The Capital
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The Capital

The Dated Private Banking and 220 Bank’s Role in It

The “in” group. Part of a team. Working with your peers. These are all things we hear growing up that we need to associate ourselves with to be part of a successful future. When you make it big in the real world that team turns into your peers and competitors as well as your investment holders. Keeping a private banking team on hand will allow you to better manage your funds and expenses, give you specific help that you won’t get in a normal banking environment and give you a scoop to get even better access for your favorite work or pleasure activities that others with your clout just won’t be aware of.

Who Private Banking Caters To

A lot of people just won’t use banks outside of the standard corner bank because they don’t have the means or are willing to take the risks like those who private banks are courting. A lot of the private sector bankers need to work with the modern millionaire. Specifically, those that have come up from the modern system of money-making and influence. We’re talking about big video game streamers who become popular quickly and have no idea how to handle the influx of revenue. We’re talking about newly christened verified Instagram users who have hundreds of thousands or more followers to promote products they like and they are working with contracts and obligations that they are unaccustomed to. Even in the more traditional sense of a new millionaire where younger people get money from a good traditional business endeavor or from an inheritance or even a trust fund. That’s who these private sector banks can cater to.

Image credit: Unsplash

One new player in this industry is 220bank. Some of their services cover the image needs of a modern young millionaire, exclusivity. A unique and high-quality feel of a credit card, an app for your phone for private high-quality customer service, and access to all your assets. Speed is also key for these young wealthy and special “perks” like private events just for their members and member specific discounts for products and experiences are something many millennial catering private sector banks will offer.

Millennial Wealth, New Challenges

The current youngest generation of wealth owners born between approximately 1980 and 1995 are now seeing their members gain wealth from advancement instead of just from family ties. This generation sees everything through the eyes of technology but still has an aptitude for some traditional problem-solving techniques. Traditionally the private banking was a lot like spy movies; you must have a history of large money, you must pay the price for everything you ask for, and you must do everything in person on bank time. These private sector banks also generally limit the number of clients at a time and ensure that their clients are unknown to each other.

That doesn’t work for millennials. Millennials are sociable. Millennials are tech-savvy. Millennials are value-conscious. That means millennials want those who serve them to actually serve them instead of getting served. A good private sector bank for millennials will do it’s best to cater to their needs. 220bank markets exclusively to millennial millionaires and pride themselves in doing just what their clients want. Focusing on members meeting members, creating their own connections with their peers. Working with technology to ensure their members are satisfied with the service they receive. Adding value to their clients’ portfolios without taking massive cuts for themselves. Making sure that they are honest and forthcoming instead of just telling their clients this is “how things always work”.

Picking Your Crowd

The old adage always goes;

“it’s not what you know it’s who you know”

and if you’re an influencer, that’s especially true. You want to know who you’re promoting as an affluent influencer and to make sure you’re not taken advantage of. You want to team up with the best of the best for collaborations. You want your fans, followers, and brands to make sure your image is secure and used properly. Above and beyond securing your assets millennial millionaires have a public image they actually want to nurture and show that they are doing good and not the old view of high income like wearing a suit smoking a cigar while looking over the city from their penthouse office.

That is where a high-quality private sector bank could come in. With a group that is ready to cater to their specific clientele’s needs, they will do what they can to bring you and your peers together to be stronger. We’re not talking about tee time at the local country club to chew the fat we’re talking about synergistic events to bring like-minded people together to enhance collaboration, improve relationships, and grow portfolios. For Millenials with wealth groups like 220bank work to do just that with their clients making them an indispensable partner for those aspiring to get to know other young wealthy individuals and work with them without barriers.

Image credit: 220bank

Image Importance

That old “in” crowd has way too many rules, stipulations, and requirements before you’re allowed to have any meaningful input. Not having real input means your image isn’t worthwhile. Millennials value their image higher than any generation before and that “in” crowd must respect that. If you’re an influencer or a socially active young person with funds you need to ensure your image is consistent because mixed messaging will lead to your credibility being crushed as you are questioned repeatedly. This image means you can’t just be like everyone else you need to stand out and have your look be consistent from tips to toes, and that includes financials.

