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Swiss Private Banking – FAQ (Frequently Asked Questions)

 

 

26. I think I am still in need of financial advisors other than the bank.  Can you give me any advice?

Again we must say that if your bank is good enough you do not need other financial advisors.  If you hire a financial advisor, you have to pay him/her fees in addition to those to the bank.  If you want to increase your assets quickly, evidently you must avoid such unnecessary fees.  Also you must know the principal products the financial advisors offer are a kind of discretionary accounts.  In such products or services, you cannot complain or ask for any help for the loss you might incur.

However, if your bank is not a good Swiss Private Bank, but an American bank or a similar commercial bank offering what they call gprivate banking,g it may be true you need financial advisors.  In such banks, the term gprivate bankingh just means gselling financial products to the wealthy customers.h  Such banks are always talking about what they want to sell, not what you need.  What is important to them is profit of the bank itself, not of the customers.  (Such attitudes may lead the bank to illegal business as well as indifference to the customersf interests.  For this reason, the Citibank Private Banking in Japan is made closed by Japanfs Financial Service Agency.)

If you unfortunately find your bank is of this kind, you may well think you are in need of financial advisors.  In our opinion, however, it is simply more advisable if you change your bank and transfer your assets to one of the good Swiss Private Banks offering advisory services.

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