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There is much evidence showing that client valuation in the service industry has come to be seen also as a central steering element and success factor in private banking. But until now, there was no specific client value model for the private banking industry developed. Thereby the value of a private client for the bank (from the provider's perspective) can be made up of different components/factors: monetary and non‐monetary, quantitative and qualitative. However, with a view to value‐based management, the calculation of client margin contributions and the lifetime value of a client relationship must be supplemented by key figures representing the qualitative client value drivers. The author addressed the task of developing a specific client value model for private banking based on existing models and findings from general research and practice at the world's largest private bank in Switzerland. In contrast to previous analyses, this study not only surveyed management staff, but also those who are directly responsible for shaping client relationships in their daily work, i.e. the client advisors. The survey sought to identify the criteria that make clients valuable for the private banking industry and also to what extent these criteria were actually implemented by client advisors in the valuation of their clients.