While both serve wealthy clients, private banking and family offices differ in structure and control.

Private banks offer advisory services within a bank-managed environment. In contrast, family offices are independent setups that allow full control over investments, tax planning, and operations.

Private banking is ideal for those who prefer guided advice with less operational responsibility. Family offices suit clients seeking multi-generational strategies, privacy, and direct control.

FAQs:

Q: Can both models be used together?

A: Yes, many family offices still use private banks for custody and execution.

User Comments:

  • “We rely on private banking for execution, but the strategy comes from our internal team.”
  • “Both models complement each other depending on the task.”

Editor’s Note:

Private banking simplifies wealth—it’s ideal for those who want premium service without building an internal team.

Related FAQs

Sophia Tan

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.