Private banks are not for everyone. In the vast majority of cases, a high street bank offers most of the services that customers need.

Jonathan Benson is Executive Director at EFG Private Bank in London, the UK arm of Swiss banking group EFG Bank SA, headquartered in Zurich. Jonathan has been with EFG for 19 years.

We asked Jonathan the following:

Q: In an age of low-cost investment platforms and widespread access to financial information, why do wealthy families still engage private banks?

A: The simple answer is that wealthy families rarely have an investment challenge; they have a complexity challenge.

For most affluent families, portfolio management is only one component of a much broader financial ecosystem. As wealth grows, so too does the need to coordinate investments, liquidity, financing, succession planning, governance, tax considerations, philanthropy and cross-border matters. A private bank acts as a central point of coordination, helping families make decisions across these interconnected areas rather than viewing each issue in isolation.

Q: Is investment performance still the primary reason clients choose a private bank?

A: Performance matters, but it is seldom the sole consideration.

Many sophisticated investors recognise that long-term wealth preservation requires more than pursuing market returns. The objective is often to align capital with family goals, manage risk appropriately and ensure financial resilience across generations. Increasingly, private banks are valued for their ability to combine investment expertise with wealth structuring, lending solutions, and long-term strategic advice. EFG, for example, combines investment, wealth, credit and banking capabilities to support clients across multiple dimensions of their financial lives.

Q: What distinguishes a private bank from other wealth management providers?

A: The most effective private banks provide access, integration and continuity.

Access may include specialist investment opportunities, tailored credit facilities, global banking capabilities and specialist expertise. Integration refers to the ability to bring together multiple disciplines - investment management, wealth planning, trust and succession considerations, under a single relationship framework. Continuity is equally important; many families value having trusted advisers who understand both their financial circumstances and their longer-term family objectives. EFG’s model centres on relationship-led advice supported by investment, credit and wealth structuring expertise.

Q: What is the real value proposition of private banking today?

A: Ultimately, private banking is less about managing money and more about managing complexity.

As family wealth becomes increasingly international, entrepreneurial and multi-generational, the need for coordinated advice grows significantly. The most successful private banking relationships help clients simplify complexity, preserve optionality and make informed decisions with confidence. For many wealthy families, that combination of expertise, access and trusted partnership remains as valuable today as ever.