Let's call a spade a spade. What clients experience today in private banking or wealth management in general can confidently be described as chaos. Anyone who denies this is closing their eyes to reality. And most banks and wealth managers still do.
Let's simply ask clients about their impressions and experiences: It is becoming increasingly difficult to get an overview and finding your way through the product jungle is an impossibility. In addition, they are overwhelmed by a constant war of forms and the advisors change at a frequency that has long since exceeded tolerable levels. Anyone who thinks that customers don't notice that the results are far from good and that they are paying far too much in terms of costs is simply not listening.
And the next banking crisis is always looming, so customers no longer know whether their assets will still be safe with their bank tomorrow. They realize that transparency is more necessary today than ever. After all, if changing a banking relationship were not such a hassle and if more transparency were easily accessible in the services offered by banks and asset managers, the maudlin efforts of private bankers who refer to their long-standing relationship with the institution would be less and less effective.
It's time to untangle the private banking mess once and for all. Take courage - it's much easier than you think.
Three service models at a glance
In wealth management today, a distinction can be made between the three service models "private bank", "independent asset manager" and "family/wealth office". While the family/wealth office concept has prevailed as a model for very large assets over the past 10 years, the private bank model continues to take center stage for medium-sized and smaller assets. According to current trends and forecast growth rates, this picture is likely to change rapidly and significantly.
This picture is likely to change rapidly and significantly.
The "wealth office" model is also gaining in importance for smaller assets
