Having a go-to person in life is always a plus. In this fast-paced world we live in, where interactions happen online or through text, it is still important to forge personal relationships. While many banks offer personal service, there are others that act as dedicated, hands-on concierge bankers.

John Ventura, a Senior Vice President with WSFS Private Banking, explains what a private banker can offer.

What is Private Banking?

Private banks provide solutions for often-complex financial needs of wealthy individuals and families. Most private banks require a certain dollar amount of investable assets and can vary from bank to bank, typically starting at around $250,000.

Wealth management firms surround their clients with a team of seasoned professionals led by a private banker to provide access and expertise on different financial subjects including:

• Special rates and pricing on deposit accounts. Clients may also enjoy lower or waived fees on their accounts, and they may receive special pricing on loans and mortgages.
• General financial planning. Private bankers can look at a client’s entire financial picture and provide advice on how to achieve their short- and long-term financial goals, from saving for education and planning for retirement to effectively managing taxes and insurance.
• Investment advice. Private bankers often lead a team of financial planners and investment advisors who give their clients advice on investing, including everything from tax-loss harvesting and asset allocation to risk mitigation.
• Lending. Clients looking to purchase a home, an investment property, or a boat can utilize a private banker to secure financing. Private bankers excel at structuring the best products with the best pricing to fulfill a client’s needs.
• Estate planning. Reviewing your plan at regular intervals in addition to major life events will help ensure that your legacy is passed on in accordance with your wishes and that your beneficiaries receive their benefits as smoothly as possible. Private bankers can help coordinate with your outside legal advisors.
• Tax planning. Your private banker may stay on top of important tax laws on your behalf to reduce your tax burden.

Is Private Banking right for you?

The biggest advantage of private banking is having a dedicated person or a team of individuals who already know your individual and family circumstances. They can make it easier to initiate and process deposits and wires as well as accelerate, streamline, and customize lending solutions.

The private banker is also the quarterback of the team. They connect you with other team members such as a tax attorney or a trust and estate advisor, along with your financial advisor. Having all your advisors working in harmony ensures seamless outcomes for your financial needs.

Having a dedicated private banker whose goal is to understand your short-term financial needs and long-term financial goals will deliver you and your family financial peace of mind.

Join the experts from the Planning and Advice Team at WSFS Bank subsidiary Bryn Mawr Trust on Tuesday, Dec. 6 for a NoonZOOM on Year-End Financial Planning. Attendees will receive tips on how reviewing their portfolio and personal finances now could potentially help reduce their tax liability.