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 Wyoming, 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 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. Wyoming does not have specific statutes that uniquely regulate private banking; instead, private banks in Wyoming are subject to the same regulatory framework that governs all banking institutions in the state, which includes adherence to the Wyoming Uniform Trust Code for trust-related services, and compliance with federal regulations such as the Bank Secrecy Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and various securities, tax, and insurance laws enforced by entities like the SEC, IRS, and state insurance regulators. It is important for private banks and their clients to ensure that all services are provided in compliance with these regulations to avoid legal and financial penalties.