Private banking includes personalized financial services and products that retail banks and other financial institutions offer to high-net-worth individuals (HNWI). These services and products often include:

• investment and portfolio management

• wealth management

• tax services

• will, trust, and estate planning services

• insurance products

• jumbo mortgages

• lines of credit

• bill payment.

Private banking clients often receive discounted or preferred pricing on these services and products.

To be eligible for private banking services and products, retail bank clients are often required to maintain balances in their bank accounts (checking, savings, money market) and investment accounts (IRAs, mutual funds) totaling $150,000 to $250,000 or more.

In Connecticut (CT), private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals (HNWIs) by offering a suite of personalized financial products and services, which may include investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment services. Clients typically receive preferred pricing and may need to maintain a certain balance across their accounts to qualify for private banking services, often ranging from $150,000 to $250,000 or more. Connecticut does not have specific statutes that exclusively govern private banking; however, state regulations that apply to financial institutions in general, such as the Connecticut Uniform Securities Act and banking laws, would also apply to private banking activities. Additionally, federal regulations, including those enforced by the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve, set standards for investment activities, lending practices, and the overall operation of financial institutions offering these services.