ATB Private Banking Services

[muse017]

Currently managing my own personal portfolio(RRSP, RESP and TFSA) and doing most of my banking through BMO/TD and Questrade.
My business relations manager from ATB refer me to this private banking advisor.
Basically, with a small amount of monthly fee, I will have an access to unlimited transaction, Up to three ATB Wealth private chequeing, access to private teller services, ATB world elite M/C + Complimentary Card for free etc...
They offer "A banking offer tailored to specific client needs"

Has anyone used this service? Are they worth it? Curious to know what some of you guys think.

[killramos]

Do you have any need for private banking? Typically it’s a tailored service for high net worth individuals who don’t have time to take care of their own finances. Kindof a hand them the keys and let them handle everything situation, want cash they have someone bring it to you, it allows your assistant/accountant manage things on your behalf etc. Usually the fee is not super modest.

Never heard of anyone doing it with ATB, but that’s my understanding of private banking with the big banks.

I think it all comes down to what you want to get out of it.

[muse017]

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Do you have any need for private banking? Typically it’s a tailored service for high net worth individuals who don’t have time to take care of their own finances. Kindof a hand them the keys and let them handle everything situation, want cash they have someone bring it to you, it allows your assistant/accountant manage things on your behalf etc. Usually the fee is not super modest.

Never heard of anyone doing it with ATB, but that’s my understanding of private banking with the big banks.

I think it all comes down to what you want to get out of it.

This...
what you describe is what exactly I had in mind in terms of private Banking services. I do not have super high net worth or anything but running a stable business.
Their mentioned fee is somewhat fair. Just like to hear from someone who actually with ATB. Worth headache of switching everything over from BMO/TD??

[ExtraSlow]

BMO and TD and RBC have similar options. No idea which is better or how you'd compare.

[you&me]

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This...
what you describe is what exactly I had in mind in terms of private Banking services. I do not have super high net worth or anything but running a stable business.
Their mentioned fee is somewhat fair. Just like to hear from someone who actually with ATB. Worth headache of switching everything over from BMO/TD??

I have no experience with ATB, and it's probably entirely unfounded, but personally I feel more 'secure' dealing with one of the big 5...

FWIW, the service I receive from my account manager approaches anything I'd need from a private wealth stand point, with the advantage of no added fees. Plus I get to stick with the person I know - last I checked, switching to TD PWM required a new point of contact... As it is, I get favourable forex rates, expedited transactions and credit approvals, rebates on fees and superb convenience - for example, I can initiate wires or have drafts, um, drafted with a simple phone call or text (though he's probably not supposed to accept requests via text... forget I said that )... Basically everything it sounds like ATB is offering you.

In my mind, not worth the switch... Do you have a good relationship with your current banker? It might be worth taking them for lunch and even mentioning ATB is after your business - I'm almost certain you current account manager could deliver at least 90% of the services ATB Private Wealth is offering, with no need to switch, but YMMV.

[spike98]

I very good friend of mine works for ATB Private Wealth. I don’t doubt he provides value for his clients. He is essentially a CSR at your disposal 24/7, gets you access to products that no one else can, and is a one stop shop (ie mortgaging, investments, borrowing) all in one.

The biggest thing is meeting the net worth requirement for his services but I don’t doubt the beyond ballers will have no issues. If you need anymore info, shoot me a pm.

[Paul]

Funny enough. My wife worked for CIBC Private Banking and left with her boss to start up ATB's Private Banking offer.

From what I understand the offer isn't that great, when compared to the big 5's same offering, and I've worked at Nesbitt, Gundy and I'm now with ScotiaMcLeod. I'd personally seek the offerings of a full service brokerage, given what you've described what you're looking for. I can get most of my clients free Private Banking if it's warranted.

My $.02