High net worth individuals are often offered Private Banking services by their financial institutions. Generally, an asset portfolio of more than $1 million is required to be eligible for these services. As a private banking customer, the bank will give you preferential service access, increased withdrawal limits and extra perks that will make banking easier and more convenient.
These type of high net worth customers often have multiple income streams and complicated credit requirements that are best served by experienced bankers. Private Bankers can also give some investment advice but typically turn to an Investment Advisor to support a customer’s investment goals.
If you have high net worth but only basic investment needs, then a Private Banker may be a good choice as your primary Investment Advisor. Click here to get matched with a screened professional.