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 Kansas, 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 typically receive preferred pricing and may need to maintain a certain balance across their accounts to qualify for private banking, often ranging from $150,000 to $250,000 or more. Kansas state statutes do not have specific provisions that uniquely regulate the eligibility criteria for private banking; instead, these criteria are typically set by the individual financial institutions based on their policies and the competitive market. However, the state does regulate financial institutions and professionals providing these services through general banking laws and regulations, consumer protection laws, and professional licensing requirements. Additionally, federal regulations, such as the Bank Secrecy Act and anti-money laundering laws, as well as securities and tax laws, oversee the operations of financial institutions offering private banking services to ensure compliance with national standards.