Private banking in the United States caters to high-net-worth individuals, offering personalized financial services such as wealth management, estate planning, and investment advisory. Here are some of the top private banks in the U.S., recognized for their assets under management (AUM) and comprehensive services:
- J.P. Morgan Private Bank
- AUM: Approximately $4.3 trillion.
- Overview: Recognized as the “Best Private Bank in the World” in 2023, J.P. Morgan provides specialized services in taxes, estate planning, charitable giving, and business strategies. Clients have access to private banking experiences across various regions, including the U.S., Latin America, Asia, Europe, the Middle East, and Africa.
- Goldman Sachs Private Wealth Management
- AUM: Approximately $2.5 trillion.
- Overview: Renowned for its investment banking expertise, Goldman Sachs offers exclusive access to deals and market insights, appealing to entrepreneurial ultra-high-net-worth individuals seeking substantial returns. The bank is also considered crypto-friendly, providing clients with opportunities in digital assets.
- Citigroup Private Bank
- AUM: Approximately $2.42 trillion.
- Overview: Citi Private Bank, a subsidiary of Citigroup, offers a comprehensive range of financial services, including investment management and wealth planning, tailored for ultra-high-net-worth clients, family offices, and law firms.
- Bank of America Private Bank
- AUM: Approximately $1.4 trillion.
- Overview: Bank of America’s private banking division provides personalized services focusing on philanthropic solutions, wealth management, and investment advisory, catering to the unique needs of high-net-worth clients.
- Morgan Stanley Private Wealth Management
- AUM: Approximately $1.3 trillion.
- Overview: Morgan Stanley emphasizes technology and digital platforms, offering services such as impact investing, alternative investments, and asset management, catering to tech-savvy ultra-high-net-worth individuals.
- Raymond James Financial
- AUM: Approximately $173.8 billion.
- Overview: Founded in 1962, Raymond James is a full-service investment dealer offering a wide range of financial and investment services to both institutional and retail investors, including high-net-worth individuals.
These institutions are renowned for their comprehensive private banking services, catering to the diverse needs of high-net-worth clients in the United States.