Ashish Bhandari Dubai resident recently discussed the differences between wealth management and private banking.
DUBAI, UAE / ACCESSWIRE / June 24, 2021 / The terms ‘wealth management' and 'private banking' are often used interchangeably. However, the two styles of managing money can be quite different. Finance expert Ashish Bhandari (Dubai) has extensive experience in both fields, and he recently discussed the major differences.
'Simply put, wealth management is a much larger category,' Ashish Bhandari said. 'It's a style of financial advising and investing that can be used to deal with wealth of all sizes. Private banking is typically reserved for individuals with a high net-worth, as they receive a variety of private services not offered to all customers.'
Ashish Bhandari (Dubai) explained that private banking offers concierge-style services to clients. These individuals are generally very wealthy and expect instant assistance. They do not use typical bank tellers or wait in line for services. When banking privately, an individual can contact the lead financial advisor to immediately transfer money between accounts, cash a check, or perform a variety of other actions. Customer service is much more timely when your banking privately.
'Private banking comes with a variety of benefits for the extremely wealthy,' Ashish Bhandari said. 'It is designed to make banking processes as easy and fast as possible for them, so the bank can continue to benefit financially as well.'
Ashish Bhandari (Dubai) explained that wealth management is often reserved for more affluent clients. However, it doesn't typically include the same level of customer service private banking does. Wealth management is more based on helping individuals with financial planning through investing in a broad portfolio of stocks and funds.
'Wealth managers don't always have the additional staffing to offer the concierge-style services offered by private bankers,' Ashish Bhandari said. 'But they do offer personalized services and spend enough time with their clients to fully understand their investment goals.'
Bhandari added that wealth managers can advise clients on which bank accounts will best serve them. However, they cannot open bank accounts for them. Wealth management is more geared toward investing and financial planning, while private banking is focused on the highest level of customer service. Many private banks will provide guidance on where and how a client should invest, but they may refer that client to a wealth manager for performing investments.
Ashish Bhandari (Dubai) has spent his entire career in the private banking and wealth management realms. He is an ex Swiss private banker and has managed wealth for clients with extremely high net worths. He has started numerous finance companies and continues to work in the field today.
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SOURCE: Ashish Bhandari