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..
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..
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.
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.
haha bingo ~Originally Posted by indomie
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 investingOriginally Posted by gwlip
Anyway, I do not qualify - haha!
Originally Posted by indomieThanks for the warning.Originally Posted by chiaberry
I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)
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
Originally Posted by Laguna
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)
Originally Posted by gwlip
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.
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
Originally Posted by gwlip
if you dont't own any property, you're short. take cover quickly
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!
Bro, which private bank u recommend? I pai seh, not in that club... Been doing my own investment... What is the AUM?
Originally Posted by Condo Kaiser
bros
you already have a private "banker" which is in the form of agent....
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?Originally Posted by Condo Kaiser
(erm with Chio Bu banker lagi better la )
AUM = Asset Under ManagementOriginally Posted by chestnut
I have checked with all locals, and found that products are not impressive and RM standard can be better.Originally Posted by gwlip
Pricing also not attractive.
I know... Just want to know minimum aum for private banking amongst various banks... HahahaOriginally Posted by toiletsiao
And which is good? Need to look at options... My Citibank rm so scared I go private...
Dont waste time with them la!Originally Posted by chestnut
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
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
Bro, from wat bank?
Steam man...
Originally Posted by focus
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.Originally Posted by gwlip
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
Local bank.. this one is BANK Level. woohoo..Originally Posted by chestnut
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.
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?
Originally Posted by focus
i already did that survey from GTM...Originally Posted by focus
which idiot bank(er) is that
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.Originally Posted by chestnut
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...
Already invited to those sessions without being a private banking status.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.
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.Originally Posted by Condo Kaiser
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