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Private banking is banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals —defined as those with very high levels of income or sizable assets. A bank that specializes in private banking is called a private bank. Private banking is a more exclusive subset of wealth management, geared toward exceptionally affluent clients. The term "private" refers to customer service rendered on a more personal basis than in mass-market retail banking, usually provided via dedicated bank advisers. At least until recently, it largely consisted of banking services , discretionary asset management, brokerage, limited tax advisory services and some basic concierge-type services, offered by a single designated relationship manager.