In 2021, nearly 15 million households1 will have a net worth of $1 million, which would likely qualify them each for a private banker. Do you know if you are among them? The answer may surprise you.
Emily is a math professor. And she is halfway to being a millionaire.
She doesn’t see herself among the top 1%, but her combined assets put her squarely there. Her home, nearly paid for, is valued at $240,000. She has a retirement account in which she’s been dutifully saving for decades, and a liquid savings of three-month’s salary for a rainy day. Her husband, a family doctor, earns a salary of about $200,000.2 And the cufflinks he recently inherited from a favored uncle are worth well more than they both realized.
They plan to retire in a few years, and also have children for whom they want to prepare their assets.
Emily and her husband are not uncommon in their unrealized wealth, nor in the fact that they, like many households, qualify for a private banker and don’t know it. This unknown opportunity could cost them, and their children, in the coming years.
You may be among them. More than 10% of U.S. households earn at least $200,000, according to research by Statista.3 But even if you don’t fall into that 10%, your combined assets, including income streams from investments, rental properties, and other effects, contribute to the overall value of the household.
There are other reasons to take advantage of the benefits of a private banker, as well. A trusted private banker, in addition to providing financial advice and solutions, will be your advocate, bringing together the necessary resources from all areas of the bank to offer top-shelf guidance. This includes the backing of a team dedicated to tailoring a wealth management strategy to serve the express needs of each client.
If you are unsure whether you need a private banker, or if you want to put yourself on track to require one someday, ask yourself these seven questions.
If you think you qualify for a private banker, congratulations! The benefits realized from such a specialized service can include discounted mortgage pricing, a private credit card, and VIP services like dedicated toll-free call lines, call center prioritization, and expedited issue resolution.
Most important, a standout private banker will bring you the power of a team with years of experience. It doesn’t matter if you’re a teacher or the CEO of a Fortune 500 company – a banking advocate will know your dollar signs are unique to you, the life you have lived, and want to live. That’s what matters.
If you’d like to learn more about our private banking program, click here.
1 “Net Worth Percentile Calculator for the United States,” DKYDJ.com, https://dqydj.com/net-worth-percentile-calculator-united-states/
2 “Occupational Employment Statistics,” U.S. Department of Labor Statistics, May 2019, https://www.bls.gov/oes/current/oes291215.htm; accessed Sept. 28, 2020
3 “Percentage distribution of household income in the U.S. in 2019,” Statista.com, https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/; accessed Sept. 23, 2020
4 “How Much Time Do You Spend on Your Finances?” By Ben Carlson, A Wealth of Common Sense; Oct, 24, 2019; https://awealthofcommonsense.com/2019/10/how-much-time-should-you-spend-on-your-finances/; accessed Sept. 25, 2020
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