Rochester Bank

Private Banking > Wealth Management

Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. It is a consultative process whereby the advisor gleans information about the client’s wants and tailors a bespoke strategy utilizing appropriate financial products and services.

A wealth management advisor or wealth manager is a type of financial advisor who utilizes the spectrum of financial disciplines available, such as financial and investment advice, legal or estate planning, accounting, and tax services, and retirement planning, to manage an affluent client’s wealth.

In general terms, private banking involves financial institutions that provide financial management services to HNWIs (High Net Worth Individuals). In some instances, an individual may be able to obtain these services with assets less than $100,000, but most private banks (or private bank divisions) set a benchmark of at least six figures. Private banking tends to be exclusive and is reserved for clients with substantial amounts of cash and other assets to be deposited into accounts and to be invested.

Private banking provides investment-related advice and aims to address the entire financial circumstances of each client. Private banking services typically aid clients in protecting and maintaining their assets. Employees designated to aid each client work to provide individualized financing solutions. These employees also help clients plan and save for their retirement and structure plans for passing accumulated wealth on to family members or other indicated beneficiaries.

There are consumer banks of every size with private banking divisions. These divisions offer considerable perks to HNWIs to obtain them as clients.

Private banking and wealth management are terms that overlap. However, the financial services offered through private banking and through wealth management differ slightly.

Wealth management is a broader category that involves dealing with the optimization of a client’s portfolio, taking into account his or her aversion to, or comfort with, risk, and investing financial assets according to his or her plans and goals. Wealth management can be practiced on a portfolio of any size, though, as the name implies, it is geared toward the well-off.

Private banking, by comparison, typically refers to an envelope solution for high-net-worth individuals (HNWIs) wherein a public or private financial institution employs staff members to offer high-net-worth clients personalized care and management of their finances.

  • Rochester Bank™ Private banking clients with large accounts receive enviable rates and concierge-like service, guaranteeing them instant access to the employees working with their accounts.
  • Rochester Bank™ Private banking clients benefit of instant access to the private bankers and staff managing their accounts.
  • Rochester Bank™ Private banking clients can contact the lead advisor working with his account and complete just about any transaction, from investment advice to moving large sums of money from one account to another.
  • Private banking involves providing financial management services to HNWIs (High Net Worth Individuals).
  • Private banking provides investment-related advice and aims to address the entire financial circumstances of each client.
  • Wealth management generally involves advice and execution of investments on behalf of affluent clients.

First you need to create your account with the Rochester Online Banking app. After your application, we will analyze your application and send you an activation link to the provided e-mail address.