31–40 of 98 posts
Earlier quoted context omitted.
There are many existing banks that cater to rich people.
Name one bank that the average person on the street recognizes as an exclusive bank that only rich people can afford to use, like they do with Ferarri or Rolls Royce.
Earlier quoted context omitted.
Name one bank that the average person on the street recognizes as an exclusive bank that only rich people can afford to use, like they do with Ferarri or Rolls Royce.
I worked with a start-up that focused on providing software for private family offices. These are for UHNW people who have more than 100 million USD. They do not want to brag that they go to the Bentley of banks. They want to keep it as private as possible. Typically UHNW has a private family office, something between a concierge and philanthropy and a private investment organization, which maintain relationships wit…
The Bentley of banks is not for UHNW, just like mass luxury products are neither.
The Bentley of banks is for people like this:
https://twitter.com/FloydMayweather/status/11469115382272368...
I remember in my shop assistant days getting cheques from customers who banked with them. It felt like the punchline of an elaborate joke. At the time I was selling bikes. The kids from the council estate would have their parents or grandparents save up all year in a special book, paying by instalments. Then, at Christmas time, they would get a Raleigh bike, not quite the cheapest but certainly not the most expensive…
I'm born and raised in the US by a single American mother - but my dad was a real Scotsman, sometimes I see my aunt on his side and she always says "you might not have an accent, but I know yer Scottish because yer tight (cheap) and all Scots are tight"
Earlier quoted context omitted.
I worked with a start-up that focused on providing software for private family offices. These are for UHNW people who have more than 100 million USD. They do not want to brag that they go to the Bentley of banks. They want to keep it as private as possible. Typically UHNW has a private family office, something between a concierge and philanthropy and a private investment organization, which maintain relationships wit…
I'm well aware. The Bentley of banks is not for UHNW, just like mass luxury products are neither. The Bentley of banks is for people like this: https://twitter.com/FloydMayweather/status/11469115382272368...
I think you're on to something. I wouldn't be surprised if Soho House or other private clubs work with retail banks towards something like this.
One time, long ago, I had money once, and I was a member of HSBC Premier. It allowed to me to cut lines at the bank, have a small lounge area, and get free coffee. But that's about it. I don't think it would cost them too much to sign a deal with Soho House or WeWork or something like that, and offer tickets to see Beyonce at some private concert or something like that.
There could be market for something like that.
The article keeps saying their advantage is their ability to "find solutions other banks can't". I don't know what that means. Exotic loan terms? Collateralizing difficult-to-value assets?
* Wealth management trough tax, trust and estate planning.
* Connections that give access to some forms of private equity. Bankers can arrange meetings and they know people.
I remember in my shop assistant days getting cheques from customers who banked with them. It felt like the punchline of an elaborate joke. At the time I was selling bikes. The kids from the council estate would have their parents or grandparents save up all year in a special book, paying by instalments. Then, at Christmas time, they would get a Raleigh bike, not quite the cheapest but certainly not the most expensive…
At Christmas time he had a plan, he knock on the doors of houses on his round and explain that he was their local paper delivery boy and ask for tips.
He did this first on the part of his route with gated mansions in the area. To his dismay all he got was sneered at. He tried again on the council house part of his route and for every house pretty much all occupants were very generous and appreciating of his work.
At the other end I'm aware of some people who are asset rich, but not that cash wealthy. They've inherited a huge house or estate, but only have just enough money to keep things ticking over. Often big estates like that start to go into disrepair for that reason.
Any relation to C A R Hoare who invented Quicksort?
Any relation to C A R Hoare who invented Quicksort?