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Through the duration of his career, Curt put in long hours and spent months on the road, eventually rising to the senior ranks of his employer. Now Curt and his wife are ready to embark on a new adventure: purchasing an oceanfront vacation home where they intend to enjoy spending time as a family with their two daughters.
Curt spoke with his PNC Wealth Management Banking Advisor about withdrawing $3 million from his investment management account to purchase the property, but Curt’s Banking Advisor suggested a different solution, one intended to help preserve his wealth.
Based on the investment performance and tax consequences of Curt’s investment management account, his Banking Advisor recommended he borrow the money, and use the investment management account as collateral. This way the account could potentially continue to grow and Curt could capitalize on attractive borrowing rates.
This decision helped to preserve Curt’s liquidity and it enabled him to continue making large contributions to his daughters’ education savings accounts; providing a bright future for his family.
As a client of PNC Wealth Management®, you will be assigned a dedicated Private Banker who will serve as your single point of contact, making it easy and convenient for you to conduct your banking needs.
This story represents a hypothetical scenario and is intended for illustrative purposes; the person described is fictional and not an actual client, but the scenario is intended to reflect a typical and/or previously experienced situation. Actual client experiences and outcomes may vary and future performance or success is not guaranteed.
The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Wealth Management® to provide investment and wealth management, fiduciary services, FDIC-insured banking products and services, and lending of funds through its subsidiary, PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and to provide specific fiduciary and agency services through its subsidiary, PNC Delaware Trust Company or PNC Ohio Trust Company. Securities products, brokerage services, and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRAand SIPC. Insurance products may be provided through PNC Insurance Services, LLC, a licensed insurance agency affiliate of PNC, or through licensed insurance agencies that are not affiliated with PNC; in either case a licensed insurance affiliate may receive compensation if you choose to purchase insurance through these programs. A decision to purchase insurance will not affect the cost or availability of other products or services from PNC or its affiliates. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”).
“PNC Wealth Management” and “PNC Wealth Insight” are registered service marks of The PNC Financial Services Group, Inc.
Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we are required by Federal law to ask for your name, street address, date of birth (for natural persons) and other information as required to identify you. This may include a request or requests for confirmatory information such as presentation of your driver’s license and/or other document(s).
Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.
Insurance: Not FDIC Insured. No Bank or Federal Government Guarantee. Not a Deposit. May Lose Value.
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