Lloyds Bank Wealth Management

[counterofbeans]

Is anyone a customer? Or of a similar service offered by another bank...

Are there any worthwhile benefits?

Are there any charges?

CofB

[ellroy]

I picked up a fair few clients off them in the NE some years ago.

Useless was the recurring comment from clients...

I'm sure things may well have changed over time though.

As with all Private Banks there are fees depending upon what services you want from them and the quality of the Banker who looks after you will vary.

Typically there will be fairly high minimum asset threshold for you to become a client.

Ours for example is £500k, HSBC's I believe is £2m.

I would suggest talking to one or two who are local to you before making a final decision.

[z4chris99]

a 'mate' is with UBS, HSBC and Banque privée Edmond de Rothschild

The service varies, but HSBC and UBS are good for general banking, products, loans, shares, swaps fixes etc

bank Privee is another level up and will pretty much do anything you ask , and they have a nice boat

[pacoryan]

Yes of course there are charges, no you can't easily see what they are.

Service has (anecdotally) been poor post-sale and I have yet to see a portfolio that wasn't entirely invested in their internal (opaque charging) funds, despite the open mandate.

I have also taken a fair number of clients off them over the years.

[bad company]

I was a client of LPB but was not satisfied with the performance or charged. Now manage my own funds thru Hargreaves Lansdown & shares thru Halifax .

[darreni]

pacoryan said:

Yes of course there are charges, no you can't easily see what they are.

Service has (anecdotally) been poor post-sale and I have yet to see a portfolio that wasn't entirely invested in their internal (opaque charging) funds, despite the open mandate.

I have also taken a fair number of clients off them over the years.

This^.

You'll never get the best service from someone that has a sales manager & divisional director thumping the desk for sales figures every week.

Speak to a good independent firm.

[bad company]

darreni said:

This^.

You'll never get the best service from someone that has a sales manager & divisional director thumping the desk for sales figures every week.

Speak to a good independent firm.

Or better still do your own. It's not difficult.

[darreni]

bad company said:

Or better still do your own. It's not difficult.

That depends on what you want to do & if you are comfortable that you fully understand the products/risk/charges etc.

Some people are, some aren't.