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Started By
Message
Everybody wants call themselves a private banker now.
Posted on 2/8/23 at 7:45 pm
Posted on 2/8/23 at 7:45 pm
I've seen two different local banks now claiming to offer private banking services. One aims primarily at the ag sector and one to medical professionals. In looking at what they actually offer it's a little higher level of personal service, not what the big hitters like UBS offer. One has a money market account with a $2500 minimum. I mean, wtf? You don't need a private banker for $2500.
At any rate, I expect their target audience is the big fish in a small pond with net worth of a couple million. A small town baw like that should be able to have his local bank president's cell# anyway, without the moniker of private banking. Now excuse me while I go outside and yell at a cloud.
At any rate, I expect their target audience is the big fish in a small pond with net worth of a couple million. A small town baw like that should be able to have his local bank president's cell# anyway, without the moniker of private banking. Now excuse me while I go outside and yell at a cloud.
7
Posted on 2/8/23 at 8:11 pm to AndyJ
I am an observer of the passing scene
Posted on 2/8/23 at 9:18 pm to Jim Rockford
quote:
A small town baw like that should be able to have his local bank president's cell# anyway, without the moniker of private banking. Now excuse me while I go outside and yell at a cloud.
And a position on the board of directors.
Posted on 2/9/23 at 5:57 am to SmackoverHawg
As a banker not sure why it matters to you. If you’re not interested move along. Banks are trying anything these days (besides increasing rates) as we’re getting crushed on margins at the moment. It will appeal to someone.
As a consumer I’d agree. There are two forms of private banking these days and it’s a stretch to call either private banking. The one you mentioned where you have gazillions with UBS, Wells etc and what I consider private banking where you have a branch manager or commercial loan officer in your back pocket. The ones you have their cell numbers and they know you. You’d be surprised how many people and small businesses have no clue who their banker is or where to even begin if they need something.
As a consumer I’d agree. There are two forms of private banking these days and it’s a stretch to call either private banking. The one you mentioned where you have gazillions with UBS, Wells etc and what I consider private banking where you have a branch manager or commercial loan officer in your back pocket. The ones you have their cell numbers and they know you. You’d be surprised how many people and small businesses have no clue who their banker is or where to even begin if they need something.
Posted on 2/9/23 at 7:14 am to Im4datigers
quote:
There are two forms of private banking
I always considered private banking to just be... a banker with a specific client list, so when you go to the bank, you talk to someone specific... not just whoever is at the desk at that time.
Posted on 2/9/23 at 7:55 am to AndyJ
quote:
Why are you bothered?
It's always the people who don't actually qualify for private banking that complain the most about it lol.
Posted on 2/9/23 at 10:31 am to CAPEX
quote:
I always considered private banking to just be... a banker with a specific client list, so when you go to the bank, you talk to someone specific... not just whoever is at the desk at that time.
And this is 99% of the rest of america's definition of it as well to be honest.
Posted on 2/9/23 at 10:51 am to Jim Rockford
quote:
I've seen two different local banks now claiming to offer private banking services. One aims primarily at the ag sector and one to medical professionals. In looking at what they actually offer it's a little higher level of personal service, not what the big hitters like UBS offer. One has a money market account with a $2500 minimum. I mean, wtf? You don't need a private banker for $2500.
At any rate, I expect their target audience is the big fish in a small pond with net worth of a couple million. A small town baw like that should be able to have his local bank president's cell# anyway, without the moniker of private banking. Now excuse me while I go outside and yell at a cloud.
Only thing worse than the overused term of private banking is "Family office".
Every guy with a couple million bucks in the bank and a few rental properties now considers themselves a family office.
Posted on 2/9/23 at 10:41 pm to whodatigahbait
quote:
Every guy with a couple million bucks in the bank and a few rental properties now considers themselves a family office.
TBF that’s not exactly a long list of people. Anyone smart enough to get a few rental properties ought to also be smart enough to realize there are better things than sitting on a large pile of cash.
Posted on 2/9/23 at 11:32 pm to Im4datigers
Net interest margins increased across FFIEC peer group 1 in 4q22. Not sure what you’re talking about.
Posted on 2/10/23 at 7:52 am to Jim Rockford
Hello Mr. Big Bank employee
Posted on 2/10/23 at 7:52 am to CAPEX
quote:
It's always the people who don't actually qualify for private banking that complain the most about it lol.
Or this
Posted on 2/10/23 at 11:11 am to Jim Rockford
We have much greater income and wealth inequality as the middle class continues to get squeezed.
Businesses are just focusing their energies on the people who are most likely to enhance their cash liquidity and offer a profit.
Businesses are just focusing their energies on the people who are most likely to enhance their cash liquidity and offer a profit.
Posted on 2/11/23 at 5:42 pm to MikeyFL
Questions
1) how much money to get the UBS private banking
2) what do they actually do for you?
1) how much money to get the UBS private banking
2) what do they actually do for you?
Posted on 2/11/23 at 7:54 pm to Jim Rockford
All banking is private. The ones who get to know you the most are the ones you owe the most. 
Pretty simple.
Pretty simple.
Posted on 2/12/23 at 10:44 am to GeauxTigers123
quote:
what do they actually do for you
Posted on 2/12/23 at 4:08 pm to Jim Rockford
It is all bs to get you to buy their for fee investments--mutual funds and the like. Some of those "wealth managers" and "private bankers" are hardly 30 years old and have no real experience.
It is just the old full service brokerage.
It is just the old full service brokerage.
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