When ultra-rich clients look for banks, they need an institution they can trust with their money, privacy, portfolios and assets. While most major banks have offerings that cater to ultra-wealthy clients, the distinctive services they provide set them apart from other institutions.
Affluent clients have unique needs when it comes to banking, such as personalized services, comprehensive wealth management solutions, exclusive benefits, access to customized credit lines and loans, tax optimization services, succession or legacy planning, and regulatory compliance management when they have assets in different countries.
Read on to discover the best banks for wealthy clients, their unique services, as well as some of the limits that can come with the perks of high-net-worth banking.
Top Banks for High-Net-Worth Individuals
1. Citi® Private Bank
Citi Private Bank is one of the more popular banks for high-net-worth individuals, offering exclusive banking and wealth management services to clients across 160 countries. Citi Private Bank also boasts multiple awards, most recently the PWM/The Banker Private Banking Award for Best Chief Investment Office in Private Banking and Best Private Bank for Wealthy Women in 2024.
Unique offerings
- Cross-border private wealth management with a dedicated Private Banker
- Trust and wealth Planning
- Philanthropic advisory
- Alternative investments
- Specialized advice for art collections and sports team owners
- Family office advisory
Who it’s best for: Individuals and their families with a net worth of over $10 million, professional investors, family offices, private investment companies and enterprises, entrepreneurs and business owners, lawyers and law firms.
2. UBS Private Wealth Management
UBS Private Wealth Management is a segment of UBS Financial Services that caters to ultra-wealthy clients. As one of the best banks for wealthy customers, UBS Private Wealth Management offers tailored solutions for investors and families, helping them manage generational wealth and continue with charitable donations and giving.
Unique offerings:
- Customized wealth planning solutions
- Advanced trust and estate planning
- Unique Lending strategies
- Liquidity management
- Complex asset lending
- Venture philanthropy
- Family governance and meeting strategies
- Sustainable and impact investing
- Intergenerational wealth transition services
Who it’s best for: Families and family offices with a minimum net worth of $100 million, athletes and entertainers, business owners, ultra-high net worth investors, multicultural investors, women, companies and organizations.
3. Wells Fargo The Private Bank
Wells Fargo The Private Bank offers banking, wealth management, and investing services to a select group of significantly wealthy clients.
Unique offerings:
- Tailored wealth plans
- Wealth and asset preservation, investment and asset management
- Custom credit, deposit and cash management
- Business owner advisory
- Fiduciary and trust services
- Philanthropic structuring
- Family wealth and culture services
Who it’s best for: Individuals with a $500,000 minimum opening deposit and $500,000 in money new to Wells Fargo, clients looking for personalized advice and planning solutions, families, investors and business owners.
4. Citizens Private Bank
Private Bank from Citizens Bank offers a dedicated relationship management team for wealthy individuals and families to help grow, transfer and administer finances.
Unique offerings:
- Private wealth management
- Customized lending services
- Estate and trust planning
- Insurance and asset protection
- Corporate trustee and fiduciary services
- Asset and investment management
- Curated offerings for innovation banking
- Foreign currency account solutions
Who it’s best for: American and international individuals and families with a $200,000 monthly combined deposit and investment balance, commercial real estate owners, and private equity and venture capital organizations.
5. Morgan Stanley Private Wealth Management
Morgan Stanley Private Wealth Management offers individualized, boutique investment services for individuals, families and foundations with exceptional wealth. It heavily emphasizes custom advice and personalized approaches to wealth management.
Unique offerings:
- Alternative investments
- Impact investments
- Private wealth advisors
- Risk management
- Lifestyle advisory
- Art advisory
- Collection management
Who it’s best for: Affluent families and individuals with a minimum of $2 million, their businesses and family offices.
6. Goldman Sachs Private Wealth Management
Goldman Sachs Private Wealth Management offers comprehensive solutions for high-wealth individuals and their families with a low client-to-advisor ratio.
Unique offerings:
- Private wealth advisors
- Institutional client solutions
- Sports and entertainment portfolio management
- Personalized liquidity and lending solutions
- Trust and estate planning
- Financial stewardship
- Philanthropic guidance
Who it’s best for: Companies and institutions, athletes and celebrities, individuals and families with over $10 million.
7. Bank of America, Member FDIC Private Bank
Bank of America Private Bank offers personalized strategies and broad-based investment management for individual and institutional clients. For many, it’s the best bank for private banking solutions, ranking high among the top banks for individuals with high net worth.
Unique offerings:
- Alternative investments
- Customized lending and home financing
- Donor-advised fund endowments and foundations
- Equity investing
- Family office and stewardship
- Private philanthropy advising
- Specialty asset management
- Personalized plans for trusts and estates
Who it’s best for: Individuals and families with investable assets of $3 million, foundations and institutions.
8. TD Bank Private Banking
TD Bank Private Banking offers American and Canadian clients highly personalized service and financial management solutions.
Unique offerings:
- Customized investment strategies
- Estate planning
- Wealth planning
- Concierge service
- Dedicated Local Relationship Manager
- Tiered interest rates
Who it’s best for: Investors with a minimum of $750,000 in investable assets or a net worth of $3 million or more and business owners.
9. Nautilus Private Wealth of Raymond James
Nautilus Private Wealth of Raymond James provides exclusive clients with comprehensive financial planning solutions for all aspects of economic life.
Unique offerings:
- Risk management education planning
- Legacy planning
- Retirement planning
- Wealth management
- Estate management and wealth transfer services
Who it’s best for: Families and individuals with $1 million or more, retirees, women investors, endowments and foundations and business owners.
Criteria for Selecting a Bank for the Wealthy
While every bank has specialized services to secure more high-profile clients, the best bank for rich customers considers every concern and offers solutions and reassurance.
Security is perhaps the most essential factor in choosing the best banks for the wealthy. One security breach lead to major financial losses, and also put privacy, confidentiality and financial well-being at risk.
Ultra-wealthy clients also may own overseas assets, so a bank that offers cross-border banking will be a necessary choice to manage wealth.
Finally, perks make a big difference. Every bank offers standardized and unique perks, allowing ultra-wealthy customers to choose the services that are relevant to them. These perks include concierge services, exclusive travel credit cards, travel rewards, invite-only networking events and generational advisory strategies.
Key Benefits of Banks for the Wealthy
Wealthy clients receive exclusive benefits that regular customers don’t regarding banking.
Some of these perks include personalized investment and wealth management strategies, one-on-one relationship managers, enhanced cybersecurity and privacy benefits, luxury services and specialized asset management services.
Wealthy clients often have lifestyle, artistic and philanthropic assets, with private banking services not available to regular clients.
Challenges and Considerations
There are always potential downsides to consider when ultrawealthy clients choose a bank. Account minimums can number in the millions, and accounts come with high costs for premium services.
If the individual chooses to keep all of their wealth an assets in one place, that makes them entirely dependent on that one institution.
If something urgent were to arise at any time, some regulations can delay the response time. It’s a good idea to know what could potentially impact the bank account during an emergency.
The ultra-wealthy should consider the bank’s global reach and services, reputation and trust issues, and how it will manage a potential exit strategy if they want to move their wealth to other institutions.
Sarah Sharkey and Caitlyn Moorhead contributed to the reporting for this article.
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