Having a relationship manager isn’t just about skipping queues at the bank. The right relationship manager can hold the key to a world of privileges you could never unlock on your own.
So you’ve finally made enough money to be admitted into the gilded halls of priority banking - congratulations!
Along with a whole slew of perks that you’re now entitled to, you are likely to also be offered the services of a relationship manager.
Of course, you’ll need to pay for it - usually a fee equivalent to a percentage of the total value of your portfolio which they manage on your behalf.
While you may not think you need any help in that department (after all, you’ve made it this far all by yourself), don’t be so hasty to dismiss the offer.
Having access to the services of a priority banking relationship manager can provide you with many financial advantages and benefits, some of which could outstrip the fee you pay, or may even be considered priceless.
Here are six exclusive perks that you’ll normally only get with a relationship manager.
1. Your relationship manager can help you manage your wealth
It may seem obvious, even spurious, but the main reason to have a relationship manager is so that he or she can manage your wealth for you.
Now this is slightly different than just managing an investment portfolio - such as your collection of insurance policies, or your roster of blue-chip dividend stocks.
Rather, this is about taking a holistic view of all your financial matters, highlighting any potential pitfalls, and where and how you can make gains or enjoy advantages.
This can be much more extensive or far reaching than you’d expect, as total wealth management encompasses many different areas, some of which we’ll expand on in the following sections.
And why would you want to pay someone to manage your money? Because not doing so increases your risk of making costly missteps, or missing out on privileges or perks that could give you critical advantage.
With a professional on your team taking care of the details, you can more fully focus on making even more money.
2. Working with a relationship manager helps you reach your financial goals
You know the saying ‘failing to plan is planning to fail’? Well, that holds especially true when it comes to financial goals.
Your relationship manager can increase your chances of success by working out a clear and defined plan to reach your goal. More importantly, they can help motivate you to stay on track when you get distracted - that’s the number one reason why we fail to attain our goals, financial or otherwise.
Another hidden advantage of having a relationship manager in your corner is that they might have certain tips, tricks and shortcuts that may help you reach your goal faster or easier.
This brings us to our next point.
3. Your relationship manager can provide access to crazy perks and privileges
In the fierce battle for your patronage, banks go to great lengths to offer exclusive, exotic events that not even money can buy.
These could range from the relatively mundane, such as a shopping and spa weekend trip to Shanghai, or a private dinner concert with Yo-Yo Ma.
Or you could be in for jaw-dropping encounters such as an Aston Mini car trip up the Swiss Alps, hosted by some ex-F1 champion, or even a private tour of some real-life duke’s castle!
It’s all about having someone on the inside that makes all the difference.
And why is this good for your portfolio? Well, being able to enjoy life at such lofty levels teaches you to be discerning, which means you’re less likely to spend on frivolous things.
In turn, this inspires and motivates you to put your money to work that much harder, which can only turn out well for all involved.
4. Your relationship manager can help you save on taxes
Say what you will about taxing the wealthy, but the fact is, there are many legal loopholes and ways for the wealthy to avoid paying too much taxes.
Tactics such as moving your money overseas, or buying up certain asset classes are commonly used by the rich to avoid the tax hammer.
Laypersons will likely never need to make use of these methods (we don’t have the wealth to pull it off anyway), so if you’re a newly minted high-net-worth individual, you may not know of such ways, or how to go about them correctly, and end up having to eat the tax bill.
However, if you have a relationship manager, they have a vested interest in helping you maintain as high a level of health as possible.
Thus, they will likely be able to guide you on legally lessening your tax burdens.
Ready to level up? Find out how you can make your money work harder and smarter for you. Enjoy your own dedicated relationship manager and privileged access to a whole suite of preferential rates with Priority Banking. Compare your options.
5. Your relationship manager can help you leave a lasting legacy
Another important and often overlooked financial task is estate planning, which can be surprisingly complicated when you’ve attained a certain level of wealth.
This is because you are likely to have a number of different assets to distribute, but doing so fairly and equitably among your heirs may not be as simple and straightforward as you think.
Not managing things properly can lead to unintended consequences, and could even spark off a spiral of negative events that end up ruining your legacy.
As you’d imagine, nobody wants that to happen. Hence, one of the foremost reasons to work with a relationship manager is to ensure proper estate planning that enhances your legacy and lets it shine on.
6. Your relationship manager can provide access to exclusive opportunities
It may sound unbelievable but there are some things that money can’t buy, no matter how much you have of it. We already told you about some of the leisure experiences used to woo the well-heeled, but those are just small potatoes.
There exists a world of opportunities that are open only to members, and getting in is not about how rich you are, but who you know. These could range from rare investment opportunities, to private sale of assets at preferred rates.
Invariably, these opportunities are the gateway to even more privilege and wealth, but not just anyone can get in on them.
Instead, you’ll need to rely on the right connections, connections that your relationship manager - being plugged into the system - will have a better chance making for you.
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