Side by side
| Private bank | Independent adviser | |
|---|---|---|
| How they are paid | Fees plus margins on in-house products, spreads, lending and deposits. | A disclosed fee on assets. No in-house products, and any payment from a product provider should be disclosed. |
| Product range | Often weighted toward the bank's own funds and structured products, though many banks also use third-party managers. | Usually wider, and free of an obligation to sell in-house products, but the actual range varies by firm; ask how many providers they use before assuming it is genuinely whole of market. |
| Where assets are held | With the bank as custodian. | With an independent custodian in your name; can be your own bank. |
| Who you deal with | A relationship manager, who may change every few years. | A named adviser and portfolio manager, usually for the life of the relationship. |
| Lending and banking | Integrated: mortgages, Lombard loans, cards, FX. | Not provided; introduced through partner banks. |
| Minimums | Often USD 1 million or more for private banking. | Varies; typically lower. |
| Regulation in Mauritius | Bank of Mauritius (banking) and FSC (investment services). | FSC Investment Adviser licence. |
| Best for | Clients who want banking, lending and investing under one roof and are comfortable with in-house products. | Clients who want independent advice, transparent costs and a named manager. |
When a bank is the right answer
If you need a Lombard loan against your portfolio, a mortgage in Mauritius, multi-currency accounts and cards, and you value having one institution for all of it, a private bank makes sense. Some of our clients keep exactly that arrangement for banking and use us for investment management.
When an independent firm is the right answer
If your priority is advice with no in-house product to sell, costs you can see in full and a manager whose name you know, an independent adviser is built for that. Not every independent firm is genuinely whole of market in practice, so ask how many providers it actually uses before taking that for granted. Intrasia Wealth is one such firm. There are others in Mauritius; ask each the twelve questions.
Questions we are asked
Frequently asked
Is an independent wealth manager safer than a bank?
Can I keep my bank and use an independent adviser?
Are independent firms more expensive?
See the two side by side for your own portfolio.
Bring a bank statement and we will show the total cost of each route, line by line.