Thinking outside the bank: private bankers offer services from loans to--occasionally--dog-walking.

• Author: Duffy, Kim Hancey
• Position: Private Banking

IMAGINE being a part of a private fleet of bankers whose primary job is to serve the growing number of millionaires in Utah. Some consider themselves mavericks of the banking business; others say they succeed by "thinking outside the bank. Most of these bankers have an 800 number and are on perpetual call. They pride themselves on their flexibility and hence, are often called upon to perform non-banking duties that would normally be associated with travel agents, realtors, couriers or ski instructors, These bankers are often as busy as their talented clients--they work 50+ hours a week and occasionally end up at the bank all night long. Many report being lavished with gifts at Christmas.

These private bankers don't just arrange car loans to finance the next Mercedes. They perform multiple complex transactions for their high net worth clients--they may manage several personal and business loans, investments, charitable gift-giving and family trusts for any one client, and it's not unusual for a private banker to have a roster of 120 individual clients. Perhaps most impressive is the fact that some banks manage to collate all the data from the varied transactions into a single monthly statement.

Which customers warrant this kind of attention? KeyBank offers private banking services to customers who accrue at least $1.5 million in assets, Zions Bank to customers with $2 million in net worth or $200,000 annual income. Wells Fargo courts private banking customers who hover closer to $5 million net worth. They occasionally stretch the rules for, say, the young surgeon whose income promises to grow exponentially.

Private bankers will travel to practically any city to review a promising portfolio. They find potential clients at charity events or on the boards of nonprofit organizations; they are also referred by observant branch clerks, satisfied customers, attorneys, CPAs, and commercial lenders with whom the bank has relationships. As Susan Speer, head of Zions Private Banking, explains, "We like our clients referred to us, so we don't necessarily encourage walk-ins. We like to know a lot about the person--for instance, the source of their funds."

Besides performing all the standard functions that one might expect--such as giving at-home instruction on how to navigate online banking or making house calls on holidays to deliver ATM cards--private hankers are occasionally invited to perform a few particularly out-of-the-ordinary tasks.

In times of...