Private Bank Offshore The Inside Scoop on Latin American Private Banking

Private Bank Account

Private bank accounts are a symbol of wealth and prestige - for many a sign that they have finally “arrived”. Why? Because often you need a lot of money to open one.

That’s part of the reason why its called private. Just like private yachts, private jets and 5 star hotel rooms a private bank account is yours alone and comes replete with lashings of special attention.

Private Wealth Management

Private Wealth Management is the most exclusive form of private banking. The private bank creates a portfolio of assets for you and a private banker cherry picks the best investments known to bank analysts - especially those hard to find gems that most “retail” customers aren’t allowed to know about - in theory.

The sad truth is that many private banks treat their clients like sacred sheep to be wined and dined - then fleeced and fed to the wolves - after all its all about the bottom line. Its common for private bankers to abuse the relationship of trust they may have developed with a client by directing them towards managed investments which won’t multiply the value of the client’s portfolio as promised.

In return for channeling private accounts into hedge funds and mutual funds private bankers receive a “kickback”. After recycling cash through several funds these “kickbacks” may amount to a tidy sum. And at the end of the day, even if you lose money, the bankers always get their cut. For them its a win-win situation.

Not all private bankers are like this. Some of the best private banks, are privately owned, invest conservatively and really care about their clients money. After all, if anything happens the directors are personally liable. Compare this with amorphous multi-national banks like Bear Stearns or Lehman brothers which can crumble into the dust without anyone being held responsible.

“Self-directed” Private Banking

Many of the wealthy have cottoned to the fact that they are paying too much for “wealth-management” services and aren’t getting their money’s worth. Now rich people aren’t fools - how do you think they got SO rich in the first place?

Increasingly, affluent investors are turning to “self-directed” private banking services, like the CC private bank account.

Self-directed means that the account owner makes the decisions, and the private banker offers support services. This eliminates crazy hidden fees which most of the “global wealth managers” would prefer their wealthy clients didn’t know about.

Private investors manage their own financial affairs, invest in multiple currencies, stocks, bonds and CD’s, free from middlemen and obligation to pay banker’s bonuses.