Private banking and wealth management are the talk of the town, but do you fully understand their meaning and purpose? In the realm of high-net-worth services, private banking and wealth management are popular options that seem pretty similar at first glance. Both claim they provide tailored services that center on the client. But if you’re someone with substantial assets, you need to know exactly how these two services differ.
It’s true that they both offer their own unique approach and sets of tools, but do they fully address the needs of the 0.1%? Hardly. For ultra-high-net-worth individuals (UHNWIs) like yourself, you need to know where the gaps are, and we’re just the experts you need to fill you in.
At Dominion, we’ve built a legacy protecting the assets of some of the most influential people on the planet. And we can do the same for you. Our clients trust us because we offer extraordinary services where the traditional ones drop the ball. Our role in this industry is to provide clear, powerful solutions in a world where “customized” often means “compromised.” Knowing that, let’s see what private banking and wealth management really provide and why our approach is better.
Private Banking Is Personalized, But It’s Also Limited
Traditional banking that requires a customized approach often serves high-net-worth clients. It’s deposits, loans, and investment accounts – all with a personal twist. Clients are promised here with superior services that the average customer cannot get.
What Private Banking Offers
The customers of private banking get some nice perks designed to make them feel valued. Here, you gain direct access to bank advisors, priority handling of your banking transactions, and better terms on loans and lines of credit. Private banking is for high-net-worth individuals who need something more from their bank – specifically, they want a more streamlined experience on their day-to-day finances, which equals better convenience all around.
These clients (HNWIs and UHNWIs) are prized by banks because quite frankly they are big business. Private banking holds high-value accounts in equally high esteem and is able to make profitable lending relations. That means in turn that private banks will try to make sure their best clients, whoever they may be, have the best experience possible. All that usually comes in terms of faster service or a feeling that their every need is catered to by a concierge.
Private Banking’s Limitations
It’s not perfect, though. Private banking’s loyalty is still with the bank and never solely the client. There are no two ways about it – you can have the most dedicated and devoted private banker there is, but at the end of the day, they report back to the institution, and the institution has its priorities.
All of this boils down to a matter of either the bank’s bottom line or the best interests of the client. You can bet the client’s needs will almost always come second.
What’s more, private banking isn’t always the most consistent option. Employee turnover is high, meaning the advisor you speak with today could be gone the next. Such an issue can cause disruption to their business and ability to operate, and it makes it difficult for the firm to establish the long-term, stable relationship that UHNWIs tend to demand.
As you can tell, the benefits of private banking come at a high price for the bank, but a low price for the client. You’re often getting shallow, transactional service that’s geared toward the interests of the bank rather than providing real long-term financial stewardship to you. While the private banking can be convenient for UHNWIs, it’s simply not enough for the big picture.
Wealth Management Is Broader, But It’s Still Flawed
Private banking takes a narrower view compared to wealth management. This means that with the latter, you’re getting financial advice, portfolio management, and planning services made for HNW and UHNW clientele. It’s an attempt to offer banking above and beyond the norm – tax, estate planning, investments – all under one roof.
What Wealth Management Offers
For wealth management firms, their purpose is to develop a comprehensive plan for their clients. Your financial goals are reviewed by advisors, your risk tolerance is assessed and investment strategies are built to reflect specific goals of each client. It works as an all-inclusive approach for anyone who wishes to build, grow, and protect their wealth.
Wealth management services appeal to clients by concentrating on the long term, those who need a detailed guide into financial growth. A lot of these companies assure their clients that they’ll carry them through the intricated nuances of retirement planning, as well as through estate and tax savvy investment options.
Wealth Management Has Its Limits
But, like private banking, traditional wealth management can still be too shallow for UHNWIs with complex, cross-border assets. Even with some of the best and brightest advisors working with large, multi-jurisdictional portfolios, they can and often do rely on familiar products and popular tactics that don’t necessarily work for the large portfolios. In principle, wealth management is a good fit for people with fairly large amounts of assets, but it is simply unable to fully satisfy all the demands of the UHNWIs.
Yes, there’s a bit of overlap when you look at wealth management and private banking (and some firms do strive to provide both), but this approach usually manifests in superficial expertise. Neither service comes close to the custom, multifaceted asset protection that UHNWIs demand. So, for those really looking to go all-in on a more complete solution, traditional wealth management just can’t cut it.
Why Dominion’s Approach Is Different
Dominion isn’t limited in the way private banking or conventional wealth management is. We’re so much more than that, offering financial expertise backed by global experience that ensures we can shield anyone’s wealth behind any border. We’re here to provide the most to our clientele – we’re here to provide a solution that indeed covers every inch of ultra-high-net-worth portfolios.
Unrestricted by Jurisdiction
For starters, we’re not restricted by the rules or laws of any one jurisdiction. We’re able to provide solutions that others can’t because of this jurisdictional flexibility. Dominion has a network of attorneys, accountants, and advisors around the world and can protect assets held anywhere in the world. Our clients understand that their wealth is not a one-market phenomenon or confined by one country’s regulations. Then we make sure its security is in the finest jurisdiction for their particular circumstances.
A Client Oriented, Objective Strategy
Dominion doesn’t have a hidden agenda, and we go beyond what you will find in private banking and wealth management firms. Our sole purpose is to serve your interests free and clear of institutional obligations or other jurisdictional concerns. We are able to create strategies based on pure, client-focused priorities because of our objectivity. As worldwide dynamics evolve, we follow a similar strategy to secure your assets in the most effective manner and in the long term, regardless of biases traditional financial services often suffer from.
Expertise Beyond Finance
Among Dominion’s team are experts from fields far removed from finance. Our advisors have background in intelligence, special operations, and high level strategic planning, and understand how to protect your assets in ways that standard firms can’t. Typical financial products are not the only thing we don’t limit ourselves to. We have clients that have access to solutions backed by real-world experience and insight to tackle the most difficult challenges known to man.
Asset Protection or Private Banking & Wealth Management?
Both private banking and wealth management promise to keep your finances in order, but are they really successful in doing so? Not really. Neither of them do quite enough to “bulletproof” substantial wealth. Traditional services – managing deposits, arranging loans, and making sure high-value clients receive priority perks – make up private banking. Second, wealth management is more like investment advice and financial planning. So, while each might cover the basics, neither gets the job done for true asset protection.
What’s Our Asset Protection Like?
At Dominion, asset protection isn’t an afterthought or a side service. This is a proven solution with decades of real world case law behind it. Our market advantage strategies have shown to stand the test of time while expertly adapting to changes in the world’s dynamics. And as we crafted our protection plan, we designed it to withstand any legal or economic pressure you might face. That’s why we know that UHNWIs need more than general advice, they need a plan that’s actively crafted to protect their wealth in every manner imaginable.
Complete Wealth Governance
Yes, asset protection is where we shine, but we’re just as specialized in other areas, too. Our wealth governance approach encapsulates the entire spectrum. We help you lower or outright eliminate tax, we structure your wealth in a way that keeps it protected, and we conduct estate planning that benefits generations to come.
Typical wealth management this is not. We expertly integrate all of your assets into a system that adapts and changes with you rather than against you. And that means securing your assets no matter where you have them or how much of them you have – we help you sustain growth from here on out.
Dominion Is the Leader You Need for 0.1% Wealth Management
Dominion provides what private banking and wealth management alone cannot: a battle-proven approach that puts protection first. We’re the source for clarity and control in a complex, ever-changing world suitable for UHNWIs that want to secure their wealth without compromise. Let us keep your wealth exactly where it belongs.
