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- Private banking is a term that encompasses different financial, investment, and banking services offered to high net worth individuals. Banks provide personalized services to individuals with sizeable assets through bank advisors. With regard to wealth management, high net worth individuals have more wealth than regular bank customers and enjoy access to a large array of alternative and conventional investment instruments. Private banking aims to offer such clients the best products and services, suited to their individual requirements.
Bank advisors provide investment-related advice, customized financial solutions, credit and liquidity management, estate and tax planning, retirement planning, and much more. Banking teams operate on the domestic and international markets to provide investment and banking solutions to persons from diverse backgrounds. Structured products are featured with returns linked to currencies, basket of stocks, single stocks, equity indices, interest rates, etc. Investment protection is also designed to fit the requirements of individual clients – from 0 percent to 100 percent. In addition, investment products may be offered with terms from 1 month to 10 years. Private banking also encompasses alternative investment products which are not associated with traditional asset classes such as bonds and equities. High net worth individuals enjoy access to private real estate and equity funds and hedge funds. Bank advisors also offer a large selection of financial planning services, including business and family protection, pension consolidation, saving for retirement, and income planning. Business and family protection services are designed to protect high net worth individuals and their families from financial hardship. Income planning aims at income generation through developing and implementing a personalized investment strategy. Pension consolidation is a service intended for persons with multiple pension plans. Bank advisors help high net worth individuals avoid lost opportunities and problems by consolidating pension plans into a single one. Finally, those who are saving for retirement are offered help in designing a plan to build up their wealth and enjoy it post retirement.
A number of financial institutions in the US offer private banking to high net worth clients, among which Morgan Stanley, Bank of America, Wells Fargo, JP Morgan, and others. Other large private banks with a global reach are Deutsche Bank, Royal Bank of Canada, and Credit Suisse. Their customers pay based on the performance of an annual portfolio, on the number of transactions made, or a flat fee, which is an annual percentage of the amount of investment.
Generally, private banking aims at wealth management, wealth protection, and managing the impacts of wealth, including tax advisory, property investment, philanthropy, and media. Influential, wealthy families enjoy wealth advisory services that help them build wealth structures and achieve their entrepreneurial dreams. Wealth advisory services encompass philanthropic and art advisory, trust services, sports advisory, and others. Trust services, for example, include investment management and fiduciary services, estate planning strategies, and investment platforms. Trust officers specialize in family and fiduciary wealth transfer structures, including charitable trusts, grantor trusts, private foundations, and dynasty trusts. Wealth advisory also encompasses aircraft advisory, with dedicated advisory teams offering personalized assistance and advice on purchasing a private aircraft. Advisors oversee the initial selection and assessment of aircraft and develop a financial strategy to fit clients’ financial circumstances. Art advisory aims to help high net worth clients build and maintain art collections. Advisors assist established and new collectors in managing collection administration and give advice on philanthropic and estate planning. Artwork is also accepted as collateral when applying for loans. Finally, sports advisory encompasses the sale and purchase of franchises and sports assets. Bank advisors offer interest-rate hedging and valuation services, as well as advice on renovated and new venues.