Views

Moving towards the future,
Building on tradition
Combining tradition with a modern advisory
approach will be a key factor for success
in the future world of private banking.
2011 will be another year of relentless change.
Rapid technological progress, proliferating information,
and the increasing global interdependence
of government and business activity
– these are the hallmarks of our time. The financial
and economic crisis has highlighted and accelerated
these changes, and they will continue
to have a major impact on the world of private
banking. However, the traditional foundation of
this industry – the client’s need to preserve and
increase wealth – will remain unchanged.
Stability and discretion. In an age of
global interconnectedness, when personal information
is increasingly easy for both companies
and countries to access, another client
need is gaining importance: the desire for discretion
and privacy protection. The traditions of
Switzerland as a financial center and of Swiss
private banking are based on these values. In
times of high volatility in the markets and widespread
political uncertainty, the financial center
in the heart of Europe continues to be a safe
haven for investors. Switzerland’s advantages
as a banking location are obvious: a wealth of
experience in international asset management,
enormously innovative service providers, high
educational standards and a strong currency, to
name but a few.
Client excellence. However, stability and
discretion alone will no longer be enough to
meet the constantly rising expectations of clients
in private banking. Client excellence – the
quest for superior quality when advising clients
and developing individual, tailored solutions –
will become increasingly important as a way
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for banks to set themselves apart. The client’s
individual risk profile and personal needs form
the basis for developing and refining an individual
investment strategy as part of a multi­stage,
structured advisory process. And because life
never stands still, this is not a one­time process.
On the contrary: the investment strategy of the
future will be under continual review – whenever
called for by changes in the financial markets or
in the client’s personal circumstances. This approach
builds confidence and forms the basis for
a long­term, successful client relationship.
First-class specialists and teams of experts.
Staff recruitment and training are crucial
to achieving the goal of client excellence. The
quality of advice offered by a bank depends on
its employees’ specialist knowledge and interpersonal
skills. First­class client advisors must be
experienced, professional, genuine, and persuasive.
It must be the stated goal of each and every
employee not only to meet client expectations,
but to exceed them. Following a comprehensive
advisory approach requires a product range
that includes specialized tax, financial, retirement,
estate and succession planning services
in addition to traditional investment advice.
Cross­team collaboration and seamless interaction
among individual specialists are vital to
ensure that each client receives optimal advice.
Regularly investing in the personal and technical
training and development of employees is the
best investment a bank can make in its future.
Tradition shows the way forward. The
private bank of the future will find new ways
to build on its traditional commitment to preserving
and increasing clients’ wealth. In private
banking, tradition means advising clients generation
after generation based on a thorough
understanding of what is really important to
them and their families. Tradition in private
banking also refers to the bank’s long history
of solid financial health – a vital foundation
if the necessary investments in the future are
to be made. At the same time, tradition in private
banking implies an obligation to strive
for constant improvement and innovation. It
is this commitment that allows a bank to
continue offering clients solutions for the
world of tomorrow – today.