If you could help to accelerate the process, please let me know! Would be great. Basically, would transfer about 4MM$ to swissquate. Ticket is pending already for two weeks.
For every month I could earn 10K only from fixed income.
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Question Private banking - 7/8 figures, white and safe
- Thread starter manilobino
- Start date
For every month I could earn 10K only from fixed income.
You really want to deal with a bank that needs an introducer to accept a $4m client?
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Why not? They are safe and are offering ETF's for a reasonable price. Just want to buy IB01 and that's it.
Also in talk with SAXO, at least they seemed to be more interested. Got a personal call. Optimal would be a 50/50 or 30/30/30 split between different banks or brokers. Maybe include a private banking for the "special services", whatever that would be.
Tried my luck with a Cantonal Bank.They even want my CV to open an account. They will be more expensive... and guess it would take weeks to get approved if possible.
So it seems to be not straight everywhere, maybe an introduction could help to speed up things.
Like said we work only with the DIFC entity in Dubai for our Dubai Residence Guys - things are streamlined and straightforward either personal meeting in the DIFC for Institutional/Holding Company Account or Personal Account opening meanwhile handled fully online.
Can't comment on the Swissquote CH side of things - heard several times support and respond times are awful.
SQ doesn't require an introducer in General but of course it streamlines tings when the guys kknow you as CSP when you brought them decent volume already.
Can't comment too much on Saxo but for sure they are the main competitor for SQ. Keep us posted how it goes.
SAXO has the better trading tool but again it's irrelevant if you just buy and hold ETFs.
Keep us also posted about potential outcome with a Cantonal Bank / UBS etc.
These days a CV is normal for the sum you mentioned. Either you write it yourself or the client advisor does that for you after a personal interview.
If a bank does not do that (for the amount you mentioned), better stay away. The client base of such a bank will be dubious at best.
@JohnnyDoe already mentioned Cité Gestion S.A.. In your specific case, that's the place to go. At least if you want to bank in Switzerland.
Negotiate the fees for "execution-only" or any other investment style and good is it.
Swissquote: Well, they certaiy have local clients. If you go by headcount it is quite an impressive number but the AUM per local is not! Locals still prefer a one-stop-shop like Postfinance or a Banque Cantonale. So, when it comes to "rescue" I would not count on Berne.
Anyway, if you just use it as a broker this matter is irrelevant as it is irrelevant for any other bank in Switzerland.
Still, from my point of view Swissquote is not the right place for the amount you mentioned. You can see that also in the time they let you wait.
It's on my list. As well as Maerki Baumann.
Just prefer public listed companies. Maybe a bit paranoid. Although Cite Gestion seems to have a really strong leadership.
PS: I mean even in the past we have lehmann brothers and wirecard. Two "well" regulated companies that were based on fraud.
This package is mostly about reduced fees, not service (which is abysmal at their Swiss unit).
If I want rock-bottom fees I take Interactive Brokers, not Swissquote. With IB it even saves me stamp duty.
HSBC Expat is a very solid option for someone who is not looking for a private banking relationship and just look to get flexible banking options, multi currency accounts (USD HKD EUR CHF CNY GBP etc), and cheap and reliable trading execution (LSE only, but lots of good ETFs on the exchange obviously). You get the security of a very large bank that is very regulated.
What is your experience with their Swiss unit?
At SQ LU you get on top:
"Priority Line & Ambassador We’ll answer your calls and emails first. Plus, receive personal assistance with our Client Ambassador team."
It sounds like a relationship manager "light" who can solve issues at a faster pace. It seems like the customer service in LU is well above its CH unit
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- Reply can take endless.
- If you transfer "larger" amounts into your SQ account they will come up with many questions, even if you already informed them or write it clearly in the account opening documents. So, they open accounts for everyone, specifically via SuisseID, but plenty of questions come later. This can be annoying. And time consuming!
- Fees are comparetivly low for Suisse standards (Note: stamp duty is due on every exchange trade!)
- For rne their low custody fees were the most attractive point. Nevertheless, I left SQ a while ago. Reason: See below!
- Their bond prices are not good which makes OTC bond trading with them quite unattractive (same problem with Saxo).
If you want/need something less "automatic" (e.g. OTC bond trading) they are far from being the best option out there.
At the end it is always the same with these type of discount brokers/banks: The more the process can be automated, the better they are.
I left them because their OTC bond trading fees were absolutely crazy (0.3%
) -> Obligations : Frais de Trading et Commissions | Swissquote 
. I can get a better deal with almost any private bank out there.
Moral of the story is that It is not about who is best and who is not ...It is about what are your requirement...What are you trying to achieve..
Sometime It is better to pay more fee if your objective is achieve....other It is foolish to pay ridiculous fee
Sometime It is better to pay more fee if your objective is achieve....other It is foolish to pay ridiculous fee
Which bank or broker do you use instead?Conclusion: If you are a trader with plenty of single trades on official stock exchanges they are certainly cheaper than a normal bank.
- Reply can take endless.
