Private Bank or Wealth Manager "Family Office"

Private banks and wealth management firms often market "family office services" that provide enhanced wealth management capabilities, though these typically differ from standalone family offices in structure and service delivery.

Key Characteristics

Bank-Integrated Services

- Family office services within traditional private banking framework

- Leveraged banking infrastructure and compliance systems

- Integration with lending, credit, and banking services

- Standardized service packages and delivery models

Enhanced Wealth Management

- Expanded beyond traditional investment management

- Added concierge and lifestyle services

- Trust and estate planning coordination

- Next-generation education and family governance support

Institutional Resources

- Access to bank's research and investment platforms

- Institutional investment opportunities and structured products

- Global presence and multi-currency capabilities

- Regulatory compliance and risk management frameworks

Service Offerings

Investment Management

- Professional portfolio management and oversight

- Access to bank's investment research and strategies

- Alternative investment platforms and opportunities

- Tax-efficient investment coordination

Banking and Credit Services

- Comprehensive banking and cash management

- Lending solutions including securities-based lending

- Foreign exchange and multi-currency services

- Treasury management and liquidity solutions

Trust and Estate Services

- Trust administration and fiduciary services

- Estate planning coordination with internal trust company

- Wealth transfer planning and implementation

- Generation-skipping and tax-efficient structures

Lifestyle and Concierge Services

- Personal concierge and lifestyle management

- Travel planning and private aviation coordination

- Art and collectibles advisory and financing

- Philanthropic planning and donor-advised funds

Bank vs. True Family Office

Similarities

- Comprehensive wealth management approach

- Multi-generational planning and services

- Lifestyle and concierge support

- Investment management and advisory services

Key Differences

- Structure: Part of larger banking institution vs. dedicated entity

- Customization: Standardized packages vs. fully bespoke services

- Governance: Bank oversight vs. family control

- Scope: Enhanced banking services vs. comprehensive family management

- Staff: Shared resources vs. dedicated team

Ideal For

Asset Threshold: Typically $10M-$100M+ depending on institution

Family Profile: Families comfortable with bank relationship model

Service Needs: Enhanced wealth management within banking framework

Banking Relationship: Families valuing integrated banking and investment services

Major Providers

Global Private Banks

- JPMorgan Private Bank Family Office Services

- Goldman Sachs Private Wealth Management

- Morgan Stanley Family Office

- UBS Family Office Services

- Credit Suisse Family Office (now UBS)

Regional Private Banks

- Northern Trust Family Office Services

- U.S. Bank Family Office Services

- PNC Family Office Services

- Fifth Third Private Bank Family Office

Cost Structure

Management Fees: 0.75-1.50% of assets under management

Banking Fees: Standard private banking fee schedules

Trust Fees: Trust administration and fiduciary fees

Concierge Fees: Often included or modest additional charges

Project Fees: Additional charges for specialized services

Advantages

- Institutional Resources: Access to bank's full capabilities and expertise

- Integrated Services: Seamless banking, lending, and investment integration

- Global Reach: International presence and multi-currency capabilities

- Regulatory Compliance: Established compliance and risk management frameworks

- Cost Efficiency: Often less expensive than standalone family office

Considerations

- Limited Customization: Standardized service packages vs. bespoke solutions

- Bank Priorities: Services may be influenced by bank's business priorities

- Staff Continuity: Potential for staff turnover and relationship disruption

- Control: Less family control over service delivery and decision-making

- Conflicts: Potential conflicts with bank's other business interests

Evaluation Criteria

Service Assessment

- Scope and depth of family office services offered

- Quality and experience of dedicated family office team

- Integration with bank's other services and capabilities

- Customization options and flexibility

Relationship Evaluation

- Cultural fit and communication style

- Track record with similar families

- Fee transparency and competitiveness

- Service level agreements and performance metrics