Several things should be considered when selecting a Private Bank to handle all your financial needs. First, knowledge. It’s important to consider a Private Bank that has a strong understanding of every aspect of your financial picture including your industry, your practice and your household.
Next, specialists. Like the medical community, there are trained professionals, who assist others with their health and wellness. It’s important that you too enjoy the value of having specialists in their respective fields of finance who make sure you’re receiving the best treatment possible for your fiscal health.
Then, there’s the team approach. Utilizing experts in each area of wealth management in one location helps ensure your assets are working for you in the best way possible. By doing so, you can leverage decades worth of experience in banking, investments, fiduciary, and portfolio management, as well as mineral and real estate management services. This team approach allows each expert to understand your entire financial picture to recommend and implement products and services based on your unique financial situation.
Having all the options available to you from one bank is important because it ensures the right hand knows what the left hand is doing. Otherwise, communication with your investment advisor and your banker could prove difficult when they are not in the same location or are with different companies.
Equally important is that you understand what it is you really need as well as the products and services available to you. For instance, Wealth Management is traditionally segmented into three areas: investment management, banking and wealth and estate planning. Investment management typically includes your stock, bond and alternative investments with both short- and long-term goals. Banking services include your deposit and lending products for both personal and business needs. Wealth and estate planning includes trust and asset management products from acting as a trustee of a trust to managing your oil and gas or real estate assets.
We feel it’s important to have a regular financial checkup and evaluation just as it is with your personal health. If you have an interest in a financial checkup or would like to know more about The Private Bank at Bank of Albuquerque, please feel free to contact us to set up a time to discuss. We look forward to meeting you.