Private banking vs. wealth management: What's the difference?

[Music] preserving and growing wealth for you and your family is a crucial task and a big responsibility because it's so important

you may want to partner with an organization that specializes in this area however there are many different kinds to choose from all offering slightly different services and the

right one for you will likely depend on your specific circumstances but all the different options can seem overwhelming in this video we'll explore two of the

main possibilities private Banks and other wealth managers private Banks and wealth managers are both types of wealth management organizations they each help

their clients to preserve and grow wealth and they both typically offer some or all of the following Services investing building and investment plan

and then putting it into action cash management helping make cash work harder lending enabling clients to borrow against their assets wealth planning

creating a strategy and structure to preserve wealth now and in the future but the types of clients they serve the level of service they provide and the

degree of personalization they offer varies generally speaking private Banks serve the bank's wealthiest clients or ultra high net worth individuals they

may also serve these clients other family members family offices family companies and philanthropic foundations other wealth managers will usually look After High net worth individuals and

other affluent people however it's important to note that there are no set definitions here and the level of wealth that qualifies as ultra high net worth versus high net worth can vary between

in institions because private banks are typically for the most affluent clients they often provide services not available at wealth management firms these might include

complex planning for families across multiple jurisdictions guidance and services for family offices financing to build art and other Collections and loans for

buying private aircraft private Banks also often provide a a higher level of service than other wealth managers this may mean more professional serving each client or the

development and customization of individual strategies built to meet specific needs and objectives at City we offer both private banking and other

Wealth Management Services for applicable borrowers we offer customized financing for private aircraft art Collections and sports franchises as

well as for homes commercial properties and investment M portfolios our offering also serves those with particularly sophisticated needs such as clients

wanting local private banking teams and services in multiple Global regions families requiring complex crossborder wealth planning family offices with

institutional caliber needs and preparing the Next Generation to continue the family Legacy to give the most personalized experience each of our private Bankers focus on just a few

clients we can also connect clients who own businesses with institutional services from across City everyone has their own needs and

preferences but here are three key takeaways to help you decide number one typically private Banks serve the wealthiest clients with the most complex

needs secondly private Banks and wealth managers are both types of wealth management organizations they each help their clients to preserve and grow

wealth and finally private Banks may offer financing and services and personalization not available at other wealth managers

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