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Thread: Private Banking Services? Worth it?

  1. #1
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    Default Private Banking Services? Worth it?

    Anyone here uses Private Banking Services?
    Is it worthwhile vs investing yourself?
    Which one is good? I notice different banks have different min. sums to be in private banking...

    Thoughts and ideas appreciated as I super sotong here..

  2. #2
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    You have to be careful. There are no free lunch. Private banking often use u as opposing trade. They sell to u product that they need to get rid off. They make u feel important, when in fact u are their muppet. When u are losing money, they don't call you that much often anymore. But I like their free cookies.

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    They like to sell you products that generate big commission for them rather than products that are really suitable for you. And sometimes you don't even understand the product that they are selling to you. Unless you are prepared to spend time talking to them and cross-checking the products that they offer, I feel it's not worth it.

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    Quote Originally Posted by indomie
    You have to be careful. There are no free lunch. Private banking often use u as opposing trade. They sell to u product that they need to get rid off. They make u feel important, when in fact u are their muppet. When u are losing money, they don't call you that much often anymore. But I like their free cookies.
    haha bingo ~

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    Quote Originally Posted by gwlip
    Anyone here uses Private Banking Services?
    Is it worthwhile vs investing yourself?
    Which one is good? I notice different banks have different min. sums to be in private banking...

    Thoughts and ideas appreciated as I super sotong here..
    Depends. You can do both actually. Get yourself into the PB services and request your banker to invest in whatever instrument you preferred. There are some instrument, eg. corporate bonds which are not available to individuals but available through PB - I think... But of course, always do your homework first before investing

    Anyway, I do not qualify - haha!

  6. #6
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    Quote Originally Posted by indomie
    You have to be careful. There are no free lunch. Private banking often use u as opposing trade. They sell to u product that they need to get rid off. They make u feel important, when in fact u are their muppet. When u are losing money, they don't call you that much often anymore. But I like their free cookies.
    Quote Originally Posted by chiaberry
    They like to sell you products that generate big commission for them rather than products that are really suitable for you. And sometimes you don't even understand the product that they are selling to you. Unless you are prepared to spend time talking to them and cross-checking the products that they offer, I feel it's not worth it.
    Thanks for the warning.
    I took the road less traveled by, and that has made all the difference. - Robert Frost quotes (American poet, 1874-1963)

  7. #7
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    Let me share my opinion.
    Ya, I am a private banking customer, and enjoying the same rate as their staff. I studied all the products they offered and comparing with others before making my decision.

    I have rejected many products offered by the banks including insurance, equity link note etc

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    Quote Originally Posted by Laguna
    Let me share my opinion.
    Ya, I am a private banking customer, and enjoying the same rate as their staff. I studied all the products they offered and comparing with others before making my decision.

    I have rejected many products offered by the banks including insurance, equity link note etc

    can we say that it is best to be private banking to enjoy the discounted rate but rejected all their other products?
    I took the road less traveled by, and that has made all the difference. - Robert Frost quotes (American poet, 1874-1963)

  9. #9
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    Quote Originally Posted by gwlip
    Anyone here uses Private Banking Services?
    Is it worthwhile vs investing yourself?
    Which one is good? I notice different banks have different min. sums to be in private banking...

    Thoughts and ideas appreciated as I super sotong here..

    If U do little investment knowledge, pls do not go for private banking. They will "help" U to lose money.

    If U are able to manage your emotional investment behaviour (GREED , FEAR , IMPATIENCE, Invest base on HOPE etc), U will likely to have a good or huge return. Just imagine that if U will to invest during the Financial tsunami on OSIM. Your 60k in 2008 become 1.7million in today price. Too bad, I did not invest during EXTREME fear mkt.

    The extreme fear mkt will come again. Just need to be very very very patience. A person life time will encounter at least 8 deep deep mkt downturn. U just need to be ready, have "BULLETs" & couragerous will it come.

  10. #10
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    depends on background knowledge on financial mkts n prodts
    if you're from different discipline like engineering or healthcare
    mayb worthwhile to set up account

    treat as learning opportunity, ask lots of questions
    but dun invest in all the high risk prodt at the start
    if net worth qualify as PB customer, put SGD fixed deposit also can one
    treat lower interest rate as paying school fees 1st

    Quote Originally Posted by gwlip
    Anyone here uses Private Banking Services?
    Is it worthwhile vs investing yourself?
    Which one is good? I notice different banks have different min. sums to be in private banking...

