Benefits of private banking

What actual benefits does private banking give you which you do not get with regular retail banking services?

Hi there,

Private banking services provide a number of benefits which you do not receive through regular retail banking products:

1. Asset management - the bank invests your wealth on your behalf and makes investment decisions for you. The bank monitors and adjusts your investments on an ongoing basis.

2. Swiss banks are regulated by Swiss financial regulatory authority FINMA and deposits are protected by a depositor protection guarantee.

3. Private banking services may include additional services such as legal services, tax consultation, estate planning, real estate consultation and many more.

4. Fees may be negotiable.

However, there are also disadvantages associated with private banking services. Firstly, when your assets are invested, you bear the risk of loss through poor investments. Secondly, the fees and charges levied by private banking services are high, and can cut into your returns.

Before signing up for a private banking service, make sure to compare costs. You can do this using the unbiased private banking comparison on moneyland.ch. Investing money yourself using a low-cost online broker is another option.

Best regards from Moneyguru

More on this topic:
Swiss online broker comparison
Private banking: The costs explained
Choosing the right asset manager