Private banking in Canada is the premium tier of financial services offered to high-net-worth individuals and families. It goes well beyond ordinary retail banking — combining investment management, credit facilities, tax planning, estate services, and concierge-level client care under one dedicated relationship manager.
This guide explains who qualifies, what services are included, which institutions offer the strongest programs, and whether private banking or an independent wealth manager is the right fit for your situation.
Private banking is a personalized suite of financial services provided to clients with substantial assets. The term originated in Europe with private banks that served only wealthy families, often handling their financial affairs across generations. In Canada today, private banking is primarily offered through the wealth divisions of the major chartered banks, though boutique firms and independent wealth managers offer comparable or superior services.
The core difference from ordinary banking is the relationship model. Rather than dealing with a branch generalist, a private banking client has a dedicated relationship manager (RM) who coordinates all aspects of their financial life — from mortgage financing and foreign exchange to investment portfolios and estate planning referrals.
Each institution sets its own thresholds, but in 2025 typical minimums are:
These thresholds are guidelines. A client approaching the minimum with strong trajectory — a business owner about to sell, a professional nearing peak earnings, or an executor of a large estate — is often accommodated at somewhat lower levels.
Your private banker serves as a single point of contact for all banking needs. They proactively reach out, know your situation, and coordinate across bank divisions. Response times and service levels are substantially higher than retail banking.
Most private banking programs include access to discretionary portfolio management or investment advisory services. Portfolios typically include a broader range of products than retail clients access — alternative investments, private credit, structured products, and separately managed accounts.
Private banking clients receive access to customized credit facilities including:
Most major bank private banking divisions include trust companies that can act as executor, trustee, and estate administrator. This is valuable for complex estates or where family dynamics make independent professional administration preferable.
Banks typically don't provide tax advice directly (that's the domain of a CPA), but private banking teams maintain strong referral networks and can coordinate closely with your external advisors. Some banks have in-house tax planning specialists who work alongside relationship managers for complex situations.
Private banking clients receive preferential foreign exchange rates, access to multi-currency accounts, and assistance with international wire transfers — valuable for clients with cross-border assets, foreign real estate, or business interests abroad.
Private banking costs vary significantly by institution and service level. Investment management fees are typically:
It's important to look at all-in costs, including underlying fund MERs within portfolios, advisor fees, and transaction costs. A well-negotiated arrangement at a private bank should be meaningfully less expensive than retail mutual fund investing while delivering significantly more service.
For families with $10 million or more, multi-family offices provide the most comprehensive service. They typically handle investment management, tax, estate, philanthropy, and family governance — everything coordinated by a team with deep expertise in complex family wealth situations.
Firms like Richardson Wealth, Canaccord Genuity Wealth Management, and others offer investment management and planning services at private banking quality levels, often with greater advisor independence than the big banks.
Before committing assets to any private banking program, assess:
Private banking is a long-term relationship. The right fit matters more than the brand on the door.
Even the most sophisticated wealth strategies start with eliminating unnecessary costs. KOHO offers free banking with no monthly fees. Use code 45ET55JSYA for a bonus when you open your account.
Open KOHO Free — Code 45ET55JSYA