CBA Premier / Private Banking

Discussion in 'Loans & Mortgage Brokers' started by aroe, 12th Jan, 2019.

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  1. aroe

    aroe Active Member

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    Hello

    Not sure if this is the right forum for this one , but anyhow -

    I have been contacted by CBA (we are an existing customer) about moving to their Premier Banking. I didn’t have too much time to chat with them about it and advised I’d get back to them

    Looking online there seems to be Private and Premier Nanking available to those that meet the income and loan/investment requirements. We’d probably meet the Private Income requirements, but certainly not the $2.5m investable requirements.

    I know bank loyalty is probably not something many here are keen on, but I’m wondering if anyone has experience with either of these?

    The listed benefits don’t seem that great, and “assorted discounts” is very vague. I guess I’m concerned it’s just a platform for CBA to try and flog insurance etc etc, and not much else.

    Cheers!
     
  2. tobe

    tobe Well-Known Member

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    I may have a vested interest, but you asked for opinions... not much else about sums it up.

    The discounts aren’t anything special, the advantage can be having a coordinated bunch of helpers. Can make things a little easier and quicker.
     
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It's clever marketing by the bank and great for the ego as you can drop the line at BBQs my private banker said....
     
  4. Car tart

    Car tart Well-Known Member

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    Yeah, I’m a Macquarie private customer, you get fabulous service from your personal banker, a few free tickets and lunches a year, but it is simply an avenue to sell you more at a higher price than the retail customers. Big benefit is multi million dollar transfers over the phone in very quick timing.
    The pain is revaluation of all properties every two years and unwanted advice, such as you should diversify your investments. Ie give money to Macquarie bank and stop being successful at what your doing, cause were not getting our share.
     
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  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Pretty much this.
     
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  6. Blacky

    Blacky Well-Known Member

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    I’m a CBA private bank client, and have been for a number of years.

    To be honest the only benefit I get is an individual to contact when I need something (which isn’t that often, but it’s handy when I do). I’ve got a mobile number, and email address and contact an individual.

    I get this for no additional (visible) cost. But I also don’t think I get any pricing preferences either.

    I’ve never recieved a lunch invite, but I’ve never been flogged any additional product/service either.

    Yes I find it handy enough to enquire about ‘private bank’ with my other banks as well. I was previously a private client with citi, but transferred my cash holdings out and fell below their requirements so got kicked out of it. Which then just becomes painful when I need something, as I have to go through the main line, and they often have no idea what I’m trying to do.

    I honestly don’t think I’ve ever mentioned it at a bbq, or dinner, I think this may be the first time I have mentioned it in public. But then, I don’t consider myself an egotistical jerk either?

    I think you would get the same/better service through a good broker though. And your ‘manager’ wouldn’t change any where near as often. I think I’m on my 4th (or 5th) in as many years? I have never met the current or previous one in person (but I live overseas).

    Blacky
     
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  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    At this level it's an ego thing designed to stop you from shopping around. There's little that a private banker will do that a broker can't, and private bankers have a tendency to frequently roll over.
     
  8. aroe

    aroe Active Member

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    Thanks guys - seems like the consensus is pretty much it’s only worth it for the point of contact.... and stoking the ego at barbecues!!! :rolleyes::rolleyes::rolleyes:

    I think I’ll meet with them and see how it goes.

    Cheers.
     
  9. Blacky

    Blacky Well-Known Member

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    I’m pretty sure most of them move over to broking?

    They get to provide the same ‘personal service’ but with the benefit of giving their clients a range of options, rather than just one banks offerings.

    Blacky
     
  10. Harry30

    Harry30 Well-Known Member

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    With a bank like the CBA, goes anyone know the account management level above private banker? Seems to go premuim banker, then private banker. What is the level above that. Is it $20m in gross assets. There is a investment arm/stockbroker arm in CBA that only accepts clients with >$20m investmentable assets. And they charge 1% brokerage for the service. At those rates. I am happy to be cheap
     
  11. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    I have one friend who unfortunately for me deals with a private banker. I have asked why and his reasoning / example was when he is about to jump on a plane he can call his guy and ask for foreign currency to be left at the counter of his local branch. That and quick approvals for loans with not much scrutiny by sound of it. Not sure if that will all change now with RC.

