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Private Banking and Wealth Management Differences

by AOG Wealth Management

Wealth management and private banking are terms that overlap, but these two financial services differ slightly. Private banking usually refers to an envelope solution wherein a private or public financial institution offers high-net-worth clients personalized management and care of their finances. Wealth management is a broader category that involves dealing with the optimization of the client’s portfolio.

Private Banking and Wealth Management Differences

The investment management advisors at AOG Wealth Management explain more below.

The Difference Between Private Banking and Wealth Management

Private banking does not always deal with investing because not all banks will be involved in the actual process of investing assets for their clients. However, private banking staff members may offer clients guidance on certain investment options. Wealth management professionals, on the other hand, provide advice to clients to help them improve their financial standing and they help clients invest their assets. Private banking can extend to encompass wealth management; however, wealth management firms cannot provide clients with the services of a private banking facility.

Wealth Management

Wealth management solutions typically involve advice and execution of investments on behalf of clients. Wealth management advisors also help manage client portfolios and help with financial planning. Generally, a wealth management advisor will discuss things one-on-one with each client and they will then compose an investment strategy that takes into account the client’s comfort levels with risk, their goals and their other stipulations and restrictions.

Private Banking

Private banking involves financial institutions that provide financial management services to high net-worth individuals. Private banks provide an exclusive service to HNWI. Their clients will never have to wait in lines or deal with a teller. They can simply contact their lead advisor and complete just about any transaction. Private banking services can also provide investment-related advice and can help clients plan and save for retirement.

Our asset management services and other financial services can help you meet your unique and evolving financial goals. We manage our clients’ wealth with accountability, integrity and accuracy. We can incorporate more financial platforms and services than other firms and provide you with a personalized financial plan. Call us at (866) 993-0203 to learn more about our services. We serve Great Falls, VA, and nearby areas.

 

Securities offered through TD Ameritrade Institutional Services located at 7801 Mesquite Bend Drive, Suite 112, Irving, TX 75063-6043. Investment advisory services offered through AOG Wealth Management, Inc. AOG Wealth Management, Inc. is neither an affiliate nor subsidiary of TD Ameritrade Institutional Services.

 

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual.  We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

Category: Wealth Management