In this article, we’ll help you uncover the best private bank in Australia, along with a few international options you might want to consider as well.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Private Bank Australia
- How to Choose the Right Private Banker
- Frequently Asked Questions
- Ready to Explore Your Options?
Best Private Bank Australia
Best Private Bank in Australia is a distinction that has been held by numerous banks, including HSBC, Credit Suisse, and UBS. However, most “awards” reflect on a bank’s ability to generate clientele, not a bank’s ability to serve clients. So, we’re going to help you navigate Australian private banking options in a way that matters to you, the client.
Fortunately, there are a wide range of private banks to choose from in Australia, including both international and domestic participants. Importantly, as we’ll discuss below, when choosing a private bank you should be looking for a partner that understands your financial objectives and is able to support you in working towards those goals.
Here is a look at both the domestic and international private banking options that you can access in Australia.
International Private Banks in Australia
- Credit Suisse
- UBS Asset Management
- J.P. Morgan
- HSBC Private Banking
- LGT Private Wealth
- EFG International
Domestic Private Banks in Australia
- NAB Private Wealth
- ANZ Private Banking
- Macquarie Private Bank
- Westpac Private Banking Services
- CommBank Private Banking
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How to Choose the Right Private Banker
To choose the right private banker you need to consider their understanding of your profile, short-term goals, long-term objectives, and other financial considerations.
However, it’s also important to note that unless you are seeking wealth management services, there is a limit to what a private banker will be able to help you with. On the other hand, if you are looking to engage in wealth management services, the support and options available to you can extend to all aspects of your financial life.
Here are a few key variables that you should consider when looking to choose the right private banker (and bank) to meet your needs:
- Familiarity with clients that share your profile
- Clarity on your short-term financial requirements
- Alignment on your long-term financial objectives
- Strong character and trustworthiness
- Ideally a long tenure at the bank and no plans to leave
- Ability to unlock additional value for you from the bank
Frequently Asked Questions
Below are three of the most common questions that we receive from people wondering what the best private bank in Australia is. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Is the Best Bank for Private Banking?
The best bank for private banking can vary depending on your client profile (citizenship & residency) and objectives (investing vs preservation). With this in mind, it’s important to consider all of the available options and look to find a banker that understands your short-term financial requirements and is aligned with your longer term financial objectives.
Which Bank Do Millionaires Use in Australia?
The banks that millionaires use in Australia to grow their wealth include both domestic and international private banks. That said, in many cases, clients stay with the same bank that they used before reaching millionaire status. This is because, as the value of their accounts increase, banks tend to introduce new products and services to clients in order to help them continue growing and protecting their wealth.
What Is the Best Wealth Management Bank in Australia?
The best wealth management bank in Australia ultimately depends on the client profile, their preferences, and how they want to grow their wealth. For example, certain banks have expertise in domestic real estate while others may specialize in more exotic international investments. Additionally, certain wealth management divisions may specialize in helping individuals with specific sources of wealth optimize for taxes and inheritance while others may be more focused on presenting investment opportunities.
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.