Private banking

Private banking is banking, investment and other financial services provided by banks to high-net-worth individuals with high levels of income or invest sizable assets. The term "private" refers to customer service rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It does not refer to a private bank, which is a non-incorporated banking institution.

Private banking forms a more exclusive (for the especially affluent) subset of wealth management. At least until recently, it largely consisted of banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic concierge-type services, offered by a single designated relationship manager.

Overview

Private banking is the way banking originated. The first banks in Venice were focused on managing personal finance for wealthy families. Private banks became known as ‘Private’ to stand out from the retail banking & savings banks aimed at the new middle class. Traditionally, private banks were linked to families for several generations. They often advised and performed all financial & banking services for families. Historically, private banking has developed in Europe (see the List of private banks). Some banks in Europe are known for managing assets of some royal families. The assets of the Princely Family of Liechtenstein are managed by LGT Group (founded in 1920 and originally known as The Liechtenstein Global Trust). The assets of the Dutch royal family are managed by MeesPierson (founded in 1720). The assets of the British Royal Family are managed by Coutts (founded in 1692).

Florida

Florida ⁱ/ˈflɒrɪdə/ (Spanish for "flowery land") is a state located in the southeastern region of the United States. The state is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia, to the east by the Atlantic Ocean, and to the south by the Straits of Florida and the country of Cuba. Florida is the 22nd most extensive, the 3rd most populous, and the 8th most densely populated of the United States. Jacksonville is the most populous city in Florida, and the largest city by area in the contiguous United States. The Miami metropolitan area is the eighth-largest metropolitan area in the United States. Tallahassee is the state capital.

A peninsula between the Gulf of Mexico, the Atlantic Ocean, and the Straits of Florida, it has the longest coastline in the contiguous United States, approximately 1,350 miles (2,170 km), and is the only state that borders both the Gulf of Mexico and the Atlantic Ocean. Much of the state is at or near sea level and is characterized by sedimentary soil. The climate varies from subtropical in the north to tropical in the south. The American alligator, American crocodile, Florida panther, and manatee can be found in the Everglades National Park.

Wealth management

Wealth management as an investment-advisory discipline incorporates financial planning, investment portfolio management and a number of aggregated financial services. High-net-worth individuals (HNWIs), small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. Wealth managers can have backgrounds as independent Chartered Financial Consultants, Certified Financial Planners or Chartered Financial Analysts (in the USA), Chartered Strategic Wealth Professionals (in Canada),Chartered Financial Planners (in the UK), or any credentialed (such as MBA) professional money managers who work to enhance the income, growth and tax-favored treatment of long-term investors.

Private wealth management

Private wealth management is delivered to high-net-worth investors. Generally this includes advice on the use of various estate planning vehicles, business-succession or stock-option planning, and the occasional use of hedging derivatives for large blocks of stock.

Saint Petersburg

Saint Petersburg (Russian: Санкт-Петербу́рг, tr. Sankt-Peterburg; IPA: [ˈsankt pʲɪtʲɪrˈburk]) is the second largest city in Russia. It is politically incorporated as a federal subject (a federal city). It is located on the Neva River at the head of the Gulf of Finland on the Baltic Sea. In 1914 the name of the city was changed from Saint Petersburg to Petrograd (Russian: Петрогра́д; IPA: [pʲɪtrɐˈgrat]), in 1924 to Leningrad (Russian: Ленингра́д; IPA: [lʲɪnʲɪnˈgrat]), and in 1991, back to Saint Petersburg. In Russian literature, informal documents, and discourse, the word "Saint" is usually omitted, leaving "Petersburg". In casual conversation Russians may drop the "burg" as well, referring to it as "Peter": Russian: Питер (Piter).

Tsar Peter the Great founded Saint Petersburg on May 27 [O.S. 16] 1703. Between 1713–1728 and 1732–1918 Saint Petersburg functioned as the imperial capital of Russia. In 1918 the central government bodies moved from Saint Petersburg (then named Petrograd) to Moscow. It is Russia's second-largest city after Moscow, with 5 million inhabitants (2012), and the fourth most populated federal subject. Saint Petersburg is a major European cultural center, and also an important Russian port on the Baltic Sea.

Private bank

Private banks are banks owned by either an individual or a general partner(s) with limited partner(s). Private banks are not incorporated. In any such case, the creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets.

These banks have a long tradition in Switzerland, dating back to at least the Revocation of the Edict of Nantes (1685). Private banks also have a long tradition in the UK where C. Hoare & Co. has been in business since 1672.

There were many private banks in Europe, but most have now become incorporated companies, so the term is rarely true any more. Today, the term "private bank" can also refer to the financial institution specializing in financial advice and services for high-net-worth individuals (private banking).

"Private banks" can also refer to non-government owned banks in general, in contrast to government-owned (or nationalized) banks, which were prevalent in communist, socialist and some social democratic states in the 20th century.