Private banks have, for many years, talked about moving to an investment-led model, away from tax breaks, secrecy and ‘walking the dog’ concierge culture. But a detailed study of 120 entries for the 2016 Global Private Banking Awards shows the reality is very different.
Investment skills and returns no longer appear to be key differentiators among leading private banks. Most now market themselves in terms of global reach, technical knowhow and digital prowess, and, of course, softer skills such as service and empathy with clients. The key question today is whether clients now look to private banks to manage portfolios to the best possible efficiency, or whether they have other needs in their relationship, more important than the lure of profits.
