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What is the Difference between Wealth Management and Private Banking? What is private banking? Private banking has many similarities with regular retail banking in terms of the products offered. However, private banking clients are those with a significantly higher level of wealth and is only accessible to them. Clients will receive a more tailored and dedicated level of service, as private banks are geared towards those with higher incomes. The core focus of a private bank is usually traditional banking services such as managing deposits, providing credit, and facilitating transactions. The only difference being a more personalised and dedicated level of service is provided. That said, sometimes services usually associated with wealth management such as investment advice, wealth planning or general portfolio management will also be offered by a private bank. It is at the discretion of the client whether they want to receive these additional services from their private bank, or seek expert and impartial input from a wealth manager instead. What services do private banks offer?
What is wealth management? Wealth management takes a more holistic view of someone's finances in terms of their short and long-term wealthgoals. These goals can be narrowed down to three main considerations: Growing your wealth, protecting your wealth and passing on your wealth. The concept of wealth management is that it looks to help affluent clients and HNWIs make smart decisions. These decisions consider where you're currently at in relation to where you want to be. In many ways, wealth management is more of a specialised service than private banking. This is because a wealth manager must take a broad view of their client’s financial health, so that they can best advise them as part of a wider strategy. Working closely with clients, wealth managers must not only understand their client's financial situation, but also their risk tolerance in relation to their goals. The support provided by a wealth manager is ongoing, building a valuable relationship over time, including throughout various life stages for the client, as well as when navigating financial market fluctuations. Read more: What is Wealth Management? What services do wealth managers offer?
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