Private Banking (PB) is a form of wealth management service offered to ultra-high net worth individuals ($5mm and upwards). The services offered by a private bank will include:
- Portfolio investment ideas
- Wealth protection through asset investment such as gold
- Tax avoidance advice
- General financial planning including charitable donations, inheritance, retirement etc
There are some specific private banking firms, and most investment banks have a private banking service they can offer to their clients. Private Banking is considered to be a front-office role and people working in PB need to have extremely good interpersonal and client skills above all else, as relationships count more than almost anything else.