Читать книгу Help, I'm Rich! - Stoute Kees - Страница 7

Client skepticism toward the financial sector has reached an all-time high, while morale in the private banking industry has reached an all-time low. That has made it more difficult than ever for the private banking industry to offer a truly value-adding service.

As the rich are supposed to be the main beneficiaries of the impressive knowledge and professionalism in the industry, it is of the utmost importance that faith in the industry be restored quickly.

Regulators and banks are working hard to do their part to increase credibility. However, clients also need to play an important role as they stand to gain the most from a well-respected, professionally functioning private banking industry. By proactively increasing their knowledge of the typical private banking service offering, they will understand much better what to expect and therefore will be better prepared to deal with a private bank in such a manner that they can get the most out of the relationship.

The areas of expertise where private banks typically add value are:

● Investments

● Credit

● Life insurance

● Wealth structuring

● Psychology of wealth

“Only three more levels, and I am done.” Thirteen-year-old Tom is playing his favorite computer game. For the past two months he steadily worked his way up from level 1 to level 22. The game ends when the player successfully completes all 25 levels. Tom is excited. He is so close. None of his friends has yet reached this far. Imagine how cool it would be to reach the last and final level.

Two weeks later, Tom achieves the impossible. He is now officially a master of the game. With some smart moves and a healthy dose of logical thinking, he has conquered level 25. He feels proud of himself, and experiences a euphoric high.

Another week later, Tom feels a bit down. By successfully finishing his game, he effectively lost his favorite pastime. His feelings of pride and euphoria have given way to a sense of emptiness. The immense satisfaction of being the “King of the Game” lasted a remarkably short time. What can he do now?

This paradox of achieving a dream, followed by the realization that normal life then returns, is like a sobering hangover. Achieving a dream does not grant you eternal access to a dreamlike world. Instead, the bitter truth is that by achieving your dream you lose a source of inspiration.

Becoming wealthy is another such dream. To become financially independent and be able to do whatever you like appears to be a commonly shared goal. The entire lottery industry, for example, is built on this premise. But then, when one day your dream comes true, life goes on. More often than not we see how gradually the euphoria of financial success gives way to serious wealth-related concerns, worries, and even anxieties, such as:

● The fear of losing money by (over)spending, paying taxes, making the wrong investments, divorce, and so forth

● Being sure of having enough money to financially support you for the rest of your life

● The fear of looking or feeling stupid by missing out on obvious investment opportunities

● Transferring wealth and the business to the next generation

● Being able to raise kids in a way that they are inspired to live a purposeful life and are motivated to excel

● How to protect and keep up the reputation that has come with the wealth

● How to distinguish between real, sincere friends and phonies

● How to go about achieving philanthropic goals, being involved in charity in a “right” way, and making sure every dollar has the greatest impact

● Maintaining maximum privacy so as to avoid feeling uncomfortable when too many people know about this financial situation

● Theft, robberies, blackmail, kidnappings – the rich being obvious targets

Dealing with these and similarly difficult concerns is a consequence of being rich. To really enjoy your wealth and lead a happy, fulfilling life it is first and foremost important to make yourself aware of the concerns, worries, and anxieties that, generally speaking, come with wealth. And you will need to address the causes of the concerns, worries, and anxieties that keep you restless.

That is easier said than done. Fortunately, there is an industry specializing in addressing your wealth-related concerns: private banking.1

Over the years the private banking industry has built tremendous knowledge on every aspect of managing wealth. Based on experience with thousands of other rich families, it has the knowledge to help you protect, grow, share, transfer, and enjoy your wealth. Problem solved: For most of our wealth-related concerns, worries, and anxieties, there are private banking professionals to help you cope. They can help you to continue to live your dreams.

Or not: Haven’t we learned from the financial crisis in 2008 and its aftermath that private bankers are nothing but “wolves in sheep’s clothing”? To what extent can I genuinely trust that my private banker will help me to cope with my wealth-related challenges?