10 things to watch out of when...choosing a private banker

Growing numbers: In 1999, the number of high net-worth individuals in Asia increased to 1.7 million and their wealth grew by 22.7 per cent, faster than the rate of growth in North America and Europe, according to a study by Merrill Lynch and Gemini Consulting.

Private banks are eyeing a slice of the wealth pie and competition is strong, so weigh up what is on offer.

Do your homework: When you reach high net worth status, loosely defined as having in excess of US$1 million in liquid cash, it is most likely private bankers will be approaching you rather than the other way around. No one is above getting ripped off or misled.

Personal and business: Company issues, especially if you run a family-owned business, are as important as ensuring you have enough money to retire in the manner to which you have become accustomed.

Reputation: The credibility of some private banking institutions took a knock after the 1997 to 1998 financial crisis, as clients lost out due to margin calls and leveraged transactions. Remember the role of a private bank should be wealth preservation as well as wealth creation. You should be offered a range of investment options, including long-term capital growth to beat inflation.

Internet options: These days you can even open a discreet private banking account with offshore facilities over the Internet. Make sure the service offered is what you are looking for and do a background check. Swiss banks have faced money laundering allegations, and legitimate operators should protect their reputations.