    Thoughts and ideas appreciated as I super sotong here..
    if you dont't own any property, you're short. take cover quickly

  11. #11
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    I can categorically say that there is no harm in engaging the service of a private banker. the fee is a small price to pay for the greater access to markets and products.

    Just make sure u are dealing with one of the major players. and dont be fooled by those bankers who says they can give u "private banking status" with less than USD1mil (a lot of smaller players anyhow give out private status)... you end being just a glorified premier banking client.

    there are a lot of products u can ask the bankers to structure for you... sky's the limit as long as they have a strong backing from the trading desk. U can even ask your private banker to intro u to the IB guys if your company is looking to raise debt or equity.

    just a very basic simple product which private banks have been pushing more now..
    CLN (credit linked notes) - you can get 4-7% pa return on almost risk free names. just do a FTD with INDON / CAPITALAND / DBS / MALAY for example.. no way in hell any of those will default in the next 3 years.
    if you leverage a little your return will be even higher...

    dont be greedy and only care about their free food or look at the chio bu banker.. a lot of ways to make money.. just need the right connection..

    have a open mind.. everyone huat!

  12. #12
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    Bro, which private bank u recommend? I pai seh, not in that club... Been doing my own investment... What is the AUM?

    Quote Originally Posted by Condo Kaiser
    I can categorically say that there is no harm in engaging the service of a private banker. the fee is a small price to pay for the greater access to markets and products.

    Just make sure u are dealing with one of the major players. and dont be fooled by those bankers who says they can give u "private banking status" with less than USD1mil (a lot of smaller players anyhow give out private status)... you end being just a glorified premier banking client.

    there are a lot of products u can ask the bankers to structure for you... sky's the limit as long as they have a strong backing from the trading desk. U can even ask your private banker to intro u to the IB guys if your company is looking to raise debt or equity.

    just a very basic simple product which private banks have been pushing more now..
    CLN (credit linked notes) - you can get 4-7% pa return on almost risk free names. just do a FTD with INDON / CAPITALAND / DBS / MALAY for example.. no way in hell any of those will default in the next 3 years.
    if you leverage a little your return will be even higher...

    dont be greedy and only care about their free food or look at the chio bu banker.. a lot of ways to make money.. just need the right connection..

    have a open mind.. everyone huat!

  13. #13
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    bros

    you already have a private "banker" which is in the form of agent....

  14. #14
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    Quote Originally Posted by Condo Kaiser
    I can categorically say that there is no harm in engaging the service of a private banker. the fee is a small price to pay for the greater access to markets and products.

    Just make sure u are dealing with one of the major players. and dont be fooled by those bankers who says they can give u "private banking status" with less than USD1mil (a lot of smaller players anyhow give out private status)... you end being just a glorified premier banking client.

    there are a lot of products u can ask the bankers to structure for you... sky's the limit as long as they have a strong backing from the trading desk. U can even ask your private banker to intro u to the IB guys if your company is looking to raise debt or equity.

    just a very basic simple product which private banks have been pushing more now..
    CLN (credit linked notes) - you can get 4-7% pa return on almost risk free names. just do a FTD with INDON / CAPITALAND / DBS / MALAY for example.. no way in hell any of those will default in the next 3 years.
    if you leverage a little your return will be even higher...

    dont be greedy and only care about their free food or look at the chio bu banker.. a lot of ways to make money.. just need the right connection..

    have a open mind.. everyone huat!
    Thanks Kaiser, that is great advice! I was looking at various private banking options, like DBS and UOB asking for 5M minimum yet OCBC's arm is requiring 1M USD. Do you have any recommendations?
    (erm with Chio Bu banker lagi better la )

  15. #15
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    Quote Originally Posted by chestnut
    Bro, which private bank u recommend? I pai seh, not in that club... Been doing my own investment... What is the AUM?
    AUM = Asset Under Management

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    Quote Originally Posted by gwlip
    Thanks Kaiser, that is great advice! I was looking at various private banking options, like DBS and UOB asking for 5M minimum yet OCBC's arm is requiring 1M USD. Do you have any recommendations?
    (erm with Chio Bu banker lagi better la )
    I have checked with all locals, and found that products are not impressive and RM standard can be better.

