To be and remain competitive, banks have to be committed to creating innovative, integrated financial solutions to meet the needs of an increasingly sophisticated and globally-oriented clientele. Compelling value propositions reflect the growing demand for expert advice, tailor-made offerings and global capabilities among today’s private banking clients.
A global bank’s innovative strength in wealth management is driven by its desire to constantly find better ways to serve its clients and address the issues they face. Most importantly, this is done across a number of jurisdictions as the clients require it. Drawing on the experience and creativity of its people, new approaches to client service have been pioneered and a powerful, integrated private banking platform has been created comprising the following five key elements.
STRUCTURED ADVISORY PROCESS
An in-depth understanding of individual financial needs is the key to delivering optimal advice and to successfully partnering clients. A few big banks systematically evaluate each private banking client’s current and future financial liabilities, as well as their assets, using a state-of-the-art advisory approach. Using a carefully structured process, a relationship manager usually conducts a comprehensive analysis of the client’s financial situation and formulates an investment strategy on the basis of the resulting client profile. Investment professionals subsequently develop investment recommendations that are tailored to the client’s needs. Implementation and monitoring of the client’s portfolio is performed by a dedicated relationship manager using advanced financial tools.
