Private banking is banking, investment and other financial services provided by banks to private individuals who invest sizable assets. The term "private" refers to customer service rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It does not refer to a private bank, which is a non-incorporated banking institution.
Private banking forms an important, more exclusive, subset of wealth management. At least until recently, it largely consisted of banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic concierge-type services, offered by a single designated relationship manager. On the whole, many clients trust their private banking relationship manager to ‘get on with it’, and take a largely passive approach to financial decision making.
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Famous quotes containing the words private and/or banking:
“When I think of the gold-diggers and the Mormons, the slaves and the slave-holders and the flibustiers, I naturally dream of a glorious private life. No, I am not patriotic.”
—Henry David Thoreau (1817–1862)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)