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 Florida, private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals by offering a suite of personalized financial products and services, which can include investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment services. Clients of private banking often benefit from preferred pricing and discounts. Eligibility for private banking typically requires clients to maintain a certain balance across their bank and investment accounts, often ranging from $150,000 to $250,000 or more. Florida's regulations ensure that financial institutions offering private banking services adhere to state-specific banking laws, consumer protection laws, and fiduciary responsibilities. Additionally, federal regulations, such as those enforced by the Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), also apply to ensure the proper handling of investments, the provision of credit, and the overall conduct of financial institutions. Clients interested in these services should consult with an attorney to understand the specific legal implications and protections available to them under Florida law.