Personalized financial and banking services, which are traditionally offered to a bank’s rich and high net worth individual (HNWls). For wealth management purposes, HNWls have accrued far more wealth than the average person, and therefore have the means to access a larger variety of conventional and alternative investments. Private Banks aim to match such individuals with the most appropriate options. Private banking customers generally receive highly personalized service. Unlike mass-market retail banking, private banking focuses on providing more personalized financial services to its clients, through banking personnel specifically dedicated to providing such individual services.
Private banking forms a more exclusive subset of wealth management. This banking includes personalized financial and banking services generally offered to wealthy high net worth individual (HNWI) clients. For example, an HNWI may be given access to an exclusive top-performing hedge fund through an affiliation with a private bank. Clients can contact the lead banker assigned to their account and complete many transactions on the phone, without the need to queue at the bank. Services include protecting and growing assets in the present, providing specialized financing solutions, planning retirement and passing wealth on to future generations.