Published in Upward Curve
Cash rich, but time-poor. Sally Percy discovers why some of the world’s wealthiest individuals are turning to private banks to manage their money
Making money is one thing. Managing it is something else – especially if you have a frantic schedule and complicated financial affairs.
Indeed, complexity is one of the main reasons why the world’s wealthiest people choose to use the services of private banks, according to Tom Slocock, head of UK wealth management clients at Deutsche Asset & Wealth Management.
“As an individual’s wealth increases, the alternatives open to them also increase – sometimes exponentially – and that tends to breed complexity,” he says. “So they want to deal with a counterpart who is experienced in dealing with that complexity, which is not something that can be replicated across thousands and thousands of clients. They also want a counterpart who has the ability to pull together all the expertise that is necessary to service their needs.”