Choosing the right private bank is a big decision—you’re trusting them with your wealth, so you need to make sure they’re a good fit!

Here’s how to choose the right private bank.

Step 1: Define Your Needs and Goals

First, ask yourself:

• What services do I need? (Banking, investing, estate planning, philanthropy, concierge?)
• What are my financial goals? (Wealth preservation, growth, income, legacy?)
• Do I have complex needs? (International assets, businesses, real estate?)
• What is my investment style? (Conservative, moderate, aggressive?)

Step 2: Check Minimum Requirements

Private banks have minimums (usually $1M+ in investable assets). Make sure you meet the minimums for any bank you’re considering.

Step 3: Evaluate Services Offered

Compare what each private bank offers:

• Banking services (checking, savings, loans, mortgages)
• Investment management (do they offer the asset classes you want?)
• Wealth planning (estate, tax, retirement, philanthropy)
• Trust services
• Concierge services
• International services (if you have assets abroad)

Step 4: Meet with Multiple Relationship Managers

Meet with relationship managers from at least 3-5 private banks. Ask them:

• How long have they been in private banking?
• What is their experience with clients like you?
• How many clients do they work with? (You don’t want them spread too thin!)
• What is their investment philosophy?
• How will they communicate with you? (Frequency, method?)
• What fees do they charge?

Step 5: Compare Fees

Private banks charge fees in different ways:

• Percentage of assets under management (AUM, 0.5%-1.5%)
• Flat fees
• Commissions (avoid these—look for fee-only fiduciaries!)
• Bundled pricing Make sure you understand all fees before signing up!

Step 6: Check the Bank’s Reputation and Stability

• Look for a bank with a strong track record
• Check reviews from other HNWIs
• Make sure the bank is stable (avoid banks with financial issues)
• Is the bank a fiduciary? (They must act in your best interest—this is crucial!)

Step 7: Trust Your Gut

You need to trust your relationship manager and bank—if you don’t feel comfortable, keep looking!

Factor to Consider	Questions to Ask
Services Offered	Do you offer [specific service]?
Relationship Manager	How many clients do you have?
Fees	What are all the fees I’ll pay?
Reputation	Is the bank a fiduciary?
Your Goals	How can you help me achieve my goals?

Top Private Banks to Consider

• J.P. Morgan Private Bank
• Goldman Sachs Private Wealth Management
• Morgan Stanley Private Wealth Management
• UBS Wealth Management
• Citi Private Bank
• Wells Fargo Private Bank

Frequently Asked Questions

How many private banks should I meet with?

At least 3-5 to compare options.

What if I don’t like my relationship manager?

You can ask for a new one!

Do I have to use all of the bank’s services?

No—you can use some or all.

Final Thoughts

Choosing the right private bank takes time—define your needs, meet with multiple banks, compare fees and services, and trust your gut!