Summary
You don’t always need millions to access private banking services. Entry points for private banking can start around $250K at some banks—but assets aren’t everything. It’s about complexity, goals, and alignment. In many cases, working with an independent fiduciary (like those on Sam’s List) is a more transparent option.
Where the "Millions" Myth Comes From
Big names likeCiti Private BankandJ.P. Morgan Private Bankdo set minimums of $10M+, so it’s not a total myth. But other tiers exist:
Chase Private Client:~$250K
UBSorMerrill Lynch:$1M–$2M ranges
Regional or boutique banks:may be flexible based on relationship value
The “millions” narrative mostly applies to the ultra-high-net-worth (UHNW) segment.
What Really Matters to Banks
Banks don’t just care about your balance sheet. They also look at:
Business ownership or liquidity events
Real estate portfolios
Potential to bring future AUM (assets under management)
When YouDon'tNeed a Private Banker
If your financial life is complex but not quite at the ultra-high level, you may get:
More transparency from an independent advisor
Lower or clearer fees
Greater flexibility in investment approach
Sam’s List advisors offer planning-first services forHNW individuals—often at similar levels of personalization, but without the product pitch.
Sam’s List POV
You don’t need a $10M+ account to get white-glove support. Many fiduciary advisors onSam’s Listserve clients starting at $500K or even less, depending on fit.
What youdoneed?A desire for a personal, strategic financial relationship—not a transactional one.
FAQ: Do You Need Millions?
Can you get these services with less than $1M?
Yes. It depends on the institution, your profile, and goals.
What’s the catch with lower thresholds?
You may get fewer bespoke services—or be routed through “lite” offerings.
Is it better to work with an advisor than a bank?
Often, yes—especially if you value fiduciary guidance and transparency.
How can I tell if I’m a fit for Sam’s List?
We feature fiduciary advisors across the U.S. who serveHNW individualsat various stages—founders, execs, next-gen, and more.
Final Word
The million-dollar minimum is more of a generalization than a rule. What really matters is who you trust and what kind of financial relationship you’re seeking.
Explore vetted fiduciary advisors.Start with Sam’s List →
You Might Also Like:
- Financial Advisor for High‑Net‑Worth Individuals
- Financial Advisor for Small Businesses
- Questions to Ask a Financial Advisor
Author: Kimi, Co‑founder of Sam’s List
Kimi writes about what she’s learning while building Sam’s List and shares honest takeaways from her conversations with accountants and financial advisors across the country. None of this is financial advice—just the stuff most people wish someone told them sooner.
