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Striking the Right Balance: The Role of NEO Banks and Personalised Wealth Management in Life-Changing Financial Decisions

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.

No doubt, using a NEO bank is amusing and incredibly convenient, especially when living, more or less, pay cheque to pay cheque. Having debit cards in fancy colours (and even made of metal for a surcharge), access to precious metals and cryptocurrencies in the same account is simply ideal. Moreover, you can set up defined savings plans and choose a more or less standardised portfolio strategy. It’s gamification at its finest, as long as you play by the program’s rules.

But what happens when suddenly a significant amount of money, far beyond your monthly salary, lands in your account from an inheritance? Perhaps it’s the foundation for achieving a lifelong dream, like purchasing your home and retiring early. Here’s where our beloved chatbot encounters a limit because every life situation is unique. Often, standardised retail banking offerings aren’t much better, except for making you feel well taken care of. Unfortunately, the same can be said for private banking, where you realise your assigned contact person has been replaced after a few interactions, leaving you bombarded with new ideas for reaching your goals.

Money is a topic many people don’t like discussing, and trust, something that takes years to build, is crucial. I do understand the managerial tactic behind it all. Banks want to bind clients to their institution, not to an advisor who might eventually move on to a competitor. Surprisingly, many clients accept this condition without a word. It never stops to amaze me because these same individuals would instead let their hair go wild if their “trusted” hairstylist, often with a comparable level of trust like their banker, is on holiday.

Ultimately, it’s about finding the right balance between automation and personalisation. Neo banks offer exciting opportunities for day-to-day banking, but the human touch and dedicated guidance are invaluable regarding life-changing moments and long-term goals. Let’s not forget that we’re not just numbers on a screen but individuals with dreams and aspirations. So, let’s keep the fun and practicality of Neo banking alive while building lasting relationships based on a trusted advisor and personalised, carefully monitored wealth creation or preservation strategy.

Source: LinkedIn

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NEO bank interface with personalized wealth management advisor discussing financial decisions.

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