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 New Mexico (NM), private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals (HNWIs) by offering personalized financial services such as investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment. 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. While specific NM state statutes may not directly define eligibility for private banking, financial institutions operating in NM must comply with state regulations governing banking practices, consumer protection laws, and fiduciary responsibilities. Additionally, federal laws such as the Bank Secrecy Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations 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.