Delegates at the 21st Private Banker International
Wealth Summit in Singapore have heard that success in the global
private banking industry significantly depends on clearly deciding
which clients to target, focusing on sustainable growth and
delivering client centricity.
These were just some of the key themes
presented at a packed and interactive summit , which was organised
by VRL and held at Raffles Hotel in Singapore, on 13 October.
Go deeper with GlobalData
Commenting on winning strategies in global
private banking, Nick Pollard, CEO of RBS Coutts Asia, said the
financial institution has understood where it can build a critical
mass, which is a key strength.
In Pollard’s view, market fragmentation is
minimising the opportunities for wealth managers to create critical
mass and therefore careful market selection is now crucial.
He said: “Make sure you are relevant in that
space and grow the sweet spot.”
Pollard added that wealth managers need to
focus on building scale where it is achievable.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Scattergun approach will not work:
Shayne Nelson
Shayne Nelson, global head for high value
client coverage and CEO of Private Bank at Standard Chartered,
added that some of the challenges currently facing private banks
and wealth managers now include declining industry profitability,
regulatory obstacles and an increasing focus on transparency of
fees and costings.
He said: “There is no silver bullet for
private banking. Decide which clients to target [because] using a
scattergun approach is not a strategy that is going to work going
forward.”
A key theme repeated throughout the summit was
the attractiveness and opportunities for private banking and wealth
management in the Asia-Pacific region.
East vs West
Nelson explained that the market sentiment in
Asia is about wealth generation, whereas in the West it is about
wealth preservation.
He said it is important for private banks to
tailor their products to the needs of clients in Asia-Pacific.
“Asians like Asians products,” said Nelson.
According to Renato de Guzman, CEO of Bank of
Singapore, there is a growing demand for private banks with “Asian
roots”.
Bruce Weatherill, CEO and founder of Bruce
Weatherill Executive Consulting, also stressed the importance
of client centricity in private banking and wealth management.
Client-centric organisations will be the most
successful since they nurture and encourage a trusted adviser
relationship” noted Weatherill.
