What Is Private Banking?

Summary

This premium financial service is designed for high-net-worth individuals (HNWIs). It offers personalized advice, investment management, and concierge-style banking—often starting at $250,000 in assets, though thresholds vary. If you're looking for a more personal, transparent option,Sam's Listconnects you with trusted wealth advisors who work with HNW clients across the U.S.

What IsPrivate Banking?

This type of financial service refers to a bundle of offerings delivered to affluent individuals by a dedicated team or banker. Unlike mass-market banking, it's tailored, discreet, and often relationship-driven.

Key difference:Regular banking is transactional. These services are relational. You get access to a human not just a portal.

Who Uses These Services?

Typically, these solutions serve:

• High-net-worth individuals(HNWIs):$1M+ in assets

• Ultra-high-net-worth individuals(UHNWIs):$30M+

• Founders,executives, and inheritors

But thresholds vary:

• Citi Private Bank: $10M+

• J.P. Morgan Private Bank: $10M+, with entry tiers via Chase Private Client (~$250K)

• UBS Private Wealth Management: HNW threshold starts at $1M

Worth noting:If you meet these thresholds, you likely qualify for many of the fiduciary advisors listed onSam’s List.

What Services Are Included?

Offerings typically include:

• Investment management

• Estate and tax planning

• Credit and lending solutions

• Business advisory (for founders)

• Philanthropic planning

• Real estate support

Many firms also offer family office-style perks and global concierge support.

Benefits & Risks

Benefits:

• Personalized financial strategy

• Access to proprietary investments

• Tax optimization and estate planning

• Single point of contact

Risks:

• High fees or opaque pricing

• Conflicts of interest (product sales)

• Limited flexibility vs independent advisors

What If You Want a More Personal Option?

These services are one route. But they're not the only one.

Sam’s Listhelps HNW individuals find trusted, independent advisors who:

• Serve clients with $1M+

• Operate as fiduciaries (no product sales agenda)

• Offer personalized service across the U.S.

Pro tip:You don’t need to go through a big bank to get VIP-level financial advice.

FAQ

Is private banking only for millionaires?

Not always. Some entry-tier services start at $250K, but most require $1M+. Sam’s List features advisors who work with clients across this range.

Do private bankers act in your best interest?

Not necessarily. Many work on commission. Sam’s List only features fiduciary advisors—meaning they’re legally required to put your interests first.

Can I get the same services without a private bank?

Yes. Independent advisors can offer similar investment, estate, and planning support—often with more flexibility and transparency.

This level of financial support can be powerful—if it’s the right fit. It’s not just about how much you have, but what you want from your financial life.

Explore wealth advisors trusted by other high-net-worth individuals.Discover them on 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.