Types of Banks Used By the Ultra High Net Worth

For ultra-high net-worth (UHNW) individuals, managing and growing wealth requires specialized banking services that go beyond the offerings of traditional retail banks. With investable assets of at least $30 million, these individuals have complex financial needs that demand personalized attention, dedicated relationship managers and access to a wide range of sophisticated investment opportunities. Private banks, overseas banks and boutique banks are among the institutions that cater to the specific needs and preferences of this affluent clientele.

For help structuring your banking needs, consider working with a financial advisor.

Banking Options for the Ultra High Net Worth

The substantial wealth of the ultra-high net worth brings complex financial situations requiring tailored solutions that go beyond the offerings of traditional retail banks. This exclusive group seeks out banking options that provide personalized attention, dedicated relationship managers and access to a wide range of sophisticated investment opportunities.

Private banks, overseas banks and boutique banks are among the types of banks used by the ultra-high net worth, offering bespoke financial solutions designed to preserve and build wealth.

Private banks: Private banks can offer a wide range of services, including customized investment portfolios, tax optimization strategies, estate planning and concierge banking services.
Overseas banks: These banks offer diversification, potential tax advantages and increased privacy. By banking in multiple jurisdictions, the ultra-high net worth can mitigate risk and optimize their financial position. For example, an ultra-high-net-worth individual may choose to hold a portion of their assets in a Swiss bank account, taking advantage of that country’s banking secrecy laws and stable political environment.
Boutique banks: These banks specialize in niche services, such as structured products or alternative investments, and also attract ultra-high-net-worth clients with their highly customized solutions and expertise in specific areas. These banks may offer access to exclusive investment opportunities, such as private equity deals or hedge funds, that are not available through larger institutions.

What Is a Private Bank?

Private banks are financial institutions that specialize in personalized banking, investment and wealth management services to high-net-worth individuals and their families.

Private banking clients may have access to dedicated relationship managers, exclusive investment opportunities and preferential rates on loans and other types of investments. Moreover, private banks often provide a suite of concierge services, such as travel planning, art advisory and lifestyle management, to cater to the discerning tastes and needs of their affluent clientele.

What to Look for in a Private Bank

To determine the compatibility between their financial needs and a private bank’s offerings, UHNW individuals should assess their current and future financial goals, evaluate the private bank’s expertise in their specific areas of interest and review the bank’s fee structure and minimum asset requirements. Also, consider the chemistry and communication style of the relationship manager and assess the bank’s ability to adapt to their evolving needs over time.

When evaluating private banks, consider these factors::

Personalized service
Range of financial services
Global reach and expertise
Reputation and stability
Technology and digital capabilities

What Is a Family Office?

A family office is a private firm established by UHNW individuals or families to manage their personal wealth, investments and financial affairs.

Unlike traditional wealth management services offered by banks, a family office provides centralized, full-service management tailored specifically to the family’s long-term needs. These services can include investment management, estate planning, tax strategy, philanthropic planning and family governance.

There are two main types of family offices: single-family offices and multi-family offices.

Single-family office: A single-family office serves one wealthy family exclusively, offering a high degree of control and customization.
Multi-family office: A multi-family office serves several families and provides many of the same services but with shared infrastructure and potentially lower costs.

The choice between the two often depends on the family’s asset size, complexity of needs and desired level of control.

In addition to financial oversight, family offices often assist with non-financial matters, such as managing real estate, handling private staff, coordinating legal services and planning family education and succession. The goal is to preserve and grow wealth across generations while aligning with the family’s values and long-term objectives.

Family offices are especially attractive to UHNW families seeking privacy, continuity and strategic oversight of their total wealth.

Private Banks vs. Family Offices

Ultra high net worth clients discussing investment opportunities with a private bank manager.

Private banks and family offices both serve UHNW individuals, but they differ in structure, scope and level of customization. Private banks are divisions within large financial institutions that offer tailored investment and banking services to wealthy clients. Their offerings typically include portfolio management, lending solutions, estate planning and access to exclusive investment opportunities. Clients are assigned relationship managers who coordinate services across the bank’s departments.

Family offices, on the other hand, operate independently and are established solely to manage the financial affairs of one family (in the case of single-family offices) or a few families (in multi-family offices). Unlike private banks, which may serve thousands of clients, family offices focus entirely on the unique needs of their members. In addition to investment management, they often handle tax planning, legal coordination, charitable giving, succession planning and family education.

The main difference lies in control and scope. Private banks are service providers that offer access to institutional products and infrastructure, while family offices function as personal financial command centers under the family’s direct oversight.

UHNW families may use both—a private bank for specific services and market access, and a family office to manage broader strategic planning and coordinate across all financial activities.

How Private Banks Support Family Offices

Private banks often work closely with family offices to provide specialized financial services that complement in-house operations. These banks offer investment research, execution and custody services that can support a family office’s portfolio management. Family offices may rely on a private bank’s global trading capabilities, market insights and access to private placements or structured products that are difficult to secure independently.

In addition to investment support, private banks can streamline liquidity management and credit services. This includes offering customized lending solutions, such as asset-backed loans, lines of credit and real estate financing. They may also assist with cash flow planning and treasury services, helping family offices manage complex financial structures across jurisdictions and generations.

Private banks also serve as strategic partners by providing administrative support. They may offer reporting tools, digital dashboards and compliance assistance that family offices use to track performance and manage risk.

In many cases, family offices prefer working with multiple institutions, but a strong private bank relationship can simplify operations and enhance efficiency by acting as an integrated extension of the office’s capabilities.

How to Choose the Right Private Bank

To choose the right private bank, you first must understand your financial goals and service expectations.

Ultra-high-net-worth individuals should first evaluate their current needs—such as investment management, credit facilities, or estate planning—and consider how those may evolve over time. Some banks specialize in cross-border wealth management or family governance, while others focus on niche investment access or tax optimization strategies.

Next, assess the bank’s service model. Look into whether it assigns a dedicated relationship manager or team, how responsive the service is and whether the bank offers a consistent point of contact. Review the bank’s digital platforms and reporting tools to ensure they align with how you want to monitor and manage your assets. Consider the bank’s transparency on fees, the scope of included services and any asset minimums that could affect your eligibility or pricing.

Lastly, reputation and stability are key. A long-standing track record, global presence and strong regulatory standing signal reliability. Ask about the bank’s client base, discretion policies and risk management practices. A well-chosen private bank should not only safeguard your assets but also act as a strategic partner across investing, lending and legacy planning.

Conducting due diligence and comparing a few institutions is critical before making a commitment.

Bottom Line

Ultra high net worth clients meeting with a dedicated relationship manager.

The ultra-high net worth have unique banking needs that require personalized attention, dedicated relationship managers and access to sophisticated investment opportunities. Private banks, overseas banks and boutique banks cater to this exclusive group by offering financial solutions designed to preserve and grow their wealth. When selecting a private bank, ultra-high-net-worth individuals should consider factors such as personalized service, range of financial services, global reach and expertise, reputation and stability and technological capabilities.

Tips for Building Wealth

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