In the search for client pots of gold, it has become rather fashionable in private banking to promote assets like private equity, emerging markets and the more exotic forms of real estate and mortgage backed securities in order to get a nibble from the bally old punters. 

Sadly, few seem to remember the old saw I learnt at our sage private banking head’s knee years ago: Old money is good money. This is true today as it was yesterday, as all that financial gimmickry can so easily implode—witness 2007/08.

Solid stable money of breeding which, by and large, will stay with you for years is far superior to hi-tech f...