In this issue
Issue 19 • March 2021
In this issue
Issue 63 • January 2021
Will there ever be a “normal” for private banking ever again?
Countries such as New Zealand and Vietnam are more or less back to normal after Covid-19 rocked the world. Others, such as the UK, are setting out a roadplan to normality.
However, with the UK’s record in these matters, that plan may very well be suddenly thrown into the bin.
For private banking, is there ever going to be a normal again? By normal, let’s say a standard wealth adviser/client relationship where the two parties get together face-to-face to speak about opportunity and result. Will that come back? Do HNWIs even want that back?
Flexibility in communication is crucial in holding onto clients. Meeting them at their convenience rather than through the way it has always been done. The change away from the traditional could, in turn, do the private banking sector a lot of good.
People are looking for change in 2021. People want change.
Julius Baer has announced the launch of its guided digital onboarding solution for clients in response to increased need for digital client connectivity.
Including a complete video identification service, the solution facilitates interaction between the relationship manager during the onboarding process.
Tailored to the needs of private banking clients, the solution does not involve industrialisation or a shift to a self-service process unlike other existing banking applications.
Going one step further, Morgan Stanley is reportedly making Bitcoin funds available to its wealth management clients, in the first such move by a big US bank.
As of now, the investment bank is giving its rich clients access to three Bitcoin funds, reported CNBC citing people familiar with the matter.
Clients can likely start making investments from next month, following the completion of training course by the Morgan Stanley’s advisers linked to the new proposition.
The decision is said to be in response to increasing demand by customers for exposure to the virtual currency.
International Women’s Day, or IWD 2021, is focused on the theme #ChooseToChallenge and private banking is getting involved. We cover that in this very issue.
In addition, biodiversity is inspiring change and PBI spoke to experts on the concern.
Is this the year of change for the private banking industry?. Doubtful, as the sector is concerned with tradition, but then customers are starting to see a number of new entrants. Why wait for the bank to change when you can just change banks?
Patrick Brusnahan, editor