February 16, 2022

NAB Private Wealth voted ‘Best Private Bank’ in Australia: What this means for you

A private bank might be exactly what you need. But how do you go about choosing one?

NAB Private Wealth has been recognised as Australia’s best private bank by Global Finance and Asian Private Banker*.

That’s great news for our clients. But, for the uninitiated, it raises the question: what is private banking? Moreover, how do you know if it’s right for you and your family?

What is a private bank – really?

Essentially, a private bank is all about service – and opportunities. A quality private banker will genuinely understand your personal situation, your finances and goals, and give you the support and solutions you need, where and when you need them.

That could be as simple as helping you open a new account or borrow extra funds for your new investment property. Or it could be a matter of supporting your more complex needs, whether that be managing your wealth, taking your investing to the next level, succession planning, or even pursuing your philanthropic goals.

And while you’ll enjoy a close relationship with your personal private banker, you’ll also have ready access to a team of specialists – a group of bankers and advisers who can provide you with unique insights and solutions whenever the need arises, including well beyond business hours.

How much money do I need?

There’s a myth out there that private banking is for the ultra-rich only. That’s simply not the case.

The reality is that while private banks do cater to people with very significant funds, the vast majority of clients actually fall into the ‘millionaire next door’ category. That is, people with somewhere between $1 million and $5 million in investible assets.

As a guide, anyone with $2-3 million in investible assets – or $2-3 million in loans – is in a good place to consider whether private banking is right for them.

Who does it best suit?

Another myth is that private banking is just for wealthy retirees.

True, private banking boasts many retirees. However, it also attracts a high proportion of business owners, professionals and executives who hail from a multitude of industries, including agriculture, real estate, health care and the arts.

Indeed, private banking is by no means a one-size-fits-all proposition. Its services and solutions are many and varied, and, as such, suit a diverse range of individuals and families with all kinds of needs.

Take investing. It might be that you want a lot of advice here, or a little. However, even if you’re an experienced investor and want to go it alone, you’ll benefit from the access and insights a good private bank offers.

Choosing the private bank that’s right for you

Of course, different private banks have different offerings, so it’s important to consider what you need and what you’ll be getting.

According to RFI Research, the three most important factors for clients choosing a private bank are: 1) the bank’s financial and investment expertise, 2) the quality of their bankers and advisers, and 3) the level of personalised service.

It makes sense. The service you receive goes to the very essence of private banking, and you want to ensure it meets your expectations.

How can we help?

Throughout the generations, we’ve built our entire business around our clients. For those who aren’t sure which private bank will work for them and their family, our latest awards are testimony to the fact we have what it takes to genuinely serve their needs.

We’re proud to be recognised by Asian Private Banker as “one of the very best private banks in the Asia Pacific region*”. While we consider our sheer size to be a key strength, we agree with the New York-based Global Finance that it’s our offering that matters above all else. As it observed, their “winners are not always the biggest institutions, but rather the best – those with qualities that individual’s rate highly when choosing a provider”.


All products and services mentioned in this article are issued by National Australia Bank Limited ABN 12 004 044 937, Australian Credit Licence and AFSL No. 230686 (NAB), except wealth advice services, which are provided by JBWere Limited ABN 68 137 978 360 AFSL No. 341162 (JBWere), and nabtrade, which is the information, trading and settlement service provided by WealthHub Securities Limited ABN 83 089 718 249 AFSL No. 230704 (WealthHub). JBWere and WealthHub are wholly owned subsidiaries of NAB. *NAB Private Wealth was voted Best Private Bank in Australia at the Global Finance magazine Best Private Bank Awards 2022 and Best Domestic Private Bank – Australia at the Asian Private Banker Awards for Distinction 2021.

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