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Wealth-Planning Perspectives from a Retail Bank

by Jarl Smidt-Olsen

“I spent a lot of money on booze, birds and fast cars. The rest I just squandered.”
― George Best (1946-2005), Professional Footballer

In the recent inaugural Hubbis publication, “Asian Wealth Management”, there is a very interesting interview with Gonzalo Luchetti, who is the head of Citi’s retail banking in Asia. In the article, Luchetti makes several key comments which resonate very much with us here at Privé.

The Rise of Digital

“We are having a lot more interaction with clients on an average basis per month, but much fewer of those happen in the physical realm” says Luchetti.

We are certainly seeing this sentiment across a number of banks in Asia. It makes perfect sense when considered against the backdrop that in all types of interactions, whether shopping, ordering food, reading news - more and more of this is taking place online. Usually it is simply more convenient for the customer to interact online.

What is important, in our experience, is to provide, as far as possible, a seamless experience between the online and offline worlds. So, for example, when an advisor sits face-to-face with a client - he may use a version of the same online interface, perhaps on a tablet, when discussing solutions with the client.

But the Future is Bionic..

“They don’t only want the self-assisted experience” reveals Luchetti. The personal touch, and the blending of technology with the essential human qualities of an advisor is a theme which we at Prive are very committed to - we call it Bionic Advisory.

“So we need to have a seamless ability to service clients when they want to operate without talking to a person, but at the same time we have the ability to give them the RM experience, to also help them navigate through the complexities of investing.”

Start with a single Goal..

In the article, Luchetti also explains how he views the establishment and planning for a single goal as the stepping stone to enabling the RM to have a more holistic, richer advisory conversation with their clients.

We completely agree. To sit down and do a holistic wealth planning in one session could take hours, and leave both parties feeling as if they have bitten off more than they can chew. Our stance is that it is easier to engage the client by starting the client conversation with a definite point of focus, such as planning for education expenses, and plan for this single goal. As transactions are implemented, and more goals are subsequently discussed and planned for - the level of client engagement and overall relationship with the bank naturally grows. Its also a process which may sit more comfortably with a client base that has traditionally been very transaction focussed.

Goal-based wealth planning - just not in the manner of George Best.

To hear more about the Privé, and how we are helping banks like Citi on their journey to think differently about their engagement with clients, please contact us today on [email protected].

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