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Home Dictionary P Private Banking Private banking is an enhanced offering for high net worth private clients (HNWI) of a financial institution. Private banking consists of personalized financial and investment services and products from a dedicated personal banker. Private banking customers usually receive discounts or preferential prices on financial products. However, the range of products and investment experience offered by a private bank may be limited compared to other providers. Family Offices
September 25, 2022 Family offices provide a wide range of wealth management services to one or a small number of ultra-high income families. Fully Vested
September 25, 2022 A full transfer of rights occurs when the funds contributed by the other party become fully available to the beneficiary recipient. Goal-Based Investing
September 25, 2022 Purpose investing focuses on achieving life goals. High-Net-Worth Individuals (HNWI)
September 25, 2022 A high net worth individual is a person with at least $1 million in liquid financial assets. Non-Accredited Investor
September 25, 2022 An unaccredited investor is any investor who does not meet the income or net worth requirements of the Securities and Exchange Commission (SEC). Risk-Averse
September 25, 2022 Risk aversion is the tendency to avoid risk and have low risk tolerance. Unified Managed Account (UMA)
September 25, 2022 A Unified Managed Account (UMA) is a private investment account that can include various investments such as mutual funds, stocks and bonds. Unified Payment Interface (UPI)
September 25, 2022 Unified Payments Interface (UPI) is a smartphone banking application in India. Widely Held Fixed Investment Trust (WHFIT)
September 25, 2022 A widely held fixed investment fund (WHFIT) is an investment vehicle in which at least one interested third party participates. Window Guaranteed Investment Contract
September 25, 2022 Guaranteed Window Investment Contract (WGIC) promises a guaranteed return on a series of installment payments made during the installment window. 3-6-3 Rule
September 25, 2022 The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions. A-B Trust
September 25, 2022 AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B). Account Balance
September 25, 2022 The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account. Account Number
September 25, 2022 The account number is a unique identifier of the owner of the service and allows access to it. Account Statement
September 25, 2022 An account statement is a periodic statement that summarizes account activity over a specified period of time. Account in Trust
September 25, 2022 Trust accounts are managed by a trustee on behalf of a third party. Accumulation Phase
September 25, 2022 The accumulation phase refers to the period of a person’s life during which he saves money for retirement. Advanced Internal Rating-Based (AIRB)
September 25, 2022 Advanced Internal Ratings (AIRB) is a way to accurately measure the risk factors of a financial firm. Agency by Necessity
September 25, 2022 The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so. Annual Equivalent Rate (AER)
September 25, 2022 The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest. Annual Percentage Rate (APR)
September 25, 2022 The annual interest rate (APR) is the annual rate charged on a loan or earned by an investment. Automated Teller Machine (ATM)
September 25, 2022 ATMs (ATMs) are electronic banking points that allow people to make transactions without going to their bank branch. Available Balance
September 25, 2022 Available balance is the balance available for immediate use in the client’s account. Back-to-Back Letters of Credit
September 25, 2022 A back-to-back letter of credit includes two letters of credit to provide financing for one transaction. Bancassurance
September 25, 2022 Bancassurance is an agreement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers.