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.
In response to specific American laws, restrictions imposed by institutions issuing financial products, and the internal rules of the bank, Rochester Bank™ reserves the right not to offer it’s services to clients who are citizens, residents or who have any financial interest in the United States, Iran or North Korea. Furthermore, the information on this website is not intended for these clients, and they may not contact Rochester Bank™ on the subject of financial products or services in any other way.
If a bank representative contacts a client while they are located in the United States, Iran or North Korea, the client is required to inform the bank representative of this immediately.
All clients must immediately inform Rochester Bank™ of any change regarding their status in connection with the United States, Iran or North Korea.
Rochester Bank™ currently supports ONLY THE FOLLOWING CURRENCIES : GBP (Pound Sterling), EUR (Euro), RUB (Russian Ruble), CHF (Swiss Franc).
Rochester Bank™ DOES NOT have the option to open accounts in other currencies than the above mentioned ones.
