Private banking today is a more challenging business than ever before, and most large financial institutions are allocating a significant portion of their resources to serving the needs of private banks.
Private banks are going through an evolutionary process, from being distributors of products or pure discretionary managers to becoming allocators of assets. Private bankers need to provide their clients with access to the best products linked to a wide variety of asset classes, as they are faced with an increasingly demanding client base who often have multiple relationships and cherry pick products. The challenge for private banks today is to ensure their product offerings are leading edge in order to capture the greatest possible share of wallet. To achieve this, private banks typically select three to five key partners and look to develop working relationships that enable them to provide innovative structures and reliable expertise in an increasingly competitive marketplace.
