In Australia, private banking is designed to offer high-net-worth individuals (typically with a substantial asset base or significant income) personalized financial services and tailored advice. The approach is relationship-focused, with a dedicated private banker or relationship manager coordinating access to a range of services, such as:

1. Wealth Management and Investment Advisory

• Private banks help clients with asset management, investment strategies, and portfolio management, often with access to exclusive investment opportunities. They offer advice on everything from equities and fixed income to more sophisticated products like alternative investments and structured products.

2. Tax and Estate Planning

• Many private banks collaborate with tax and legal specialists to provide integrated tax planning and estate structuring. The goal is to optimize tax efficiency and ensure wealth preservation across generations, which may include setting up family trusts or foundations.

3. Lending and Credit Facilities

• Private banking clients often receive preferential lending terms, including higher credit limits, lower interest rates, and access to tailored loan products. This can include home loans, investment loans, and margin loans with flexible repayment options, often linked to their broader financial strategy.

4. Exclusive Financial Products and Accounts

• Private banks provide specialized account types that offer higher interest rates, reduced fees, or rewards tailored for high-net-worth individuals. Some banks also give access to products not typically available to retail customers, such as exclusive insurance policies or bespoke investment products.

5. Lifestyle Services

• Many private banks extend lifestyle services, such as access to luxury travel planning, concierge services, exclusive events, and more. This could include VIP access to cultural, sporting, or networking events and preferential treatment with luxury service providers.

6. Global Banking Services

• For clients with international assets or interests, private banks offer cross-border services such as international investments, foreign currency accounts, and tax planning assistance tailored to expatriates or those with global wealth management needs.

Eligibility and Cost Structure

• Private banking in Australia usually requires a minimum asset threshold, which can range from AUD $1 million to $10 million, depending on the institution. Fees vary widely, and services may be fee-based, commission-based, or a combination. Some banks charge an annual fee, while others might take a percentage of assets under management.

Overall, private banking in Australia is about delivering a highly customized experience that helps affluent clients grow, manage, and pass on their wealth efficiently.