I have had Private Banking relationships at two national banks (still I have one), and I honestly think I could get the same service through the relationship I have created with individuals at the branch across the street. Sure the Private Bank is in a different building, and after you get buzzed in you get offered a coffee, but for what I need, just being nice to the individual I work with on the retail side of the bank (who may not have any idea how much I have) seems to open many of the same doors as the private bank (needing something fixed, opening an account quickly, help wiring money, getting silly charges that shouldn't have been charged waived).
Admittedly, I am not in need of managed brokerage services (I like to understand where my money is invested, and I already know most of the hot shot attorneys and CPAs in town), so maybe I am not the usual private bank customer.