Any private banking customers here?

[wondrdoggie]

Just wondering if there are any private bank customers here? What bank do you use and how is your experience there so far?

 

[focus1974]

all the same unless you keep on buying their structured products or products with lotsa commission for them. Buy/Sell frequently.
If not, service is the same as the priority banking.. ie. BO CHUP you.. lol.

But of coz..if you are a businessman with potential then different.. they have to build relationship with you.

 

[MarketWizards]

Fully agreed !

I was priority client of HSBC before and now with SCB. The RM from both banks did approach me for products but I told them I prefer to leave the money in fix deposit. Since then, they bo chup me liao !

 

[wondrdoggie]

all the same unless you keep on buying their structured products or products with lotsa commission for them. Buy/Sell frequently.
If not, service is the same as the priority banking.. ie. BO CHUP you.. lol.

But of coz..if you are a businessman with potential then different.. they have to build relationship with you.

Product wise quite similar with some exclusives for some banks. But loans rates can differ a lot. My exp so far has been from very good to very bad. Good is a team of very proactive RM and analysts who keeps me informed about market movements, good portfolio planning, lots of educational talks and deliver good results. So I will trade quite frequently. On the end of the spectrum, I hear from the RM only once a year to update my risk profile for compliance. The good one is JPM. The bad one is UOB.

I wanted to compare notes with people who have used credit Suisse, UBS, DBS or ocbc. I know a lot of your exp will depend on the RM but there are some servicing differences. Appreciate any sharing! Thanks!

 

[Dyhalt]

Private banking I'm assuming you are referring to banking services for UHNWI with very large investable amount. Some of the directors/ top executives I know belong to this group so I can tell you PRIVATE BANKING is on a totally different level from the PRIORITY BANKING offered which is just to make ordinary clients feel more prestiged. (Like comparing BMW i3 to Lumboginni Reventon)

Most Private Banking clients are not based in Singapore so the RMs actually pay overseas visit to them like twice a year to update on their portfolio performance. Birthday gifts like Herme's & Montblanc is a common practice. They also get very special investment products which is unavailable to ordinary customers. (Examples like dual currency swap with minimum investment sum of 250k USD per lot)

Client get special corporate rate for hotel stay should they decide to come to Singapore for a visit. They also get priority assistance on some special requests that is within the ability of the bank but I'll not elaborate on that. (Go watch wolf of wallstreet to get a glimpse of it... though reality is much less exaggerated)

About which bank is better I think as long as you are not US citizen, most international banks offer good services, though you probably want to put your money with the bank which is the market maker for the product you are interested in. Just for your reference.

Cheers

 

[wondrdoggie]

Private banking I'm assuming you are referring to banking services for UHNWI with very large investable amount. Some of the directors/ top executives I know belong to this group so I can tell you PRIVATE BANKING is on a totally different level from the PRIORITY BANKING offered which is just to make ordinary clients feel more prestiged. (Like comparing BMW i3 to Lumboginni Reventon)

Most Private Banking clients are not based in Singapore so the RMs actually pay overseas visit to them like twice a year to update on their portfolio performance. Birthday gifts like Herme's & Montblanc is a common practice. They also get very special investment products which is unavailable to ordinary customers. (Examples like dual currency swap with minimum investment sum of 250k USD per lot)

Client get special corporate rate for hotel stay should they decide to come to Singapore for a visit. They also get priority assistance on some special requests that is within the ability of the bank but I'll not elaborate on that. (Go watch wolf of wallstreet to get a glimpse of it... though reality is much less exaggerated)

About which bank is better I think as long as you are not US citizen, most international banks offer good services, though you probably want to put your money with the bank which is the market maker for the product you are interested in. Just for your reference.

Cheers

Yes, I am refering to private banking, not priority banking. Quite aware of the differences and what private banks offer. Thanks for sharing.

Looks like no other private bank users here.. or they are just too private!

 

[focus1974]

I am with UBS, CS and DBS private bank.
But I dont have any businesses .. my only income is from my potfolio..
So RMs know cannot squeeze me anymore..


Anyway I am only at HNW level.. the UHNWI dyhalt mentioned is totally different league.. should be >$100mil bah..
$30mil is VHNWI .. and the level of service also not bad.

SeowGao experience is more like it.
My HNWI level is peasant status I suppose.. sob sob

 

[wondrdoggie]

I am with Citi and GS. Both service are excellent. My travels, hotel stays, transport are all FOC.

They would help me book air tickets, even sent a mechanic down when my car broke down in Malaysia.

On the flip side, their economics forecast are so-so, compared to hedge fund.

Wow, really full service! I only get occasional meals, shows and seminars. What is GS btw?
I use JPM, UBS and UOB. JPM and UBS forecasts are similar and report card wise, they usually hit about 70% so far. UOB service and interaction is nonexistent. They also give me the worst loan rates.

I heard citi is very aggressive in getting clients to trade. Do you notice if they tend to push their own products? Any exclusive products?

 

[wondrdoggie]

I am with UBS, CS and DBS private bank.
But I dont have any businesses .. my only income is from my potfolio..
So RMs know cannot squeeze me anymore..


