Wealth Management & Private Banking

Wealth Management & Private Banking

There’s not a private bank or wealth manager that doesn’t pride itself on being client focused. But it’s only when both individuals and the institution are ‘client centric’ that we see dramatic leaps in performance and profitability.

As one of the leading strategy consulting firms to Private Banks and Wealth Managers, we help institutions become profoundly client centric. Our teams have worked with 11 of the top 20 global Private Banks.

With our specialist expertise, knowledge and experience, here are some of the ways we help firms:

Service excellence programs
Many banks and providers are making long-overdue investments to upgrade platforms and IT systems. But the ‘people’ element of Wealth Management remains vital. We help firms to develop tailored coaching and support for teams including those without day-to-day client contact, that drive service consistency and improvements for clients. Our approach is based on up-to-date research of HNW and UHNW client needs in all major markets and in segments such as HNW entrepreneurs.

Product offering rationalising
Many providers wish to streamline and focus their product portfolios. Easy to say; difficult to do. The process of reducing the product suite has positive cost implications but risks alienating clients if not done sensitively. Our client centric methodology helps firms migrate their clients, deliver operational benefits and clarify market positioning for the firm. It also has positive application in new product development through guidelines which enable success on launch.

HNW and UHNW Client Base analysis
Successful teams in private banks and wealth manager beat the competition by having a better understanding of their own client base than the next advisor. In a market with more multi-banked individuals and where loyalty is weakening, we help firms to shape a rigorous approach to generating growth from existing relationships. Our teams define, pilot and implement client insight programs which deliver an immediate ROI to the institution from new opportunities and increase in clients’ share of wallet.

Organisational appraisal and function realignment
A lack of alignment of key functions is often the barrier which hinders an institution from delivering excellent client service. We appraise the operational contribution of major support functions and suggest practical improvements to drive better accountability and responsibility for key tasks. We work with back, middle and front office teams to understand responsibilities, task management and hierarchy. Our frameworks and incentives approach helps achieve buy-in which results in step change in the clients’ service experience.

Contact the Wealth Management & Private Banking team at contact@gullandpadfield.com

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