opt for private banking services. A private banker offers them customized investment advice and solutions to their financial challenges based on their individual needs and goals. They ensure your privacy and give you access to favorable rates, discounts, money markets, mortgages, checking accounts, and provide higher interest rates on your savings. So, does this mean they’re just as good as a wealth manager? As good as their services might sound on paper, they don’t offer you the same security and reassurance that you get from a fiduciary financial advisor. If you’re confused about how to identify the right advisor for you, our exclusive guide can offer you some insight. It is ideal for families with a liquid net worth of over 10 million dollars who want to make the best decision possible.



7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning


The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

Wealth management firms, such as Pillar Wealth Management, offer you personalized, fiduciary, fee-only services to help you manage your finances without any conflict of interest. We have decades’ worth of experience in working with rich families with 5 million to 500 million dollars in investable liquid wealth. Our managers are experts in giving advice and custom-tailored solutions based on your unique financial state to give you the results you desire. Start a conversation with our team to learn more about how we can help you in your financial life.

What is the Difference Between Private and Public Banks?

When you decide you need to open up a bank account, you might have several questions on your mind, such as, “Are banks private or public, and what is the difference?”

Public Banks

Let’s begin by discussing what public sector banks are. These are owned by the government, i.e., more than half of their shareholdings are in possession of the state government. They offer pensions and often appear on the stock exchange. They contribute to the country’s financial security, making them the nation’s financial backbone. Although they tend to have slightly higher interest rates, your funds remain secure in the banks’ fixed accounts. Even though it rarely happens, in the case of financial constraints,the government covers the costs so that the customer’s finances are not affected.

Since public banks have a long-standing relationship with their broad customer base, they receive customer loyalty and trust. Interest rates policies are fully disclosed, although they might charge quite high rates on savings.Lastly, employees have job security, not having to worry about being unemployed all of a sudden.

However, the public sector bank does come with its drawbacks. For example, they take a long time adapting to and updating their systems with the latest technologies.This results in customers needing to go through various departments to have a simple task done or obtain basic information, which can be tedious and time-consuming.

Private Banks

A private sector bank differs from a public bank in many factors. A majority of its shares are held by individuals, private shareholders, business entities, or private institutions. They do not offer pensions like public banks do and are associated with the risk of defaulting on customer finances. This may occur only on fixed deposits, or they may shut down all their operations abruptly, resulting in them losing track of their customers. This could mean that the customers lose all their savings.

However, private banks have far more advantages, especially for wealthy investors. They target ultimate customer satisfaction by adopting aggressive customer strategies, aiming for quality service delivery in a short time-frame.They offer high-end products and services to a wider target audience and give comparatively lower customer interests on savings.

Private banks can have hidden charges due to their specialized operations and management styles, but they offer complete customer satisfaction since you can get all the assistance you need from a single representative. Their regular performance evaluations mean that you receive the best service possible, although this may threaten job security for the employees.

Lastly, private banks use the latest technological trends,modern tools, and innovative strategies to give you the best financial management services that you can get.

private banker

Private Banking Services

Now that you know, “What is the difference between private and public banks?” you might be wondering why so many high net worth and ultra-high net worth investors opt to work with a private banker. To understand this, first, you need to know how private banking services work.

Like with any regular bank, you can open an account in a private bank to avail the perks and benefits they offer to help you manage your wealth. They give you access to exclusive services and features such as discounted rates,dedicated advisors, and invitations to special events.

While these make for a better and more personalized banking experience for you, how sure are you that private banks can guarantee you financial success? A wealth management firm offers you that promise. Our wealth managers can protect your assets,grow your portfolio, and formulate effective legacy and retirement plans. Contact us today to schedule a meeting and get started on working towards meeting your life goals and ambitions.

Is a Private Banker the Best Option for High Net Worth Individuals?

If you’re still thinking about approaching a private banker for all your wealth management needs, think again. As a high net worth or ultra-high net worth individual, you need more than a financial institution that holds your accounts. You need a fiduciary advisor who can guide you holistically in your finances. Our Ultimate Guide is perfect for investors with more than 10 million dollars to find the best financial advisor to help them meet their goals.

Although they are great for high net worth banking purposes, we would advise wealthy clients not to rely solely on private banks for their financial success. We believe that working with a wealth management firm is in your best interest, and here’s why.

You Need a Dedicated Advisor

A dedicated financial advisor will stay with you for years. They will analyze each aspect of your finances and lifestyle to help you reach your goals. Banks have a high turnover rate, which means you can get a different advisor assigned each time. This is inefficient since your new advisor will have to learn everything from scratch, i.e., your goals, your values, your priorities. A wealth manager at Pillar Wealth Management will stay dedicated to your case, giving you unbiased advice on all financial aspects. Contact our team to arrange a free consultation with one of them.