    Pricing also not attractive.

  17. #17
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    Quote Originally Posted by toiletsiao
    AUM = Asset Under Management
    I know... Just want to know minimum aum for private banking amongst various banks... Hahaha
    And which is good? Need to look at options... My Citibank rm so scared I go private...

  18. #18
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    Quote Originally Posted by chestnut
    I know... Just want to know minimum aum for private banking amongst various banks... Hahaha
    And which is good? Need to look at options... My Citibank rm so scared I go private...
    Dont waste time with them la!

    If you need investment advice, might as well ask Office Boy over a dinner ...
    Office Boy is not accredited, but so far, most people talk to me a few times Huat Ah!

    But I dont talk to many people la ... gotta be selective.

    DKSG

  19. #19
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    This takes the cake.. hahaha..
    Today I received an email on a survey for private banking client...and here goes.. something very ironic...

    "We are conducting this survey with the help of Retail Finance Intelligence (RFi), an independent research agency responsible for the Singapore Private Banking Council. Please be assured that your personal and account information will not be shared with RFi. All responses that you provide in this survey are anonymous and will be treated with absolute confidentiality."

    You know what??... They try to recall the email but cannot...
    I wonder why and i clicked on the email headers... .OPS... THEY USED CC instead of BCC.

    Now, I have the whole list of customers email at my disposal.. lol

  20. #20
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    Bro, from wat bank?

    Steam man...
    Quote Originally Posted by focus
    This takes the cake.. hahaha..
    Today I received an email on a survey for private banking client...and here goes.. something very ironic...

    "We are conducting this survey with the help of Retail Finance Intelligence (RFi), an independent research agency responsible for the Singapore Private Banking Council. Please be assured that your personal and account information will not be shared with RFi. All responses that you provide in this survey are anonymous and will be treated with absolute confidentiality."

    You know what??... They try to recall the email but cannot...
    I wonder why and i clicked on the email headers... .OPS... THEY USED CC instead of BCC.

    Now, I have the whole list of customers email at my disposal.. lol

  21. #21
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    Quote Originally Posted by gwlip
    Thanks Kaiser, that is great advice! I was looking at various private banking options, like DBS and UOB asking for 5M minimum yet OCBC's arm is requiring 1M USD. Do you have any recommendations?
    (erm with Chio Bu banker lagi better la )
    Even the hedge funds are losing money in this volatile mkt. What make you think your private banker can help U to make a decent return. Majorities of the clients are losing money from improper advise. The private banker has a sale tgt to hit. From 30m to 100m. They will pump alot of investment ideas to U so that U will invest.

    Only used private banking to leverage buying GOOD bond with high LTV. Next 2 years should be safe. If U have a fairly investment knowledge. Use Saxo for FX & E-trade to ELN. Almost same product better return (10-15%).

    rdgs,
    Vic

  22. #22
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    Quote Originally Posted by chestnut
    Bro, from wat bank?

    Steam man...
    Local bank.. this one is BANK Level. woohoo..

    Not the first time... last time, it was a RM level. My foreign bank RM did the same (cc instead of bcc) with her clients and I can see all their emails..

    Very hard to control if your mind wonders off somehow.. Too use to CC everyone in the company when doing email shooting within the office and forgot about turning it to bcc when dealing with outsiders.

  23. #23
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    Bro, wars the diff between privilege vs private banking... Need to know a bit before I decide to do private...

    One of the reasons why I did not do was I did my own investing....

    Can give me a constructive opinion?



    Quote Originally Posted by focus
    Local bank.. this one is BANK Level. woohoo..

    Not the first time... last time, it was a RM level. My foreign bank RM did the same (cc instead of bcc) with her clients and I can see all their emails..

    Very hard to control if your mind wonders off somehow.. Too use to CC everyone in the company when doing email shooting within the office and forgot about turning it to bcc when dealing with outsiders.

