Having been reasonably fortunate as a high-tech CEO, I am a private banking client of a top-three global investment bank. In my experience and in the experience of my friends and colleagues, private banks do a mediocre job of meeting our needs.

For example, many private banking clients invest in venture funds that offer the possibility of extraordinary return, but generate enormous amounts of account management work. Yet, private bankers can offer little or no support for this work because they only track assets under their bank’s management. Time-constrained wealthy individuals still have to perform time-consuming bookkeeping to find out where their assets stand. (Seeing this, Jim Clark, founder of Silicon Graphics, Netscape, and Healtheon, established myCFO.com, an advisory that simplifies the complex financial lives of affluent people.)

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