Anyway I am only at HNW level.. the UHNWI dyhalt mentioned is totally different league.. should be >$100mil bah..
$30mil is VHNWI .. and the level of service also not bad.

SeowGao experience is more like it.
My HNWI level is peasant status I suppose.. sob sob

I think I am also peasant level. Haha! I am quite new at this actually, only started 2+ years ago. Quite a financial idiot previously but I find investing quite interesting so I am trying to learn more. My portfolio used to be just bonds (don't laugh) because I like the income idea. But I have progressed to funds, hedge, PE, fx and derivatives.

I do angel investments in local startups but I am planning to rely on my investments for income as I take a break from work. How do you take out from your investment? Like tell them you want xx amt per month?

 

[Keverus]

i am chao peasant, not even premier/priority/privileged

 

[Dyhalt]

I am with UBS, CS and DBS private bank.
But I dont have any businesses .. my only income is from my potfolio..
So RMs know cannot squeeze me anymore..


Anyway I am only at HNW level.. the UHNWI dyhalt mentioned is totally different league.. should be >$100mil bah..
$30mil is VHNWI .. and the level of service also not bad.

SeowGao experience is more like it.
My HNWI level is peasant status I suppose.. sob sob

If your investment amount is between 10m~20m USD and your RM is not treating you like the way I mentioned... its time to change your RM and the bank! ... I'm sure several international banks would like a customer like you, drop them a call and they will handle everything else for you.

PS: investment amount, not amount you deposit with the bank. But I'm sure they will come out with some package to suit your need even if your only interest is to safeguard your money in the bank.

Cheers

 

[Dyhalt]

i am chao peasant, not even premier/priority/privileged

You do know that its much safer to stay away from bank's premier /priority /privileged service as an individual right? The customers on the bank's private banking list are usually the people tax authority target.

If I have the money I'll definitely stay away from such banking service and stay as a chao peasant (Avoid government's radar..) .... and don't even bet on the banks wills safeguard your privacy, what privacy is there when the bank deliver your account statement to you every month through Singpost and put the big big "PRIVATE BANKING" on the envelope & your name on it? lol

 

[focus1974]

If your investment amount is between 10m~20m USD and your RM is not treating you like the way I mentioned... its time to change your RM and the bank! ... I'm sure several international banks would like a customer like you, drop them a call and they will handle everything else for you.
Cheers

I don't have $10MIL to put into 1 single account.. Very scared after the 2009 crisis.
I will hit $10mil only if you include my properties .. but they cannot see or feel or earn from it.

And my stock and bond portfolio... once I get into positions during the 2009-2010 year, i haven't been touching them at all.

So how do they loved me?


Anyway, it's alrite. I just worked harder to get $10mil into a single account then. lol. But very hard with the market run up.... You need to be patience to wait for that recession that comes once every 5-7years to pick up bargains to level up your wealth.

So any advice how to level up now? .. I am currently getting my feet wet on system trading in the US market.

 

[focus1974]

I think I am also peasant level. Haha! I am quite new at this actually, only started 2+ years ago. Quite a financial idiot previously but I find investing quite interesting so I am trying to learn more. My portfolio used to be just bonds (don't laugh) because I like the income idea. But I have progressed to funds, hedge, PE, fx and derivatives.

I do angel investments in local startups but I am planning to rely on my investments for income as I take a break from work. How do you take out from your investment? Like tell them you want xx amt per month?

If you leveraged up your bonds you would have done quite well these past 2+ years!
Bonds are not something to laugh about. they generate quite good income when leveraged.

Wow.. you do angel investments in startups as well? Then you must be somebody in the industry since you must have some experience & connection in that industry to value add to the startup. You do your investment thru the BANSEA? I am chao peasant really.. no connection.. no nothing.. just lucky in properties leveraged up.

For me, I am currently drawing income out for living expenses. So my portfolio consists or bonds/stocks/cash(aussie,sgd,usd) and I only take out the yield and never draw down the capital to make it perpetual cash machine.

However, the downside is this type of portfolio will not enjoy the benefits of compounding returns of the yield. So Now, I am exploring system trading to add hopefully an annuallised CAGR of 10-15% to the portfolio with maximum drawdown of 20-25%.

Congrats on your investments and finding the right bankers to advice you. Maybe I don't trust them after 2009..so i kinda ignore their advice. They made me lose three quarter of a milion during the 2008 crisis. Lucky, I know how to cut loss early and regain the loss when i went in again in 2009-2010.

 

[wondrdoggie]

If you leveraged up your bonds you would have done quite well these past 2+ years!
Bonds are not something to laugh about. they generate quite good income when leveraged.

Wow.. you do angel investments in startups as well? Then you must be somebody in the industry since you must have some experience & connection in that industry to value add to the startup. You do your investment thru the BANSEA? I am chao peasant really.. no connection.. no nothing.. just lucky in properties leveraged up.

For me, I am currently drawing income out for living expenses. So my portfolio consists or bonds/stocks/cash(aussie,sgd,usd) and I only take out the yield and never draw down the capital to make it perpetual cash machine.

