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 Missouri, 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 need to maintain a certain balance across their bank and investment accounts to qualify for private banking, often ranging from $150,000 to $250,000 or more. Missouri's Division of Finance oversees state-chartered banks, ensuring they comply with applicable laws and regulations. Federally, private banking is subject to regulations by entities such as the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), which enforce standards for financial institutions to protect consumers and ensure the stability of the financial system. These regulations include the Bank Secrecy Act, anti-money laundering laws, and various consumer protection laws. Clients of private banking in Missouri should ensure that their financial institutions adhere to these regulatory standards.