  24. #24
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    Quote Originally Posted by focus
    This takes the cake.. hahaha..
    Today I received an email on a survey for private banking client...and here goes.. something very ironic...

    "We are conducting this survey with the help of Retail Finance Intelligence (RFi), an independent research agency responsible for the Singapore Private Banking Council. Please be assured that your personal and account information will not be shared with RFi. All responses that you provide in this survey are anonymous and will be treated with absolute confidentiality."

    You know what??... They try to recall the email but cannot...
    I wonder why and i clicked on the email headers... .OPS... THEY USED CC instead of BCC.

    Now, I have the whole list of customers email at my disposal.. lol
    i already did that survey from GTM...

    which idiot bank(er) is that

  25. #25
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    Bro, the different is the cash amount. Privilege/priority needs at least 300k. Private is beyond 1mil. Was asked to upgrade to Private but did not unless you really involved in active investment of ETFs, etc.
    Quote Originally Posted by chestnut
    Bro, wars the diff between privilege vs private banking... Need to know a bit before I decide to do private...

    One of the reasons why I did not do was I did my own investing....

    Can give me a constructive opinion?

  26. #26
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    I think some of you guys dont really have a clear idea of what a good private bank can offer. It is a lot more than just selling some random products to you.

    first u need to know that simply having few mil in your bank account doesnt mean u can take advantage of the full suite of service your private bank can offer. a lot of the stuff they do for you goes beyond making more money for you. as a private banking customer, you should have your own ways of making money (be it high paying private sector career or your own business), and tht is where you should put most of your focus on...

    when you are very rich, making super higher returns is no longer your aim, a large part of your concern will be on succession planning for your family business, estate planning for your vast fortune. wealth preservation for your legacy. philanthrophy will also be something your banker can help you with (with tax benefits in most cases). or if you fancy, they can set up a private viewing of some fine art before they go for public auction.

    so bottome line, no point getting private banking service if you are not there yet cos you wont enjoy most of their services. those claim to give you private status with small AUM all is bullshit, just glorified premiere banking clients.. still sell u the same dual ccy products, ask u buy the same unit trust.. just nicer room to sit and prettier receptionist...

  27. #27
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    Already invited to those sessions without being a private banking status.
    Quote Originally Posted by Condo Kaiser
    I think some of you guys dont really have a clear idea of what a good private bank can offer. It is a lot more than just selling some random products to you.

    first u need to know that simply having few mil in your bank account doesnt mean u can take advantage of the full suite of service your private bank can offer. a lot of the stuff they do for you goes beyond making more money for you. as a private banking customer, you should have your own ways of making money (be it high paying private sector career or your own business), and tht is where you should put most of your focus on...

    when you are very rich, making super higher returns is no longer your aim, a large part of your concern will be on succession planning for your family business, estate planning for your vast fortune. wealth preservation for your legacy. philanthrophy will also be something your banker can help you with (with tax benefits in most cases). or if you fancy, they can set up a private viewing of some fine art before they go for public auction.

    so bottome line, no point getting private banking service if you are not there yet cos you wont enjoy most of their services. those claim to give you private status with small AUM all is bullshit, just glorified premiere banking clients.. still sell u the same dual ccy products, ask u buy the same unit trust.. just nicer room to sit and prettier receptionist...

  28. #28
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    Bro you must have done very well for yourself if you have been invited to an individual private viewing of Christie's or Sotheby's acution before items are displayed. I've never been invited.

    And you are probably not a private banking client by choice and not limited by circumstance.

  29. #29
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    It is a good feeling when invited to those sessions but I am a simple person. Just prefer to do planning on my own than to rely on other people as I enjoy learning while investing. Difficult to find another good banker after my banker for many years left for home.
    Quote Originally Posted by Condo Kaiser
    Bro you must have done very well for yourself if you have been invited to an individual private viewing of Christie's or Sotheby's acution before items are displayed. I've never been invited.

    And you are probably not a private banking client by choice and not limited by circumstance.

  30. #30
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    wl my advice sir:

    just put fixed deposit at 1.x% at uob privilege reserve, and just grab the rewards/freebies.

    storm coming, cash is king. in the meantime, enjoy free yacht, free makan, metal card w 10x uni$ etc from uob. zero risk

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