Private Bank
A private bank is a specialized financial institution that caters to the unique needs of affluent clients, offering a wide range of bespoke services such as wealth management, investment advice, estate planning, and personalized banking solutions. These banks focus on building long-term relationships with their clients and providing discreet, high-touch service.
Wealth management firm, High-net-worth banking
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Examples
As a high-net-worth individual, John sought out the services of a reputable private bank to help manage his complex financial affairs and grow his wealth over the long term.
FAQ
What is the difference between a private bank and a retail bank?
Private banks cater specifically to high-net-worth clients, offering personalized service and a broader range of sophisticated investment and wealth management solutions compared to retail banks which serve the general public.
What is the minimum amount of assets required to be a private banking client?
The minimum asset threshold varies between institutions, but typically ranges from $1 million to $5 million in investable assets to qualify for private banking services.
What types of services do private banks offer?
Private banks offer a wide array of services including customized investment management, estate and trust planning, tax optimization strategies, lending and credit solutions, and concierge banking services tailored to the unique needs of each high-net-worth client.