You Need a Customized Experience

Private banks typically work by asking you standard questions regarding your risk tolerance and return targets. They offer fixed investment packages that have worked well in the past without carrying too much risk. While this may seem to generate short-term gains, this strategy may not be sustainable for your future goals or targets.

Wealth management firms give you a more customized experience since they focus on your life goals and aspirations to design financial solutions that allow you to progress towards your targets in the most efficient manner. This can include using strategies such as those we have mentioned in our guide, 5 Critical Shifts For Maximizing Portfolio Growth Strategies – For Families Worth $5 Million To $500 Million.

You Require a Variety of Services

Affluent investors are busy people who tend to prefer working with institutions that make their life more convenient. With private banks, there is a chance that they might not offer all the services you are looking for. For example, they might provide investment consultancy services but won’t take part in the execution of those transactions. This would prompt you to look for a broker, taking up more of your time and money.

Furthermore, many private banks do not offer tax management services, which is an essential factor for wealthy families to preserve their wealth. However, wealth managers cover all the major aspects that concern the finances of wealthy investors, including tax management.

Your Wealth Management Requires Expertise

When you think of wealth management, you might think of estate planning, investment management in addition to other services. Private bankers don’t always specialize in these services. There are of expertise is more focused on banking services, i.e., paying bills online or looking after CD accounts.

With millions of dollars in your name, you want an expert to look after your wealth management, not someone who only does it because the firm they work for tells them to. Wealth managers are trained in the financial matters that concern wealthy families, making them experts in the field.

You Need a Fiduciary Standard of Care

Keep in mind that a private banker works for an institution, and therefore, they are required to abide by the policies and rules set by that institution. Their priority will be to look out for their firm’s best interest.

As an affluent individual, you need to prioritize your own wealth since a high net worth opens you up to multiple risks. You can read our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million, to learn more about these risks.

Financial advisors or wealth managers that follow a fiduciary standard of care are your safest bet. They can provide you with services that are in your best interest, without any conflicts of interest.

You Need Both Active Vs. Passive Management

Private bankers typically lean towards an active management style. Although it may seem promising at first, in the long-run, it brings expenses due to hightransaction charges,and management fees, tax bills.

At Pillar Wealth Management, we understand that you need a balanced approach in terms of management styles. That is why we use a combination of active and passive management to allow you to reap the benefits of high returns, low risks, and low costs. We also use strategies to boost your portfolio growth, which you can read more about in our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.

Choosing Wealth Management Firms

If you’re convinced that you need to approach a wealth management firm, you might want to know how to choose the best one. After all, the advisor or firm you choose will stick with you for decades. Hence, you need to make the best decision to protect yourself from financial ruin and complications in the future.

You can evaluate wealth management firms on a few factors to help you narrow down your list, such as their experience and credentials, fiduciary services, customized solutions, clientele, and their services. For a more detailed explanation, you can refer to our guide,The Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million.

Opening Your Own Private Bank

It is not unusual for high net worth or ultra-high net worth individuals to open their own private bank. If you’re wondering, “How can I open a private bank?” we can offer you some basic advice.

Starting a private bank is an ambitious and strategic step for an affluent investor since it is the pinnacle of capitalism and business. To begin with, you will need to apply for a new offshore banking license, which can take anywhere from 3 to 18 months, based on the jurisdiction and the current situation of your business plan or financial company. Working with a banking licensing advisor can potentially speed up this process since they will handle the relevant startup and registration procedures.

However, you should be aware that the international banking community is quite competitive, and there is no easy way to start a bank. The process demands strict compliance with the regulations and can be expensive and time-consuming. You must also have adequate capitalization, as described in the applicable regulations.A banking licensing advisor can start the process for you by diagnosing your specific situation, furnishing all your specific requirements, developing a master business plan, and liaising with the relevant regulatory authorities.

To Summarize

Working with a private banker is great to streamline your banking services as a rich investor, but it does not offer you the wealth management services that you require. Pillar Wealth Management is a 100% fee-only, fiduciary, white-glove wealth management firm that extends its services to high and ultra-high-net-worth individuals and families. Our experienced wealth managers are entirely dedicated to helping clients with 5 million to 500 million dollars in liquid assets meet all their financial goals. We develop personalized financial solutions that are based on your unique financial situations, requirements, and market conditions. Schedule a chat with us today if you are in need of expert wealth management services.


To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.

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