Wealth Management

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Wealth Management is a section or a department in a Bank which handles the priority customers. This segment provides personalized and tailor made services to the customer to make their Banking experience delightful without any delay or wastage of time.

Generally, people who have money do not want to wait for anything also do not want to stand in queue along with ordinary customers. They are also very demanding in every request and wants their requests to be prioritized and processed on an urgent basis as they want to spend the least possible time in completing the Bank formalities.

Their are generally segments in the wealth management department and the services offered to customers depends on the amount of balances maintained. For eg if balances are above AED 50,000 it will be termed as one segment, if balances are any where between AED 50,000 and AED 100,000 it will be termed as another segment and customer who have huge balances which go beyond USD 1,000,000 will be termed as Private Banking customers.

Every Bank has this segment or department as investors and customers with huge account balances needs a personal touch and also requires various investment options as they want to earn more money from the money lying in their Bank accounts. Ironically, Banks do not charge or the least possible charges are levied to these customers as these customers provide funds that are utilized by the Bank to lend and to make Interest money.

Even for some reason if a charge is levied in a wealth customer's account and he is unhappy with the charge, Bank takes a decision to reverse the charges levied to such accounts depending on the relationship size and the period for which the account is held with the Bank. This is done to ensure that the customer keeps his funds with the Bank and does not withdraw his entire account balances for a simple reason as a charge. Will keep you posted about the various segments and the investment opportunities provided to such clients in detail in my coming blogs.