"My accountant says the numbers don't match."
This is the call every private banker dreads during tax season. A frustrated client, caught between their bank statements and tax obligations in multiple jurisdictions.
For HNW clients with portfolios across borders, tax reporting isn't a nice-to-have, it's a cornerstone of service quality.
Consider this: A German resident with a Luxembourg bank account needs to report foreign dividends, withholding taxes, and capital gains accurately. Without proper documentation, they face:
Progressive private banks are turning tax reporting into a differentiator. By providing jurisdiction-specific reports with all calculations transparent and verified, they:
In an industry where switching costs are decreasing, these operational touchpoints matter more than ever.
The question isn't whether to provide tax support - it's whether you're providing the right level of support to keep your best clients.
What's your take: Is tax reporting a competitive advantage for private banks?
