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Article: The not-so-private bank: South Florida's community banks have entered the private banking fray and are competing for tomorrow's millionaires today.(private banking)
- Article from:
- South Florida CEO
- Article date:
- March 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 CEO Publishing Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Private banking, by definition, caters to wealthy individuals. But even the word wealthy is undergoing a change of meaning as financial institutions compete for more customers.
Catch phrases such as "potentially prosperous" have snuck into the lexicon of private bankers throughout South Florida as expectations have set in about the massive intergenerational transfer of wealth that is just beginning to be felt here.
"Private banking used to be pretty exclusive," says Teresa Valdes-Fauli Weintraub, CEO of Fiduciary Trust International in South Miami. "Now private banking services are much more available to the rank and file."
For the last several ...