The term private banking refers to a customized line of banking & financial services offered to private individual banking clients that earn high levels of income and/ or owning sizable investment assets, such as 'High Net Worth Individuals' (HNWIs). Such private services are distinctive from retail banking services offered or standard wealth management in that clients are assigned a relationship managers or private banker that specifically deal with them personally. In general, it is a valued added banking service in comparison to traditional banking that offers more sophisticated products and more personalized customer service.
This service is available in most developed economies with private banking services available from local, regional and global banking institutions. Private banking clients can include high-net-worth's such as executives, business owners, entrepreneurs and sophisticated investors. Differentiating from standard wealth management available to retail customers,services provided can include product specialist investment advice, wealth protection advice, succession planning, philanthropy, family governance, wealth structuring as well as access to alternative investment opportunities that are not normally available to retail investors.