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Private banking concerns the high-quality provision of a range of financial and related services to wealthy clients, principally individuals and their families. Typically the services on offer combine retail banking products such as payment and account facilities plus a wide range of up-market investment related services.
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The Private Banking Client |
The complexity of private client demands include: |
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Life choices. These relate to employment and lifestyle preferences or the undertaking of key life events such as marriage, retirement or divorce. One notable example would be the decision to live abroad, which often adds several complexities to a HNWIs’ financial situation in terms of tax and legal status issues.
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Investment/product choices. The greater the range of different asset classes and product categories into which clients place funds, the more complicated their management will become.
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Provider choices. These include the quality, type and number of providers selected by HNWI’s in arranging and managing their financial affairs. Similarly, the stronger the element of self-direction and control over finances the greater the complexity in handling their financial situation.
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Top Global Private Banks |
Click on the thumnails to enlarge |
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Top 25 global private banks by worldwide assets under management, Year end 2003 |
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Best Global Private Bank (Euromoney Survey, January 2005) |
Source: The Wealth Management Super League – Breaking Away from the Pack?
Datamonitor, March 2005
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