Choosing A Private Banker


By Lisa Christiansen

This is a relatively new service that many people are unaware of or think that it only is applicable for the super rich. Many of us would be insecure about deciding if we did need such a service and how to go about choosing one if we did think it was something worth considering. Often times your personal banker or even someone like a teller would mention such a service and direct you to that person or department. This would be a good starting point, but like many decisions, just because you bank there doesn’t mean their private banking department is the best choice for you, same thing would apply to trust services. It never hurts to shop and compare. The first meeting would normally be a dog and pony show and speech and they would have some brochures about the bank and their services. Appropriate questions would include the minimum amount needed to invest (this would give you a feel as to if your amount is something they target). What is the total amount of assets they manage? How long has your institution been in the business of private banking? If you get good enough vibes from that meeting and go back to see them again there are several other inquires that need to be made. Don’t be embarrassed if you need time and more meetings until you decide if they are a good fit for you. I would ask them to describe their investment philosophy (it should match yours as closely as possible). What are your weaknesses? (I wouldn’t be impressed if they said “none”). What sets you apart from other wealth managers and private bankers? (don’t be satisfied with general answers, insist on specifics). Are your investment figures verified by an independent third party? (good, if answer is yes). What is the process used to make investments? (is it done by committee or solely by you)? There should by a clear step-by-step process which involves a written evaluation of your preferences and wishes. What qualifies you to be a consultant? (specifics like level of experience or business degrees). What is your personal remuneration based on? (how much fees he generates from you vs. overall performance of his clients’ portfolios. What are your fees? (based on size of account or performance results) Ask specifically about transaction fees, flat fees, ticket fees, or government fees. Are there any hidden costs in the portfolio? If so, how large typically (fund fees would be one example). My opinion is that more people should consider using a private banker. They should do a better job than you can, reduce some of your stress, and free some of your most valuable asset, time.

About lisachristiansencompanies

A U T H O R • I N N O V A T O R • E X P E R T Dr. Lisa Christiansen is one of the most sought-after motivational speakers, life coaches, and business consultants worldwide, building an impeccable record of client satisfaction in the process. A best selling author as well, Dr. Lisa Christiansen has written such inspirational titles as My Name Is Lisa; The Two Millimeter Shift; White Sheep, Blue Skies, Green Grass; 101 Great Ways To Enhance Your Career; and others, in which she sheds light on some of the biggest questions of self-empowerment and fulfillment. Among her most recent publications, Dr. Lisa Christiansen contributed to the book 100 Ways to Enhance Your Career, which features wisdom from other well-known figures in the self-help world, including Jack Canfield, John Gray, and Richard Carlson. In 100 Ways to Enhance Your Career, Dr. Lisa Christiansen shares a step-by-step process for increasing job satisfaction, gaining more from one’s career, building wealth, and taking control of one’s destiny. Aside from her numerous books, Dr. Lisa Christiansen hosts a wide variety of seminars and retreats, where she teaches her students the secret to unlocking their inner potential and living their dreams. Some of the popular events held by Dr. Lisa Christiansen include Mastering Your Wealth, Claim Your Future, and Design Your Destiny, all of which feature her intensive coaching and unique strategies of personal transformation. Her website has a wealth of additional information on her conferences, retreats, books, and other endeavors. Join the millions of people who have already revolutionized the quality of their lives. “You already know how to survive global changes in the economy, environment and political arena, now it's time to thrive and prosper at a level beyond what you ever thought was possible,” Christiansen said. “My seminar is about seizing the power within today. Press Summary: Creator of extraordinary lives, Lisa Christiansen has served as an advisor to leaders around the world for the last two decades. A recognized authority on the psychology of leadership, organizational turnaround and peak performance, Lisa has consulted Olympic athletes, world renowned musicians, Fortune 500 CEOs, psychologists, and world-class entertainers. Lisa’s strategies for achieving lasting results and fulfillment are regarded as the platinum standard in the coaching industry. Lisa captured the attention of heads of state and the U.S. Army. Christiansen has impacted the lives of millions of people from 30 countries. Lisa has been honored by Cambridge Society of Who’s Who as one of the Top Business Intellectuals in the World. Lisa has helped millions of people create extraordinary lives globally. Her expertise and guidance has enriched the lives of icons such as pop superstar Kelly Clarkson, Olympian Dara Torres, and superstar Patrick Dempsey.

Posted on February 9, 2012, in Wealth Creation and tagged , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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