Private banking provides personalized financial services and investment advice to high-net-worth individuals. Relationship managers work with clients to protect and grow their wealth through individualized solutions. Services typically include retirement planning, wealth transfers between generations, and tax avoidance strategies. Private banks benefit from this business through fees, commissions, and interest income from loans while facing some regulatory challenges around transparency and a focus on regional needs over a one-size-fits-all approach. Products and services offered include custody accounts, investment transactions, payment services, and specialized banking advice.