Coutts & Co., private banker to England's royal family, is marketing an investment advisory account with a $250,000 minimum.
Coutts, the private-banking arm of London-based National Westminster Bank, typically opens discretionary accounts that cross the seven-figure threshold.
However, clients holding those accounts have handed over the decision- making to Coutts and confer with portfolio managers once or twice a year. The new account, dubbed Investment Advisory Service, is designed for higher-maintenance clients who want to be actively involved in picking securities.
"Anywhere for 50% to 60% of all private-banking clients want to retain the financial decision-making," said Russell Crocker, a Coutts vice president in New York.
Although the minimum is relatively low, Mr. Crocker said the service is for multimillionaires. "We are not looking to go downscale in terms of the overall relationship we have with someone."
Coutts began offering the advisory account in Europe last year and added it to its Americas Region marketing in February. The New York office primarily serves offshore clients, but is working to raise its profile among American investors.