However, the downside is this type of portfolio will not enjoy the benefits of compounding returns of the yield. So Now, I am exploring system trading to add hopefully an annuallised CAGR of 10-15% to the portfolio with maximum drawdown of 20-25%.

Congrats on your investments and finding the right bankers to advice you. Maybe I don't trust them after 2009..so i kinda ignore their advice. They made me lose three quarter of a milion during the 2008 crisis. Lucky, I know how to cut loss early and regain the loss when i went in again in 2009-2010.

Agree on the bonds part, however, when i first started, I didnt understand or buy into leveraging. Happily just pay cash. Early/mid 2013, sold off all the longer term ones before the drop so I am good in that segment. Good timely call from bankers on this one.

Overall portfolio not too bad, 12+% pa. Not sure if sustainable. My profile is considered growth so more stocks, equity/hedge funds and some ELN/FCN/FX options. My best performing ones are US and European equities.

I am wondering if i should be fully invested and like you said, draw out an income from the yields. Or invest like 90% and keep a bucket of 10% for expenses. A bit troublesome to keep withdrawing I thought.

I think i need to google what is system trading.

And yes, my background is startup and exited. So I am still involved in that circle but I am not involved in Bansea. The whole ecosystem for startups in SG is getting interesting but frankly, a lot of posturing. Haha!

 

[Dyhalt]

You need to be patience to wait for that recession that comes once every 5-7years to pick up bargains to level up your wealth.

So any advice how to level up now? .. I am currently getting my feet wet on system trading in the US market.

You are absolutely correct to be patient and wait for the next major correction. In my humble opinion we are not too far away form the next major correction. Human nature has never failed to stir up some major turmoil once in a few years. (Probably due for correction within this 2~3 years)

Personally I'm 50% equity 25% hard asset 25% cash position and waiting for the correction to come. Equity are all into companies with strong finances, sector leaders or high dividend returns with relatively low leverage. If the market shows weakness and technical trend turns downward, then I'll reduce my exposure in stock market.. letting the market tells when to buy or sell is better than instinct most of the time.. and my instinct has been telling me to sell while I resist the urge.

(PS: no bonds when interest rate at historic low.. chances are rates going to rise in future.. so I don't include it in my portfolio for now)

Cheers

 

[wondrdoggie]

You are absolutely correct to be patient and wait for the next major correction. In my humble opinion we are not too far away form the next major correction. Human nature has never failed to stir up some major turmoil once in a few years. (Probably due for correction within this 2~3 years)

Personally I'm 50% equity 25% hard asset 25% cash position and waiting for the correction to come. Equity are all into companies with strong finances, sector leaders or high dividend returns with relatively low leverage. If the market shows weakness and technical trend turns downward, then I'll reduce my exposure in stock market.. letting the market tells when to buy or sell is better than instinct most of the time.. and my instinct has been telling me to sell while I resist the urge.

(PS: no bonds when interest rate at historic low.. chances are rates going to rise in future.. so I don't include it in my portfolio for now)

Cheers

I am also bracing for a correction with tapering and also whatever turmoil the market may get itself into so I am loading up on hedge funds that are balanced and used for risk mitigation. Taking some profit off the equity run over the last 2 years as well. I still like some short term bonds (<5 years) for income and some yuan bonds for upside in fx. Plan is to hold till maturity so interim value fluctuations are ok to me.

Do you buy equities individually or use funds? Mine are mainly funds or discretionary so they trade for me. No complaints, they did pretty well. I can't imagine trying to trade myself because it's very hard to not be guided by emotions. Prime eg is Apple, bought at 670 and die die also hold all the way. Hahaha! So i think i better leave the bulk with experts and let them earn their cut.

 

[wondrdoggie]

I am with UBS, CS and DBS private bank.
But I dont have any businesses .. my only income is from my potfolio..
So RMs know cannot squeeze me anymore..


Anyway I am only at HNW level.. the UHNWI dyhalt mentioned is totally different league.. should be >$100mil bah..
$30mil is VHNWI .. and the level of service also not bad.

SeowGao experience is more like it.
My HNWI level is peasant status I suppose.. sob sob

I kpo a bit.. I assume your full time job is 'private investor', what do you do to fill your time? And how old are you if you dont mind me asking? I am in my early 40s, so it's a genuine question.

 

[Dyhalt]

Do you buy equities individually or use funds? Mine are mainly funds or discretionary so they trade for me. No complaints, they did pretty well. I can't imagine trying to trade myself because it's very hard to not be guided by emotions. Prime eg is Apple, bought at 670 and die die also hold all the way. Hahaha! So i think i better leave the bulk with experts and let them earn their cut.

For equities wise I do my own investment, but mostly in my own field of expertise where I understand best
(This is also where most of my profits come from)

The rest are more for diversification where I don't need to pay much attention like STI etf, Telcos and some REITs.

Cash I have some non leveraged dual currency investment for higher interest rate. Cheers

 

[SpeedingBullet]

All the elite millionaires in here talking abt things far beyond my peasant understanding :<