Banks are originally designed for managing wealth. This is something which includes all major financial institutions. If we look at the stock markets around the world we see that the banking sector is one of the dominant sectors. On most markets, it counts for more than 20% of the valuation. Which bank is really wealth managers?
As a result of the financial crisis of 2007 and several fraud scandals, there is quite some additional regulation on the sector. In The Netherlands, they made it compulsory for all bankers to swear to God that they serve the customer. The focus of the regulators should not be on imposing some window dressing.
Innovations, like apps, Facebook, Alibaba, Google, and PayPal are supposed to be the next generation of bankers. But are they really the next generation bank?
Swiss Private Bankers does not refer to huge Swiss banks. Banks are best known for there relationship with legal tax evasion, storing Gold. It refers to a small family owned and managed wealth managers.
The interesting about this is that the family who owns the institution is liable for all losses. They are liable for everything they personally own. This is something which is relatively unusual.
The interesting of this Swiss institutions is the conservative financing. Or that they simply offer customers real advice.
It is not exclusive to Switzerland. There is also a small London bank with the same advantage. The side effect: customers are knocking at the door and they all wish to have a banker which is serving the longterm financial needs.