What is Private Banking?

Frequently Asked Questions -

What is Private Banking?

Private banking is a set of personalised financial services and products for high-net-worth individuals, including investment management, tax services, insurance and estate planning.

Published

28th January 2021

Category

Private banking is a set of personalised financial services and products offered to an exclusive clientele of high-net-worth individuals (HNWIs). It includes investment management, tax services, insurance and estate planning, all provided by a dedicated personal broker. Private banking offerings are available from retail and consumer banks, brokerages and financial institutions.

What are Private Banking Services?

Private banking pairs high net-worth clients with individual bankers or teams dedicated to handling all of their financial tasks within the bank or institution. The client can contact their banker directly for personalised assistance and advice on meeting their financial goals.

Services from a private banker typically include:

  • General financial planning
  • Investment support 
  • Wealth management
  • Insurance services
  • Estate planning
  • Lending
  • Tax planning
  • Credit

A private banker may also coordinate multiple banking and financial needs for the client, including arranging for select personalised products beyond the bank’s standard offerings.

 

Is Private Banking Worth It?

There are a few valuable key advantages to personalised banking:

  • Confidential – Private banking services offer a discreet and confidential service.
  • Client-led services – Private banking provides tailored proprietary solutions to fit each client’s financial goals.
  • Personal service – Clients get access to personalised services and consolidated services. All provided under one roof through long-term, multi-generational relationships, powered by modern technology.
  • Resources and opportunities – A private banking service will provide more resources and exclusive investment opportunities, which the average investor wouldn’t access.
  • Optimising your network - Private banks often give clients unique opportunities to network with other HNWIs, entrepreneurs, executives and connect with leading experts in particular fields of importance to them.
  • A global focus - Private banks understand that their clients often have a very international lifestyle, whether through work or in the pursuit of personal interests. Despite this, they aim to offer a personalised service.
  • Personal and business banking - Private bankers also work closely with clients who have commercial and private bank accounts to ensure seamless levels of service and a joined-up approach.

 

What to Look for in a Private Bank

When selecting a private banker, look for the following:

  • A commitment to understanding your individual needs and goals
  • A focus on creating solutions, rather than simply selling products
  • A politically and economically stable location
  • A good reputation and proven track record of quality services
  • A focus on building lasting relationships

Arbuthnot Latham offers exceptional personalised banking services built on trust and understanding. Start a lasting relationship with your dedicated private banker today.

 

Brochures & email subscriptions

Request a brochure, or subscribe to our email updates.