With each passing year, two established facts get proven as universally true – the world population keeps increasing and the richest folks of the world keep getting richer, with several new names being added to the list of world’s richest individuals. However, these individuals, known as High Net Worth (HNW) Individuals do not keep their stash in the widespread public banks, since they levy a considerable amount for safeguarding the money without giving these customers a significant increase in their principal amount. For covering up this lacuna, private banks have mushroomed in recent times to care for the assets of the HNW individuals, offering them exclusive services.
Here is a list of the best banks for the High Net Worth Individuals to stash their millions while being catered to a variety of exclusive services.
1. Citi Private Bank
The seventh largest bank in the world is also famous for being the bank of choice for the international HNW clientele, especially those who travel around the world for their business.Their specialization stems from their exclusive aim of serving only the HNW individuals, cutting off the general public. A variety of different strategies are used by the bank to increase the capital of the investors from a few million to tens of millions, including lending monies for asset acquisition and taking care of the proceeds of investments.
2. Morgan Stanley
Morgan Stanley caters exclusively to the millennial’s who belong to the HNW category. The millennial’s are an important category since a total sum to US$30 million is sure to be passed into their hands through investments. Morgan Stanley is famous for taking the long route for increasing the share of their customers and their children which includes funding the Institute for Sustainable Investing, apart from aggressive banking strategies in case of asset acquisitions.
HSBC is a bank that always stays in the news headlines for their banking mechanisms. What sets them apart from other HNW private banks are their policies for catering to corporate executives – the category of employers getting rich through wealth accumulation without making any wrong noises. The bank offers such executives, especially from East Asia ground-breaking research into their financial affairs and giving their wealth a‘holistic’ development through their far-flung branches and the markets where the money has been invested with a guarantee of increase in capital.
4. BNY Mellon Wealth Management
While most high-end private banks concentrate on the high net-worth individuals and their finances, their families and the impending struggle of inheritance gets easily overlooked.However, BNY Mellon is one of the very first and very few private banks to take up this challenge under the strategy of ‘Family Governance’. Under this program, different inheritors of the clan of the original investor are also brought under a single umbrella where basic finance management is melded with family therapy, bringing them to a common ground for them to focus and increase the collective wealth. This has also led to the branching of one of the newer fields called ‘Strategic Philanthropy’ by the bank, which creates a trust fund to preserve the riches while bringing desperate inheritors from their fighting grounds.
The number of private banks catering to the HNW individuals has risen to a good number since the turn of the new millennium. However, the four banks listed here offer the edge to their customers which puts them in an advantageous position with respect to their peers. Investors are advised to follow these banks and take note of their strategies for witnessing a steady rise in their million-dollar fortunes.