Westpac Premium Financial Services

Has anyone had any experience with the Premium Financial Services division with Westpac?

Is it really dependent on how good your 'relationship manager' is? Or are they just glorified customer service representatives who want to upsell you other bank products?

In the context of property finance, has anyone had experiences where they made things happen that you couldn't do yourself, or through a broker etc.

I received a call from Westpac saying that I qualify. Yeh ok :rolleyes:, it is not the Westpac Private Bank, so there aren't stringent rules around eligibility except for a suggested income that they say on their website.

They have asked for a meeting to discuss my financial needs, so just wondering whether it is worth my time.
 
I have some clients that deal with this channel. It very much depends on the banker but if you have a good one, its worthwhile. It's more high touch than the branch but not as full on as Private. Worth a meeting I'd suggest to see how investment savvy the banker is.
 
I've been "relationship managed". I'm not sure if this is the same thing?

Either way, it's worth hearing what people have to say. The greatest value for us has been doing those little admin things that need doing in your banking that are a bit out of the ordinary. Just flick an email or talk to someone who knows your situation already rather than going through the call centre process.

Other than that I've not seen any real evidence they get a loan approval through which wouldn't get through other processes.
 
Either way, it's worth hearing what people have to say. The greatest value for us has been doing those little admin things that need doing in your banking that are a bit out of the ordinary. Just flick an email or talk to someone who knows your situation already rather than going through the call centre process.

Other than that I've not seen any real evidence they get a loan approval through which wouldn't get through other processes.
This is/has been my experience as well. Prior to the 'relationship' my dealings were with a senior loans officer of a W/Pac branch. In hindsight, I think the SLO could have done everything that the relationship mgr has done.

Regards
Marty
 
we were with private bank , which is fabulous, but when they lifted the criteria by another 1.5 mill we were downgraded to premium . we are very happy with the woman that we deal with and it can be handy to have a consistant contact who already knows all your stuff especially if you have a few entities etc. I found it much better than the branch in that respect.
 
we were with private bank , which is fabulous, but when they lifted the criteria by another 1.5 mill we were downgraded to premium . we are very happy with the woman that we deal with and it can be handy to have a consistant contact who already knows all your stuff especially if you have a few entities etc. I found it much better than the branch in that respect.

yes me too, very happy with being able to ring directly to someone who knows your situation and will chase down your requests.
 
In my opinion, any benifit will come down to the manager. Set the alarm on your mobile for 15 minutes. If you've had enough of them by then just excuse yourself. If you're liking what you're hearing stay.

Just remember, these relationship managers aren't paid for their good looks or personalities. They all have certain targets to meet and as such they should be trying to get their hands on as much business as they can.
 
"Tre Chic" indeed.....pity they could not manage the proverbial in a brothel when they were managing Ken Done's money.

He had something like $30m and they managed to being it down to $10m.

In my opinion....if you want an inflated ego get one of these guys. If you want someone knowledgable get someone who nows the banks credit policies and processes well....they are worth their weight in gold.

Juast had a look at their website, they need to get the guy who set up the CBA private banking website in to do theirs, I'd much rather be using the CBA site, tre chic....

http://www.commbank.com.au/privatebanking/?cid=dsm
 
I work for one of the larger subsidiaries of Westpac and must admit I havent heard of this channel before.

In terms of whether it is worth your while you would need to decide whether there are any financial products / services that you are looking at purchasing. At the end of the day it doesnt matter from whom or where you purchase a financial product / service the person who you are dealing with as a vested interested in what you are buying and it is in their best interest to sell you the product. The only exception to this is when you go to a Financial Planner and you pay fee for service.

If you decide to take up the invitation, like any other product you purchase you need to decide whether it is worthwhile shedding the cost of the service for superior service or your happier to stick to a cheaper product but with a less personlised relationship model. Its horses for courses really.
 
Not sure about the westpac model - but I used to have a private manager at St George. She was excellent and everything worked brilliantly.
Esspecially as I spend a lot of time overseas, my credit cards were often cut off due to visiting "dubious" countries. I would just send an email to her and within a day or two the card would be operating again.
However, she left the bank and Im now stuck in no mans land. I am considered a "premium" client (what ever that means) but the only way I know that is that I keep getting mail offering me higher credit card limits and telling me that "as a "Premium" member I get these "benifits"

Now when my cards get frozen (which is regularly), I need to call Australia and sit on hold for about 15mins each time to have the card re-activated.

If you go with the wespac service can you let me know how you get on?

Cheers
 
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