How to Choose a Private Bank: A Guide for High-Net-Worth Individuals

Private banking occupies an unusual position in the financial services landscape. Unlike most products — where you can compare rates and features objectively and switch easily if dissatisfied — a private banking relationship is intensely personal, long-term, and multidimensional. Your private banker knows your financial position in intimate detail, manages relationships with your accountant and solicitor, and is involved in some of the most significant decisions of your financial life.

Choosing poorly — selecting a bank for the wrong reasons, or failing to scrutinise the fee structure and the quality of the relationship manager — can cost you significantly in returns, missed advice, and time wasted unwinding a relationship that does not work.

This guide sets out how private banking differs from retail banking, who the main providers are, and — most importantly — how to evaluate and select a private banking relationship that genuinely serves your interests.

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What Is Private Banking?

Private banking is a bundled financial service provided by banks to high-net-worth individuals and families. The defining features are:

A dedicated relationship manager (RM): A named individual who acts as the single point of contact for all your financial needs. The RM coordinates across the bank's various specialist departments — credit, investments, tax, trust — on your behalf. The quality of this relationship is the most important variable in the value you receive from private banking.

Investment management or advice: Private banks typically offer either discretionary investment management (the bank manages a portfolio on your behalf, within agreed parameters) or advisory services (the bank provides recommendations which you approve before execution). Some clients use a combination.

Lending: Private banks can provide a wide range of credit facilities: mortgages (often with higher loan amounts and more flexibility than the high street); Lombard loans (loans secured against an investment portfolio — typically up to 50–70% of portfolio value at competitive rates); property development finance; and unsecured personal lending. The breadth and competitiveness of the lending offering varies significantly between institutions.

Estate and succession planning: The more sophisticated private banks have internal trust and estate departments — or strong referral relationships with leading law firms — who can assist with wills, trusts, lasting powers of attorney, and succession planning across multiple jurisdictions.

International structuring: For globally mobile clients and those with assets in multiple countries, private banks with an international network can coordinate banking, investment, and structuring across jurisdictions.

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The Entry Threshold: What Qualifies as "Private Banking"?

There is no standard industry definition of private banking, and thresholds vary between institutions. As a broad guide as of 2026:

• Entry-level private banking: £250,000–£500,000 in investable assets. At this level, you may receive a relationship manager but with a larger book of clients; the full range of services may not be available.
• Core private banking: £500,000–£2,000,000. The typical entry threshold for most established private banks.
• Premium private banking / family office light: £2,000,000–£10,000,000. Access to the full range of services, a more senior RM, and typically more competitive fee structures.
• Ultra-high-net-worth (UHNW) / family office: £10,000,000+. Bespoke services, direct access to senior management, dedicated multi-generational planning.

Some institutions explicitly publish their minimums; others assess on a holistic basis (taking into account income potential, business ownership, and expected future wealth).

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The Major Private Banking Institutions

The Swiss banks: Switzerland has the deepest heritage in private banking, driven by political neutrality, banking secrecy (now significantly eroded by CRS reporting), and centuries of wealth management expertise.

• UBS Wealth Management: The world's largest private bank by assets. Extensive global network; particularly strong for UHNW clients and those needing multi-jurisdictional structuring. Minimum is typically £2m+ for the full private banking service.
• Julius Baer: A pure-play private bank (no retail or corporate banking) with a strong reputation for high-touch service. Significant presence in London and key international locations.
• Pictet: A Swiss partnership with a strong reputation for investment management. Less aggressive on lending than some competitors; known for investment quality.
• Lombard Odier: Another Swiss partnership; strong on sustainable investing and multi-generational planning.

UK-origin private banks:

• Coutts (NatWest Private Banking): The UK's most storied private bank, founded 1692. Serves the Royal Family among others. Minimum £1m in investable assets. Strong for UK clients with established wealth; sometimes perceived as less nimble for international structures.
• C. Hoare & Co: Britain's oldest independent private bank (founded 1672). A partnership; extremely exclusive with a long-standing client base. More focused on traditional UK wealth than international structuring.
• Weatherbys Private Bank: Long-standing relationship bank; known for the racing and equestrian community but serves a broader wealthy UK clientele.
• Arbuthnot Latham: A mid-tier private bank with a growing London and regional presence.

