18May2024
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Revolutionising Private Banking: How Independent Wealth Managers Seize the Opportunity Amid Changing Dynamics!

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

The private banking sector has changed a lot in recent years. While the prime focus used to be on maintaining client relationships, private bankers presently have to deal with an ever-increasing administrative burden that prevents them from building genuine relationships with their wealthy clients.

This cultural change is partly required due to regulatory necessities and internal reporting lines. However, it equally suits bank managers to avoid an intense bonding between the private banking client and the private banker.

In this environment, it can be bizarre for some bankers to call themselves genuine relationship managers. Yet, this presents an excellent opportunity for independent wealth managers who can focus on maintaining client relationships and offer a personalised approach. They can progressively develop a deeper understanding of their wealthy client’s needs and goals by working collaboratively to provide better support. I like terming it Private Banking 2.0.

However, the fundamental question in the room will be: If banks stop cultivating relationship managers with traditional socialising skills, who will “produce” hunting relationship managers, who typically move into the independent wealth management industry? Does our modern and holistic wealth management sector have to become a “hunting relationship manager breeder” today, so we have a right to exist in the future?

Source: LinkedIn

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