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Frequently Asked Questions -

Exclusive Private Banks: How to Find the Right Fit

The world's most exclusive private banks offer specialised financial services and products to high net worth individuals. While these establishments can appear to be the prerogative of the privileged few, private banks' membership has evolved from inherited wealth towards a more diverse client base, with flexible entry criteria.

 

Published

12th April 2021

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The world's most exclusive private banks offer specialised financial services and products to high net worth individuals. While these establishments can appear to be the prerogative of the privileged few, private banks' membership has evolved from inherited wealth towards a more diverse client base, with flexible entry criteria.

Private banking clients enjoy unparalleled personalised service, tailored guidance, and benefits. With access to a range of exclusive products and services, and invitations to select networks and events, high net worth individuals are offered a seamless service from dedicated relationship managers at private banks.

High net worth clients who qualify for private banking services typically meet and exceed the minimum requirement level, which can be upwards of £100,000 in annual income or half a million in investible assets.
 

The Difference Between Private Banking and Wealth Management 

Private banking and wealth management are sometimes used interchangeably, and we can understand why. The best private banks in the UK also offer wealth management services, helping clients manage their financial plans under one roof, benefitting from a private bank's strong relationship service and the expert advice a wealth manager can offer. The main difference between the two is in their focus areas.  

  • Private banking offers a broad range of specialist services to high net worth individuals, including all of the services typically associated with a bank, coupled with a trusted private banker's support.
  • Wealth management also caters to high net worth individuals and their families. It also focuses on developing a long-term financial plan designed to help clients protect, grow and ultimately pass on their wealth in a tax-efficient way, while ensuring sufficient income to maintain their desired lifestyle. While all plans are different, typical solutions include investment management, retirement planning and IHT mitigation.


Choosing the Best Private Bank For Your Lifestyle  

Which private bank is best? Here are some key factors to consider when choosing the right one for your lifestyle and requirements. 

What to look for when choosing a bank:

Team Structure

Look at how each bank separates their private banking clients into different sectors – such as entrepreneurs or retirees or clients in specific regions. Find out which banks have dedicated client desks for your particular segment or location.

Speciality

Different private banks specialise in various niches. When choosing a private bank, consider one with the right kind of expertise for your specific financial needs. 

Size

A larger private bank may offer you a more comprehensive range of services, and they are often linked to high street banks. A smaller private bank may suit those looking for a boutique banking experience.

Location

Private Banks in the UK are authorised by the PRA and regulated by the FCA. Ensure the bank you're considering is regulated by the appropriate local body.

Values

It's essential to find a private banking provider with strong values and a commitment to building trust. At Arbuthnot Latham, relationships are everything. Private Bankers spend time understanding each client's individual needs so they can build relationships that stand the test of time. 

Find out more about our private banking services.


Becoming a client

Take control of your finances today by completing our enquiry form. Alternatively, you can call us on the number below and one of our team will be more than happy to talk about your future.

+44 (0)20 7012 2500

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Our clients typically lodge assets with us or borrow from us over £500,000. This level qualifies clients to enjoy banking services at Arbuthnot Latham without fees.

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Our clients value a highly personal relationship banking service. Commercial customers are usually running businesses with a turnover of greater than £1m per annum.

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