US banks in the UK:

• JP Morgan Private Bank: The world's most profitable private bank. Very strong for UHNW clients (minimum typically £5m+); excellent investment platform and lending capability. Particularly strong for clients with US connections.
• Goldman Sachs Private Wealth Management: Focused primarily on UHNW and institutional clients; Goldman's investment management expertise is a key differentiator.
• Morgan Stanley Wealth Management: Strong for clients with equity compensation (RSUs, options) from tech and financial sector employment; extensive US stock plan services.
• Merrill Lynch (Bank of America Private Bank): Large US institution; strong for clients with US-linked wealth.

European banks:

• BNP Paribas Wealth Management: The largest European bank by assets; strong French connection; good for clients with French property or France-linked wealth.
• Société Générale Private Banking: Good for Franco-British clients; active in the London market.
• Deutsche Bank Wealth Management: Significant German connection; strong for corporate wealth and Mittelstand business owners.

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Evaluating a Relationship Manager

The institution is important. The relationship manager may be more important.

What makes a great RM:

• Tenure: Has the RM been with the bank for five or more years? High RM turnover is a significant problem in private banking — if your RM leaves and takes your relationship knowledge with them, you may face disruption. Ask directly how long they have been in their role.
• Experience level: Is your RM a genuinely senior professional, or are you being assigned a junior RM because your assets are at the lower end of the bank's book? Ask to understand the RM's career background and how many clients they typically manage.
• Commitment: Will your RM attend your important meetings, or will they delegate to a junior team member? The relationship should be personal.
• Network and access: Can your RM get you access to the bank's specialists — the tax team, the trust department, the credit underwriters — when you need them, and promptly?
• Proactivity: Does the RM bring ideas to you — relevant investment opportunities, a change in tax legislation that affects your structure — or do they only respond when you call?

The onboarding process as a litmus test: The quality of a bank's onboarding — how efficiently they conduct KYC (Know Your Customer), how responsive they are to your questions, how clearly they explain their fee structure — tells you a great deal about how the ongoing relationship will feel.

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Understanding the Fee Structure

Private banking fees are less transparent than they should be. The total cost of a private banking relationship can vary enormously — from 0.5% of assets per year at a very cost-efficient institution to 2% or more at one charging multiple layers of fees.

The main fee types:

• Annual management fee (AMF): A percentage of assets under management, typically 0.5–1.0% for larger portfolios.
• Custody fee: A charge for holding your securities; sometimes included in the AMF, sometimes charged separately (typically 0.05–0.2%).
• Transaction charges: Some banks charge per trade; others have a flat dealing fee. If you trade frequently or the bank trades actively in your portfolio, this can add significantly to total cost.
• Performance fee: Some banks charge a performance fee (typically 10–20% of gains above a benchmark) on top of the management fee. This is not universal and should be carefully scrutinised before agreeing.
• Lending fees: Arrangement fees on Lombard loans or mortgages.

Request a full illustration: Before committing, ask the bank to illustrate all fees applicable to your specific situation — management, custody, transactions, and any other charges — expressed as an estimated annual percentage of your total assets. This allows you to compare institutions on a like-for-like basis.

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The Next Generation

One often-underappreciated aspect of private banking is the role it can play for the generation inheriting wealth. A strong private bank can assist with:

• Educational bursaries and bridging loans for children pursuing property or business ventures
• Mortgages at preferential terms for adult children (often on the basis of parental assets or guarantees)
• Introducing the next generation to wealth management and investment thinking
• Structuring inheritance to minimise inheritance tax and ensure a smooth transition of assets

A bank that is good with your wealth today — but pays no attention to its continuity — is not serving your long-term interests.

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This guide is for informational purposes only and does not constitute financial advice. The selection of a private bank is a significant and personal decision; we recommend speaking with multiple institutions and taking independent advice before making a commitment. Minimum asset thresholds, fee structures, and services offered change over time; verify current terms directly with each institution.

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How Global Investments Can Help

Global Investments has an independent perspective on the private banking market — we work with a number of the institutions described above and can introduce clients to the most appropriate private banking relationships for their specific circumstances and wealth profile. Whether you are approaching private banking for the first time, are dissatisfied with your current provider, or have complex multi-jurisdictional requirements, we can help you navigate the selection process with objectivity. Contact us for an initial conversation.