Wealth Management

First of all, let’s get started with how you define wealth management. It is a professional service, of a higher level that includes real estate, financial processes and achievements along with tax services. Individuals with an incredibly high net worth like Bill Gates, Jack Ma and many more have wealth managers who are the care takers of their investments (be it local or foreign), etc. Many people take these individuals as an inspiration, and dream about becoming financially secure and independent. They dream of having their own business to make huge sums of profit, or an enterprise that gains them financial success. However, what they do not know is how to manage the wealth. In this article, I am talking about the stuff you should know about wealth management.

Open a bank account: –

The foremost thing you should do is open up a bank account. This should be done considering the reliability of a bank and its popularity amongst the people. You should also consider the profit margin it holds for its clients. You need a bank account for various transactions through all means. With this you would also require a credit card, to purchase stuff, when you do not have cash at hand.

Private banking: –

It is a form of investing and banking carried out by individuals with a very high net-worth. The term “private” signifies that it is on a more personal basis than commercial. It is offered by a wealth relationship manager and is consisted a part of tax advisory, brokerage etc. Basically speaking, private banking was the first form of banking, of its kind, that came into being in Vienna. Apparently, it was formed to manage the wealth of wealthy families and business elites at that time. Some of these banks in Europe are under the control of Royal reigns. Such is an example of “Princely Family of Liechtenstein”, that is a part of the famous “LGT GROUP”. Same is the example of the British Royal Family whose financial situations are managed by the Coutts that was founded in 1692. An advantage of private banks is that they reduce the tax expenditure, thus enabling the individuals to save money through bank secrecy. The United States of America has one of the largest private banking system on the planet, because it has 28.6% of the highest net-worth individuals as of 2010.

The ranking of the private banks is shown below: –

Rank 2016 Company Rank 2015
1 UBS 2
2 Credit Suisse 3
3 JPMorgan 1
4 Citi 4
5 BNP Paribas 8
6 Deutsche Bank 6
7 Julius Baer 9
8 HSBC 5
9 Pictet 10
10 Goldman Sachs 7
1 UBS Wealth Management   Switzerland 1,737.5
2 Bank of America Global Wealth and Investment Management  USA 1,444.8
3 Morgan Stanley Wealth Management  USA 1,439.4
4 Credit Suisse Private Banking & Wealth Management   Switzerland 687.3
5 RBC Wealth Management  Canada 620.9
6 Citi Private Bank  USA 508.5
7 J.P. Morgan & Co.  USA 437.0
8 Goldman Sachs Private Wealth Management  USA 369.0
9 BNP Paribas Wealth Management  France 357.3
10 Deutsche Asset & Wealth Management  Germany 311.4
11 Julius Baer Group   Switzerland 297.5
12 BMO Wealth Management  Canada 287.0
13 HSBC Private Bank  UK 261.0
14 Pictet Wealth Management   Switzerland 239.2
15 Northern Trust Wealth Management  USA 227.3
16 Wells Fargo Wealth Management  USA 225.0
17 ABN AMRO Private Banking  Netherlands 217.4
18 Santander Private Banking  Spain 204.8
19 Bank J. Safra Sarasin   Switzerland 194.2
20 China Merchants Bank  PRC 192.9
21 BNY Mellon Wealth Management  USA 191.8
22 Crédit Agricole Private Banking  France 165.0
23 ICBC  PRC 154.1
24 Lombard Odier Private clients   Switzerland 133.6
25 CIC  France


Fee Structure of Private Banks and other stuff: –

The fee structure of private banks differs from one bank and one country to another. Banks function on the sum they receive from the third party and do not charge the clients for the advisory fee in any way. According to Forbes Magazine, wealth management is defined as the art of managing one’s wealth. It outlines the way of meeting the clients and addressing their needs by providing valuable and relevant financial advices. If you still have confusions related to wealth management and how you can master it, you must consider the following bullets: –

  • Transfer of money and appropriate transactions.
  • Change in your lifestyle
  • Considering the need of your family
  • Understanding the demand of time
  • Being able to take risks
  • Asking questions and letting your curiosity out
  • Manage specific technology related tasks, clients and other specifications within a specific time period and budget.
  • Deal with unexpected responses, outcomes and able to tackle challenges.
  • Initiate finance projects, and formulate reports regardless of the result
  • Act as a leader, by setting examples and committed towards accomplishments
  • Able to address the issues and queries of the clients and ensuring their personal satisfaction.
  • Form partnerships and collaborate with other firms and companies upon interests of profits
  • Should be able to work with other team members and co-operate effectively and efficiently
  • Must always have a positive and optimistic attitude towards future prospects and clients
  • Should be realistic and not sugar coat problems. However, it is important that he should not appear blunt and too pessimistic towards clients and customers as this factor tends to have a negative impact on them and overall, the firm.
  • Patience is a very important factor and quality. One thing needs to be remembered and that is, “success doesn’t come easy”. Patience along with determination, hard work, motivation and consideration is an incredibly important virtue.
  • If a problem cannot be resolved, then the person should not at all feel shy or inferior to bring it up to the seniors who are far more experienced and skillful.
  • Should be capable enough to lead the team forward and clarify them of the motives, goals and especially the expectations; so that all the team members are known with what they have to achieve.
  • Should be capable enough to conduct projects within and beyond firms and its resources.
  • Basic knowledge about software and technology is necessary.
  • Able to conduct SWOT analysis of the firm, company or an alien organization.

Apart from this, in order to succeed to a further extent, you must be willing to grab hold of every opportunity that comes to you. You should have the ability to make decisions on your own and be willing to consult your mentor, whenever needed. You must be inspired enough to gain achievements and learn lessons from your previous mistakes.

So, all in all now you have an idea of what wealth management apparently is and how you can ace it by following the steps and path as elaborated above.


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