Private Banking vs Wealth Management: Key Differences

While private banking and wealth management are often used interchangeably, they differ in scope, services, and target audiences.

Private banking typically caters to ultra-high-net-worth clients, offering personalized service with high entry requirements. Wealth management, on the other hand, is broader—accessible to affluent clients with smaller asset bases.

• Private Banking: Exclusive, relationship-driven, includes concierge, bespoke investment, estate planning.
• Wealth Management: Focused primarily on financial planning, portfolio growth, and retirement solutions.

In Singapore, both services thrive, but the distinction helps individuals choose based on their financial capacity and lifestyle expectations.

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Written by: BankOpen Singapore Editorial Team
The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions.