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 Louisiana (LA), 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 of private banking typically receive preferred pricing and may need to maintain a certain balance across their accounts, often ranging from $150,000 to $250,000 or more, to qualify for these services. Louisiana state statutes do not have specific regulations that apply exclusively to private banking; instead, private banks operate under the same regulatory framework that governs all financial institutions in the state, which includes licensing, reporting, and compliance requirements. Additionally, federal laws such as the Bank Secrecy Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations enforced by the Securities and Exchange Commission (SEC) and the Federal Reserve also apply to private banking activities to ensure financial stability, consumer protection, and compliance with anti-money laundering (AML) and know your customer (KYC) requirements.