“ Technology will play an increasingly influential role in helping relationship managers (RMs) - and institutions as a whole - become more efficient and productive. At the UHNW level, it’s bionic advisers, not robo-advisers, that could have a greater impact,” says Adam Cowperthwaite, head of equities - Asia Pacific, at Citi Private Bank.
‘Bionic’ advisory tools could be the key to the future of the private banking industry, augmenting the skills of the human adviser. Higher up the wealth pyramid, there is a greater requirement to harness the power of technology in ways that make human advisers more efficient, and their institutions more relevant overall.
‘Bionic’ advisory describes the enablement of quick access to analytics given the vast amount of information contained in each portfolio. Such technology is extremely effective in driving that discovery process and, in turn, leading to better decision making by the individual adviser. Without such support, UHNW clients with complex, diversified holdings, across multiple asset classes, can find it challenging to assess their total currency, sector or credit exposures, for example.
Adding real value
“In the end, successful private banking and wealth management is about deepening the relationships with, and understanding of, existing clients – as well as finding new ones. Both are important,” says Cowperthwaite.
In order for to take a more advice-led, goal-driven approach, advisers need to consider what the client needs to do with his or her money. Apart from basic factors including the client’s age or stage of life, a client’s true investment objectives should be taken into account to enable more efficient investment management. For instance, a client might have a business that delivers a stream of dividends every year, so income generation isn’t a priority; in this case, growing the capital base for future generations could be the ultimate goal.
Not just about product and price
At Privé, we believe wealth is personal. It is important to ensure that whatever the client’s needs are, they are matched to the broad range of products and services.
Privé Managers has been continually working to provide the best digitalized wealth management experience for the benefit of the clients. The customizable modules powered by the bionic advisory engine, useful market intelligence, as well as access to different markets and asset classes facilitate cross border multi-currency and multi-language asset management.
To learn more about Privé Managers and how we can partner with you to digitise your wealth management business, please contact us today on firstname.lastname@example.org.
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