Choosing the Right Partner on the Road to Wealth

5 min read

The journey to financial prosperity can take many paths. Some routes are gradual — like the professional who spends years studying and gaining experience before enjoying the spoils of their hard work. Others might find themselves experiencing a windfall after a substantial inheritance, or following the sale of a business.

The point is, everyone’s story is different. However, one universal truth is that wealth is never a permanent guarantee — even after you’ve achieved it.

Porsche on road
No matter what road you took to financial prosperity, you’ll need good advice to stay on track.

With increasing affluence comes the need to preserve and grow your wealth. While many may opt to handle their own investments, good financial management is a full-time job on its own, requiring a great deal of expertise and attention.

Fortunately, numerous financial services are available to help you grow your nest egg. For those who’ve achieved a certain level of income or net worth, financial institutions offer a premium service known as Priority Banking.

Fulfilling Your Unique Wealth Management Needs

Priority Banking is offered to a bank’s customers who meet certain criteria and can transact certain sums, usually in the six-figure category. This needn’t necessarily comprise a minimum cash deposit, but rather, a particular level of assets under management (AUM). To qualify, a customer could agree to a mix of shares and other investments, cash, and even insurance being managed by the bank.

Some banks offer Priority Banking to those willing to deposit a salary of a certain level (generally in excess of $15,000 per month) in their account. Either way, Priority Banking customers qualify for a wide variety of resources, benefits, and lifestyle privileges provided by the bank to serve their needs.

Fine dining
The perks of priority banking frequently include fine-dining discounts and offers.

These privileges include enticing treats such as:

  • Free or discounted hotel stays;
  • Wine tastings and fine-dining deals;
  • Invitations to exclusive events;
  • Complimentary subscriptions to magazines;
  • Passes for sporting activities, and more.

While these perks are highly attractive, exclusive access to expert advice and other valuable financial resources are the foremost advantages of being a Priority Banking customer.

A Matter of Personal Preference

Most banks’ priority services partner the customer with a personal relationship manager to tailor financial planning to the client’s unique circumstances, lifestyle, and aims.

Personal banker
Instead of speaking with a customer service representative at random, priority banking clients are typically assigned their own personal relationship manager.

A personal relationship manager will help you fully utilise the bank’s priority services. These can include:

  • Resources for the management of investment portfolios;
  • Access to global banking services and favourable foreign currency exchange and trading rates;
  • Local and international mortgages;
  • Assistance planning for your children’s education;
  • Tools for ensuring a comfortable retirement

Firstly you’ll need to select the right Priority Banking offering for your needs. The choices are broad, as most of the major institutions offer Priority Banking products. Each caters to individuals in similar but distinct financial circumstances, with different needs and different tastes for perks and privileges.

Multiple currencies
Priority banking assists clients with accessing and investing funds overseas.

Identify the Perfect Fit for Your Priorities

If you’re in the position to qualify for Priority Banking, the banks want your business. But how do you decide what’s best for you and your family? That’s where SingSaver can help, empowering you to pick the perfect Priority Banking provider.

Let’s look at two scenarios:

SUZANNE, 31 years old

—Professional, earns $15,000 per month
—Single, lives with her parents
—Owns a 1-bedroom investment condo, which she rents out
—Has significant savings, largely due to an inheritance
—Enjoys fine dining, luxury travel and designer goods

An astute saver and budding investor, Suzanne selected Citigold Priority Banking because she found the preferential home loan rate and the interest rate on cash savings appealing. Working in a high-pressure job, Suzanne believes in enjoying her leisure time to the max. She often takes advantage of Citigold privileges such as spa discounts, dining vouchers, hospitality offers and luxury goods deals.

Priority privileges such as invitations to exclusive events and passes for sporting activities like golf can be attractive incentives.

VICTOR, 42 years old

—Entrepreneur, earns $27,000 per month
—Married, with two children aged 9 and 12
—Owns 3-bedroom condo and two overseas investment properties
—Active in the stock market, dabbles in crypto
—Enjoys jogging and playing golf

Victor was attracted to HSBC Premier because it offered mortgage facilities for his overseas properties and excellent access to funds and services internationally. He also liked the fact that HSBC Premier provides a family relationship manager and extends privileges not only to his wife but also, his two young sons. He uses HSBC Premier’s exclusive investment insights to coordinate his share portfolio and loves the golfing perks HSBC Premier frequently offers.

Are you more of a Suzanne, Victor — or someone completely different?

Click here to visit SingSaver  and compare the best Priority Banking offerings in Singapore. Discover which is best suited to your needs, tastes, objectives and circumstances with SingSaver, where finding the right wealth management partner for you is a top priority.

About Christian Barker

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