Transcription
So, multi-millionaires keep getting turned away by Europe's top private banks, and it's not because they don't have enough money or even because of where they live. Instead, it's because of three simple mistakes that they keep making. So, in this video, I'm going to show you how to easily overcome these mistakes so you can finally open an account that protects and grows your money.
Starting with the first and arguably most important mistake. So, picture this. You walk into a car dealership. We're going to pretend this is a Toyota Corolla. It's a Toyota Crown from Hong Kong, but you get the point. And the sales rep comes up to you, and they say, "What are you looking for?" Well, you say, "I want to sit in a car on the showroom floor." You don't want to drive it. You don't want to buy it. You just want to sit in it. Now, can you imagine walking into a dealership and saying that? Not only would that be ridiculous, but the sales person isn't going to waste their time talking to you because they know you're not going to buy what they're selling.
We'll come back to this guy for the third mistake, which is the most surprising reason people get rejected. But, the point here is that unlike retail banking, where clients can just open an account, park some cash, and watch it get deteriorated by inflation, private banking is about long-term preservation and appreciation, meaning your money has to go to work. So, the number one mistake causing wealthy people to get turned away by top private banks in Europe is that they're not planning on using private banking services, which means they're not buying the services that private banks are offering. And if you're a business owner, I'm sure you wouldn't want to onboard a client who either isn't a good fit or isn't looking to spend money with your business in the first place. And the same is true for banking and private banks in particular.
Okay, now, the second reason that wealthy people are getting turned away by European private banks is all about timelines or really mismatched timelines. Picture you're on a first date, and the person that you're meeting with is looking for a long-term committed relationship. They're dreaming about big family dinners, grandchildren, and long walks on the beach during retirement. And when they ask you what you want, you say that you want something casual for the next 6 months. Now, that's probably not going to go down very well because there's a mismatch between the type of relationship that you want and the type of relationship that your potential partner wants. And this happens in banking all the time, too.
See, private banks, especially the really good private bankers, they want long-term client relationships. Think decades, not months, because these banks aren't looking to bank you. They're looking to bank your children and your grandchildren. And when that type of relationship is on the table, meaning the person opening the account is thinking long-term like the bank, then the best private bankers, they're willing to be really flexible in terms of onboarding requirements and even deposit amounts because they're not thinking about the next few months or even the next few years. They're thinking about the next 10, 15, 20 years. And that's why the second mistake that wealthy people are making is that they're not looking for long-term relationships.
Okay. Now, that does bring us to the third and final mistake that wealthy people are making when applying to European private banks. But before I share it with you, if you want expert help navigating your options, you can click the link in the description to share a few high-level details and schedule a call with our team to see if it's a good fit.
Okay. Now, the third mistake, it's all about fit. And like I said, we were going to bring this Toyota Crown back into the picture. I was thinking Toyota Corolla, but obviously I didn't have a Toyota Corolla uh toy car. But anyway, this is a decent car. Gets you from point A to point B. It's economical, reliable, nothing wrong with it whatsoever. Now, let's say you need to get an oil change for your Toyota. And you decide to head over to the Ferrari dealership. Now, you're a paying customer and you do have money to pay for the oil change, and the Ferrari dealership has oil. So, technically, you should be able to get the work done there. But, your Corolla or Crown needs a routine change with basic synthetic oil. The Ferrari dealership doesn't do that. They offer specialized servicing and high-performance materials. So, taking your Toyota doesn't make sense.
And unfortunately, this is the same thing that we see certain people doing when it comes to banking. They try to take their retail banking needs, like savings accounts, payment cards, and regular day transactions, so the Toyota, and they try to fit it into specialized services, like private banking and wealth management, which is the Ferrari dealership. And in case it's not clear, the reason this isn't a fit is because private banks and retail banks are designed for different outcomes, different levels of service, levels of wealth management, and even client expectations. So, while a private bank can issue payment cards, and can send and receive transactions, and can give you an account to just hold on to cash, that's not what they're designed to do. And frankly, it's not how the private banks are incentivized to serve you. That's why the third mistake that keeps getting wealthy people rejected by European private banks is that they're trying to use private banks like retail banks.
And listen, I understand why people do try and do this. It's because they want safety and security for their money, for it to be protected in the strongest and most stable countries available. But, you don't need to have your money with a private bank in Europe in order to unlock that level of security. You just need to watch this video right here, where I tell you how anyone can open with the safest bank in the world right now.