- If you transfer "larger" amounts into your SQ account they will come up with many questions, even if you already informed them or write it clearly in the account opening documents. So, they open accounts for everyone, specifically via SuisseID, but plenty of questions come later. This can be annoying. And time consuming!
- Fees are comparetivly low for Suisse standards (Note: stamp duty is due on every exchange trade!)
- For rne their low custody fees were the most attractive point. Nevertheless, I left SQ a while ago. Reason: See below!
- Their bond prices are not good which makes OTC bond trading with them quite unattractive (same problem with Saxo).
If you want/need something less "automatic" (e.g. OTC bond trading) they are far from being the best option out there.
At the end it is always the same with these type of discount brokers/banks: The more the process can be automated, the better they are.
I left them because their OTC bond trading fees were absolutely crazy (0.3%
The headcount is what will put pressure on the politicians and not the AUM of foreigners who do not even speak local languages in most cases.
That is clearly given with Swissqoute (Other local banks use them for being their trading agent as well either thru whitelabel or by being open about it).
For the same reasoning, Credit Suisse can be a good option. It is heavily used as well
Many look for lower fees as the other banks charges are outrageous and can be 100$ for just a simple buy of Singtel for 2k or so, that is why SQ is so popular.
You should never need their support anyway, but after all they are a discount broker (dirt cheap compared to other banks there charging a fortune or custody fees for simply having $ with them) so you cannot expect top notch support and hand holding.
I have a bunch of brokerages on different continents and not once did I ever use their support.
That being said, Europe is not US and stocks and capital markets are not even closely as popular as in the US. Most in Europe hold stocks only thru their pension plans (which does not report and list performance of stocks on a frequent basis) and many people do not even know they hold stocks indirectly thru these pension vehicles as it is presented similar to a tax.
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We discussed the fee issue extensively and came to the conclusion that all depends on individual needs (see post #71 and #72):The headcount is what will put pressure on the politicians and not the AUM of foreigners who do not even speak local languages in most cases.
That is clearly given with Swissqoute (Other local banks use them for being their trading agent as well either thru whitelabel or by being open about it).
For the same reasoning, Credit Suisse can be a good option. It is heavily used as well
Many look for lower fees as the other banks charges are outrageous and can be 100$ for just a simple buy of Singtel for 2k or so, that is why SQ is so popular.
You should never need their support anyway, but after all they are a discount broker (dirt cheap compared to other banks there charging a fortune or custody fees for simply having $ with them) so you cannot expect top notch support and hand holding.
I have a bunch of brokerages on different continents and not once did I ever use their support.
That being said, Europe is not US and stocks and capital markets are not even closely as popular as in the US. Most in Europe hold stocks only thru their pension plans (which does not report and list performance of stocks on a frequent basis) and many people do not even know they hold stocks indirectly thru these pension vehicles as it is presented similar to a tax.
If anybody in this thread wants to buy a position in Singtel worth 2k they are certainly better off with SQ.
However, if somebody wants to trade bonds OTC than SQ would be an expensive solution (as is the same with most other discount brokers).
Individual needs in this day and age also includes the local standing of banks and how they are protected and perceived within the local community.
We are talking about private banks, not a credit union or a savings bank!
If I want to take local standing and the perception of banks by the local community into account, I have to go to Postfinance or a banque cantonal.
Swissquote does not belong into this group! SQ is an upspring of the dot-com era and houses evil speculators. Do not overestimate Suisse sympathies for this breed of the human species. Latest example on how the local community perceives stock exchange trading and speculation was the popular vote regarding the proposed abolishment of stamp duty, which -of course- did not pass.
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That adds other layers to this specific argument, which is not discussed.
That does not matter if the general like them or not.
Enough locals who can vote would be affected, that is the simple point.
You will not have that with otherwise.
For example Wegelin bank went under, while SQ did not so far.
How you quantify this risk is up to your individual assessment, but in 2022 it is clearly something to think about.
To the experts who have experience with private banking i start to have some doubts about it..
So let's say you have that money. the 7-8 figures
Let's round it to some 10M$ to paint a scenario that might include a few.
At that amount, is private banking really worth, compared to using a regular bank account, and a regular brokerage account and, if you need support, paying an independent investment consultant to do investing?
What does private banking get you that is worth the extra costs?
I can imagine that private customers have a much easier way to get cheap $$$ using their assets as collateral. So let's say you are a DIY guy, would there be a DIY way to get a cheap loan offering assets as collateral outside private banking (but, possibly, inside your regular bank account, if needed)?
Other advantages of private banking, beside having the guy call you to tell how much in red your investments are?
So let's say you have that money. the 7-8 figures
Let's round it to some 10M$ to paint a scenario that might include a few.
At that amount, is private banking really worth, compared to using a regular bank account, and a regular brokerage account and, if you need support, paying an independent investment consultant to do investing?
What does private banking get you that is worth the extra costs?
I can imagine that private customers have a much easier way to get cheap $$$ using their assets as collateral. So let's say you are a DIY guy, would there be a DIY way to get a cheap loan offering assets as collateral outside private banking (but, possibly, inside your regular bank account, if needed)?
Other advantages of private banking, beside having the guy call you to tell how much in red your investments are?
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