Private Banking

In a nutshell private banking is a special banking service given to rich people. Instead of making them queue up in a high street branch, banks give a tailored, personal service to their ‘most valued’ (ie. wealthiest) customers.

Most high street banks offer a private banking service which deals with a far larger slice of the population than traditional firms catering for the super-rich.

Private banking is a term for banking, investment and other financial services provided by banks to private individuals disposing of sizable assets. The term “private” refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It should not be confused with a private bank, which is simply a non-incorporated banking institution.

Historically private banking has been viewed as very exclusive, only catering for high net worth individuals with liquidity over £1 million, although it is now possible to open some private bank accounts with as little as £50,000 for private investors. An institution’s private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients. A high-level form of private banking (for the especially affluent) is often referred to as wealth management.

If I work in private banking what will I be doing?

You will make yourself available on the phone to your clients and bend over backwards to meet their financial needs. This may involve arranging cash immediately because they want to buy a diamond necklace, transferring funds or investing in the stock market.

You will help clients manage their money, plan wills and family trusts as well as minimising tax bills.

Duties include:

• Opening, closing and servicing customer accounts
• Writing individual profiles on current and prospective customers
• Actively cross-selling banking products such as loans and retirement accounts
• Calling customers at home during evenings and weekends
• Referring clients to trust management, fund management, and loan departments
• Processing loan documents
• Resolving client problems such as closing account overdrafts
• Recommending other banking services as needed
• Manage typically 75 to 125 accounts

How do I get a graduate scheme / internship / entry level job or career in Private Banking?

Obtaining a graduate scheme, internship or entry level role in private banking can be very challenging and competitive – though very achievable by getting your application, CV, interview and general approach right. You can guarantee that ninety percent of applicants for private banking roles will not know how to apply, so getting your application in the top ten percent makes things a lot more achievable.

Approaching the company in the right way will make all the difference. Combining the right approach with a strong interview (and in some cases assessment centre) writ a strong focused tailored CV will go a long way. Make sure you have gone through the free videos on this sight by entering your name and email address in the top right of this screen underneath the video. Once you have filled this in you will have instant access to everything you need to secure your career in private banking.

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