What are private banking services

Wealthy individuals from around the world seek private banking services in a bid to manage their finances and investments. The term “private” signifies the personal aspects of this type of banking as it traditionally caters to each individual’s particular needs.

The scope of private banking

Affluent individuals who have a considerable amount of wealth often choose to engage the services of a private bank. These financial institutions assist high-net-worth individuals with their banking, investment and other financial related needs, including wealth management and asset protection.

Private bankers are personal financial advisors who offer assistance and guidance to wealthy individuals with regards to managing their money. Their personalized and tailored solutions are created to match their client’s individual business and personal needs to obtain optimal results, whether they are private individuals or corporate clients.

Private Banking offers a range of services similar to other financial institutions; these include investment management tax services, banking and trust services as well as fund administration services.

Initially Private banking was predominantly a service that was offered by European banks; however with the increase in demand for expert wealth management, there has been a steady growth in banks around the world. In 2011, Merill Lynch and UBS were the top private banks in the world, closely followed by Wells Fargo and Credit Suisse.

Investors who wish to offer private banking services are advised to seek the services of a professional consultancy firm. Through the advice and guidance of experienced consultants, individuals and companies can ensure that they obtain the relevant banking license from the jurisdiction’s regulatory body in a professional and timely manner.