Do any of you guys have a private bank? A large amount of my net worth is in accounts with Lombard Odier, who are great.
Anyone have any recommendations on better private banks for HNW individuals?
>>1111301
Wykurwiaj na kara
Coutts
>>1111301
Set up your own family office by poaching a couple of kids from the bulge bracket
>>1111324
google returns some lulzy results.
>>1111569
i dont have enough for a reasonable family office
my nw is <12M
>>1111301
I usually bank at the cibc, or presidents choice which is just a offshoot of cibc but without the pesky fees that eat at the moneys. The only downside is that there arent any atms for them around very much but you can still use the cibc machines without a inconvenient atm fee.
Why would i use a bank like this instead of my chase manhattan And ameritrade/IB accounts? Glamour?
You get an extremely high level of personalised service and care
As well as help with tax planning, financial advisors, etc
You can easily save hundreds of thousands in tax every year in really complicated ways I doubt you can figure out on your own
>>1112645
How the fuck did you make that much money?
>>1112851
and they charge what? a couple percent every year for the service?
they better be giving you fantastic returns. private banks are where dumb rich old people park their money
>>1112689
capitalization of assets. Most banks are only required to hold ~%4 of customer deposits, leaving them totally prone to a bank run. Keeping your wealth with a highly solvent bank is a form of insurance.
Also they could offer specialized, more personal services that would be a pain to accomplish via more mainstream, pleb-friendly banks.
>asking for private bank recommendations in a manchurian fashion convention
>>1113080
We're all cryptomeme billionaires here, obviously
>>1113080
This is a strictly role-playing only thread.
>>1113037
You're not wrong, but you're still an asshole. The value comes from having people take care of the bureaucracy related to having tons of money. Like the other guy said (taxes, legalese, fund withdrawals, international regulations, money transfers, loan applications).
Plus, do you know how difficult it is to actually move around major amounts of money? You also don't necessarily want to just be buying ETFs off of Robinhood when moving around that kind of money.
>>1113278
blah blah blah. just put it all in vanguard ETFs like iHaz and my mom's boss who is worth hundreds of millions of dollars
>>1113317
Good for them. I'm glad that worked out well.
How will they go about transferring that to their children in the most tax efficient way possible? They probably know, because they are so smart and rich.
Let's say you you have a nice piece of net worth in funds, suddenly you want to buy into a local start up that looks really promising. You don't want to take your cash out of the funds. You also can't really call up a random bank who you have no relationship with, because it would take to long. Oh, but that's okay you have a long relationship with your current banker, and you've talked about this before. I'll just give him a ring, he'll hook me up with some mezzanine financing, and we'll have production going at the start up in no time.
Thanks! Bye! Nice doing business with you.
>>1113330
you wrote out a multi paragraph post that basically said nothing
well done
>>1113019
>manchurian fashion convention
trader at a macro hedge fund
>>1113317
when you are an equity partner at a hedge fund and you sell your stake (mine was about 10M), a private bank gives you advice on how to keep most of it in the most efficient way possible.
i had to move for 2 years actually lol
