As part of my research for my latest literary work, I've been investigating how private banks are engaged in business development and in how they work with their clients. There certainly is a niche where the skills of the private banker are needed. The individual with $10-30 million in assets to invest benefits the most from a direct relationship with the banker and his or her investment team - a sweet spot where the bank will pay attention to your deposit base and one that is not too large to have their own family office.
But - let's talk about personality and information. Today's private banker needs to be more than just a bank. When representing the ultra rich or even those with $4 million+ net worth, the banker must be prepared with a portfolio of answers on obscure topics like "where should I stay when I go to Art Basel Miami" or "I need to sell my yacht - who should I trust?" In addition to knowing about the key hotel or private club, the banker should have a contact for the best party and should try to do something special for the client during their trip.
If you are aligned with a certain private bank - test them! If you're investigating opportunities for future relationships - listen to something beyond a canned presentation and ask some off-the-cuff questions to see how well the banker can perform. If the banker doesn't come back with a good answer by your second meeting (or in a follow-up email), it probably isn't a good fit. You can also tell a lot about the "personality" of a private bank from the types of information on their websites. HSBC and Goldman Sachs have exceptional examples of both market analysis and helping individuals review their personal goals and create a plan.
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