When you work with a private sector bank you want to ensure that your image matches. Some banks will give you exclusive cards to use, but not all cards are created equal. You want your exclusivity to carry weight and some high-end private sector banks like those at 220bank have all-metal cards. These all-metal cards are heavier and feel more substantial, giving you a feeling of exclusivity that is essential for a member looking to keep their image pure.

Digital Futures

Technology stocks and investing have been hot grabs for those who already had the money for investing for decades now but the banking industry has been slow to adapt to change itself. With a look to the future, some private sector banks are working to move fully digital. The industry moves slowly much like those that own the money in it, they are overwhelmingly old, analog, and stuck in their ways. Not the professionals at 220bank. They are born in the digital age of banking and investing and will work with their clients and partners to streamline the system to the best of their abilities. With an all-digital platform to reduce the costs of operations and to speed up transactions and regulatory completion, they will ensure that everything is done in the most efficient and client-friendly way possible. When you grow up digitally you want things done digitally and that is what a modern private sector bank can do for you.

Image credit: Unsplash

Why I Keep Mentioning 220bank

Well, 220bank is unique in private banking for many reasons. They are a new company in the field and are catering specifically to the millionaires from the millennial generation. While they may seem to be an endeavor that is a bizarre endeavor to take as millennials as a stereotype aren’t as rich as previous generations at this point in their lives but that’s just the reason companies like 220bank need to exist. There is a bunch of wealth that is expected to be inherited in the next decade or so and having a bedrock of self-made millionaires of their age building connections to be arbiters to those newly wealthy with older money to ensure that they have the options they want and don’t have to be stuck in the rut of their families history.

For those self-made millionaires of the millennial generation, it will be important to give them a fair shake as they grow their portfolios, and companies like 220bank will be there for them in the future. Instead of hedging and waiting to hit minimum thresholds for wealth to be able to enter the prudish traditional private sector banks that they are given a step in the right direction and be put on a level playing field. The system of high-income investments and management has been skewed for the always had, the newly had’s need a shake as well. So no matter whether your young and earned your keep from traditional ways like starting a business from scratch or family inheritance, or from modern overnight success from items like podcasting, social media influencing, or video content creation a bank built for millennial desires to serve millennial needs will be the best way to go.

One of the leaders of 220bank is Henry Fudge. He has gone on the record saying that the private banking market has been turning away younger investors and that just doesn’t work with him. People are subjected to layers and layers of fees and old school back and forth discussions before anything can get accomplished and even the younger members that do manage to get inside are being turned off by the experience they are getting. If retail banking can do those things with high levels of customer satisfaction and minimal intrusion why can’t private banking? With the age of private banking members still rising it’s no wonder innovation has been stifled. Mr. Fudge’s goal is to have a self-funded youth appealing operation full of high-level networking elites to improve value to their brand and clients and also to ensure that they are always innovating.

Image credit: 220bank

Anything new is bound to have risk and private banking is no exception. With a general lack of government insurance for many situations, which generally makes sense as the amount of wealth per client is multitudes higher than in retail banking establishments is no surprise. But margins are important and not everything can be free. To compensate for cutting the extensive fee system of other private sector banks and fighting back against the lower margins from that the plan of 220bank is to benefit from lower overhead, and digital outlets like 200bank are proposing is a great way to do so. The other trick up their sleeves is to use third party partners to securely store assets and have a team of advisors on hand at all times to manage the funds.

In this uncertain banking future where regulations are shifting and wealth management is less becoming who is in and who is out you need a partner you can trust with your assets and has the quality and ability to meet your needs without excess assistance or waiting games. New wealth management systems and groups in private banking are going to shake the trees of the old money and systems that have been in place for much of the past 70 years and either the old systems will make honest moves or be left behind. Consider that part of your image when you make a decision on how to hold your funds.

Author: Marko Vidrih

Featured image credit: Unsplash



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