2 ms·
Private client isn’t private bank. They name is like that so you think it is though. :) private banking services start around $10 to $15M with higher tiers as y
by mitchellh 1y ago
Private client isn’t private bank. They name is like that so you think it is though. :) private banking services start around $10 to $15M with higher tiers as you go.
(Not trying to diminish private client services. But they’re night and day different services.)
- sho 1y ago> start around $10 to $15M That sounds high to me. Maybe American banks? The smaller Swiss banks will start taking your calls at about $2m.
- mitchellh 1y agoMaybe. All the retail banks I know don’t start true private banking until there. For example, here is an article about JPM requiring 10 back in 2016 (it’s higher now): https://www.wsj.com/articles/at-j-p-morgan-9-million-in-assets-isnt-rich-enough-1458340690 https://www.wsj.com/articles/at-j-p-morgan-9-million-in-asse... The non retail banks that have a good reputation are even higher. They don’t outwardly advertise their minimums because “it depends.” For example if you’re an up and comer in your field where it seems like you’re LIKELY to one day hit the mins, they’ll start the relationship early.
- sneak 1y agoWhat’s the difference?
- zie 1y agoPrivate banking is basically the bank providing family office services. They generally give you one contact person, that makes your money annoyances non-annoyances. You need a loan for something, they just go sweet talk everyone involved to make the loan happen for you. They also invite you to all the bank's private events, so you can schmooze with other high net worth people. Banks are always sponsoring fancy events everywhere, and private banking clients generally get free invites.