I won’t go into the advantages or reasoning behind it. However, it works for me for my own circumstances.
In this instance yes. However, I prefer to keep my financial dealings outside of my law firm. It’s personal to me and it’s better if employees and the senior management board are not involved.
My own stance on it obviously.
That’s exactly it. Property is a big one for me, but I also invest funds into classic cars (Jaguar E Type for example) and wine (pre 1999).
Fund manager manages my stock and shares ISA’s etc.
I do like to have a cash buffer limit in my current account and the rest is in savings accounts. At the end of the month if the cash buffer is utilised it will automatically transfer funds from my savings account to bring the cash buffer up to my pre set limit.
Therefore, no need to worry if I have enough funds in my account. As it’s all sorted for me.
Great, I just need to graduate from 18 working in a call centre 
. I’d take great delight in putting 85k in each bank on that Wikipedia list, maybe some crypto coins, S&S ISA, S&P 500, gold/silver, then going back to Zurich and travelling for a bit.
Maybe they’d even let me open the UBS, that I saw in the airport
That’s not how HSBC Private Bank works - UK + Guernsey is fine and UK + Geneva/Lux can be done on request. They can refer you to HK/SG but those would be standalone relationships rather than booking centres.
The Private Bank have very limited influence on Premier/high street side. There is no equivalent of global transfers/view for PB.
Most other PB also only offer limited booking centre options depending on where your RM is based - outside of those arrangements different jurisdications are full on comepetitors. The only exception I can think of is Citibank - they can book anywhere irrespective of where the RM is based.
Most private bank clients need maybe 2 or 3 booking centres primarily for tax reasons (i.e. non-dom remittance basis - rest in peace), and that’s what most banks will offer.
You might have more if you need a local mortgage, and the bank wouldn’t lend from the other branches (rarer and rarer these days).
You don’t often see different products being offered, and if there are, the restrictions would mostly likely be your residency (or citizenship in the case of Americans). If you are a UK RDR client and the product isn’t RDR compatible, a Hong Kong-based banker cannot bypass that and sell it to you.
You do see different jurisdictions having different business/revenue models, breakeven points, and risk appetites – and they ended up marketing different products. You could consider diversifying where the desks you deal with are based. However, for the same reasons, different subsidiaries of the same bank want to keep all revenue for themselves and don’t like to work together.
You are far more likely to see someone using completely different banks rather than sticking to the same one.
Sorry. What I meant was, do these banks “safeguard” your funds above £85,000 themselves, kinda like how you can depoosit as much as you want into NS&I and it’ll be protected.
In no way am I saying thar “private” banks should get higher FSC protection.
All banks claim to “safeguard” all the funds you deposit with them! The point of the 85k FSCS is that it’s safeguarded by the UK government when the banks’ “safeguards” no longer, er, guard safe…
Except if for whatever reason NS&I went bankrupt they wouldn’t be able to pay you back. So it’s not really protected.
£85k is government guaranteed. The only way really to lose that would be us no longer being a country and the government collapsing along with our legislation and by that point we have bigger fish to fry than our money.
It can’t, it’s state owned which is why it’s safe at any number. Well, at least it can’t unless the U.K. government goes bankrupt, which is incredibly unlikely
To be fair I have never really looked into that one. Being state owned doesn’t in and of itself stop bankruptcy (look at local authorities that do) but I suppose yes if they guarantee all deposits then £1.5 million it would be.
It actually does, councils don’t technically go bankrupt (I.e they still have to meet their financial commitments), the media calls it bankruptcy but it isn’t actually that for these purposes. So long as the UK state is solvent, NS&I deposits can be withdrawn.
Interesting. The things I learn on here.
I suspect that if NS&I went bust we’d all have much bigger things to worry about than access to our savings (they’d likely be worthless even if the were fully protected).
ETA they do protect 100% of your savings with them irrespective of the amount if that hasn’t been made clear in any of the comments above I haven’t bothered to read.
I would assume that HSBC Private Bank would give you Premier status, so you get to enjoy all of the Premier benefits aside from the Private Banking ecosystem?
If you’re that rich and HSBC Private Bank doesn’t give you the Premier benefits, what stops just putting money aside to get a Premier account with the retail side? Saving £100k in a high street bank to get when you have over £1.5m already seems quite easy to do.
Or maybe that’s no possible and I’m talking nonsense 
You are exactly right. That’s how I obtained HSBC Premier.
I telephoned my PB manager at HSBC and said I have money sitting around, if I deposit x amount can I open up a HSBC Premier account.
Naturally there was no issues and here we are.
Excluding property holdings and hard assets (eg your classic car collection), what % roughly of your net worth is in, respectively
Maybe 70% off the top of my head.
I know for certain out of that 70%, 10% of it goes to a charity.
Currently have about £45K invested in bottles of wine, some at my home some held with a wine merchant. Majority are pre 1999, a couple of Louis Roderer’s in there (oldest being 1990 when I joined Coutts) and a few Pauillac magnum bottles.
And in excess of £100K in classic cars and watches.
That’s just an insight, I discuss anything but there you have it.
Yes I have trusts etc. It’s about forty pages in thickness and there are dedicated trust accounts at different financial institutions to deal with this side of things.
Could we see some of your cards?
Very interesting, thanks.
So only 30% ish of your net worth is in properties+other hard assets. I remember reading somewhere that for “simple” HNW individuals/households, that percentage is closer or above 50%. So you must be UHNW.
7% of your net worth given to charities is quite good, quick googling The Forbes Philanthropy Score 2023: How Charitable Are The Richest Americans? says the average is less than 6% so you are above that.
Thanks for the £ hard numbers but I cannot make anything useful out of them without a lot more context that you obviously can’t provide. And I assume 45k and 100k are nearly rounding errors for you…? (but the assets are definitely very impressive!). I will hazard that your properties could be worth £10m -net of debt of course-, so your total net worth could be ~ £30-35mil ish, so £100k would be definitely a rounding error…
Apart from the 10% (of the 70% non-real estate non-hard asset) charity giving, you haven’t given the % for the other big categories (pensions, ISA, trusts, liquid investments). It’s the percentages that interest me, not the hard numbers, as I am curious to know what a UHNW would consider as sound asset allocation.
Thanks again for all this info.
Do you not have a Coutts card in your collection already? 
I don’t no. My dad does.
I can see if he will send me a pic of it