Scottsdale Bank Caters Only to Millionaires
April 6th, 2008 Posted in Cool Facts, Did You Know?, ScottsdaleScottsdale Bank Caters Only to Millionaires
Legacy Bank is a little different than the banks most people use for their financial needs - it only serves millionaires.
Clients of this Scottsdale-based, private bank make more than $250,000 annually and have at least $5 million in net worth.
The bank was founded by Julian Fruhling and Lyle Campbell in 2005 to serve the wealthy people in Arizona, a group they perceived to be growing quickly.
The two men were looking to provide progressive banking products and services that conventional banks didn’t offer.
“We’re not a community bank,” Fruhling said. “We’re a privately owned bank. We focus on affluent families and the businesses they own.”
One of the products Legacy Bank offers is a loan that can be up to six times loans offered by most banks its size.
Legacy Bank also has in-house groups that specialize in luxury-home mortgages and financial, estate and succession planning counsel and services.
Legacy Bank uses specialized outside advisors to make investments for their clients
“Unlike most banks, which have investmentmanagers on staff, our clients find that our sub-advisors can be more effectively held accountable for their portfolio performance when not employees of the bank,” Fruhling said.
The first private bank in Arizona also boasts a state-of-the-art computer platform, a portable check scanning devices and reimbursable ATM charges from any bank.
“It really unbridles them from having to go to a branch,” said Fruhling, adding that another selling point is that Legacy bankers are experienced, creative and always available.
“Also important to our millionaire clients is that our team of bankers has a comfort level with their affluent lifestyles and often complex financial needs,” Fruhling said. “It streamlines the process for a client in terms of hassle they have to go through to get something done.”
Looking for luxury homes in Scottsdale, Paradise Valey, Phoenix, call Bette Zerba GRI RE/MAX 602-791-1766. Search for all luxury homes available for free ar www.luxury-phoenix-homes.com
2 Trackback(s)