One of the benefits of a private bank is the convenience it affords individuals by allowing their finances and investments to be managed on a single platform. In recent times, Australian private banks have sought to promote themselves as providing a holistic approach to banking and personal finances, offering a suite of services ranging from everyday banking products to investment advice, estate planning and philanthropy. The continuing challenge for private banks is to build trust with their HNW clients and to consolidate these relationships, particularly as the wealth management landscape is cluttered with so many advisory players with different models and propositions. This paper focuses on those existing private banking clients and explores why it is that some do not turn to their private banks for financial or investment advice, preferring to seek „independent? advice elsewhere or manage money matters themselves. A better understanding of these groups of clients is a step towards further engaging with them and strengthening the overall relationship.