    I have no doubt he is being ripped off on fees and rates but he likes the service. Hates having to deal with plebby things like a call centre etc.
     
  12. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    He prob losing out about 5% on ever foreign current purchase!
     
  13. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I have a Westpac personal banker. Two actually

    One is my laptop. The other is my phone. Both only annoy me if I allow it. And it costs me nothing. I can be anywhere in the world and it still works well. And mine works 24/7. Using these devices I can transfer funds between banks in an instant so using other financial institutions poses zero inconvenience. eg ING.

    Its like having a Amex black. Its all ego. The anodised titanium card says enough. The fee for a black is extortionate and sure you can call up and they will book your accom + flights etc but at a cost of $5K or whatever it is now its cheaper to have a great travel agent.

    Nothing is free. And a private banker will only sell one banks products
     
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  14. Illusivedreams

    Illusivedreams Well-Known Member

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    @aroe With Commonwealth Premiere banking.
    Last 10 or so years.
    Have had great service.

    Need a new account call your account manager need new loan call account manager.
    After hours no issues.

    Need a valuation done.

    Never cost me $1 more. Has been absolutely great..


    I have no affiliation to the bank at all.

    But it's been a great experience and with many transactions and advise I can highly recommend.

    Yes I have two insurance policies through Comminsure no days :), but they beat NRMA by 25% so in a way no harm
     
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  15. dontask

    dontask Member

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    With CBA at least, the main benefit of of Private Bank (not Premiere Bank) was that Private Bank had its own banking license separate from CBA. This meant that they could approve things or lend more than normal CBA bankers or Premiere bankers could.

    I wouldn't say its all **** factor. They do things a broker can't. Maybe looking at your insurance or estate planning needs with qualified people (like solicitors). They do try and sell you stuff, but often initial advice is free and quite tailored.
     
  16. PandS

    PandS Well-Known Member

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    Similar to Comsec One, I take all the freebies but not much else, free off market transfer of share etc...when you get to this level you should have enough experience to judge if someone is ripping you off :)
     
  17. Brady

    Brady Well-Known Member

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    I know this space pretty well, It all comes down to who you're dealing with. Ideally a Premier or Private Banker should have better experience and capabilities, this isn't always the case.
    Private Bank has more potential offerings that the broader market wouldn't be able to access without a bit of leg work.

    When you have issues with your banking you want to be able to pick up the phone, call/email someone direct who can take responsibility and solve the issue.
    You don't need to be flagged in private or premier to do that, but it can help or simplify it.
    A broker can't provide the same level of service within the same bank.
     
  18. virgo

    virgo Well-Known Member

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    We used to have premier banker from Wesucks bank...i used to hate it as he was pretty useless..in fact it hampered us as when you walk into the bank or call up the bank on the phone; the person would take a look and cannot talk to us as he has to put all interaction thru to the premier banker...

    When CBA offered us a premier banker, we couldn't wait to beat a hasty retreat! after all we are but simple folks ...
     
  19. KinG3o0o

    KinG3o0o Well-Known Member

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    as someone who worked for a truly "private" banking company, i can tell you cba 2.5m investable wealth and westpac's new $4m investable wealth private banking office in barangaroo is really an ego stroker.

    american express black card equivalent or known as amex centurion, at that wealth level just pay cash ?? its really just to tell people your part of a "club". no diff to a debit card isnt it ?


    true private banking starts at $10m investable wealth. then u rank up based on networth/status like everything else.

    back in the day private banker mean something because lack of internet

    now everything is centralised and online.. its pointless, if u really want something to do everything for you.. get a pa.. thats what i do anyway.

    if u are big or rich enough you dont need a bank because you are the bank.. you will have your own accountant/lawyer etc etc..

    its pointless.. these are for those people in the halfway house.
     
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  20. Marg4000

    Marg4000 Well-Known Member

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    Some years ago we had dealings with a bank assistant who was particularly helpful and really knew her stuff. So kept her card and asked if we could make any future visits with her. So now we simply email for an appointment, turn up and are attended to immediately.
    Marg
     
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