(Not trying to diminish private client services. But they’re night and day different services.)
That sounds high to me. Maybe American banks? The smaller Swiss banks will start taking your calls at about $2m.
The non retail banks that have a good reputation are even higher.
They don’t outwardly advertise their minimums because “it depends.” For example if you’re an up and comer in your field where it seems like you’re LIKELY to one day hit the mins, they’ll start the relationship early.
They also invite you to all the bank's private events, so you can schmooze with other high net worth people. Banks are always sponsoring fancy events everywhere, and private banking clients generally get free invites.