The relationship begins with the meeting with the private banker, who will remain the client’s dedicated contact. “There are very few changes within the teams. The client is almost guaranteed to keep the same banker for several years, ”says Sophie Brail. No more advisers who change every year, as in traditional banks.
“The private banker is the entry point, knowing that his role has changed a lot in recent years,” explains Audrey Koenig, director of wealth management at Natixis Wealth Management (formerly Private bank 1818). Today, he is a competent generalist on many subjects. He manages the client on a daily basis and mobilizes the experts when necessary. He is the interface between them and the client, the conductor of the heritage organization. ”
Rigor, attentiveness and great availability are the qualities claimed by a private banker. This advisor is also supposed to manage a narrower customer portfolio than in mainstream agencies.
“After a first meeting, we do a heritage analysis to unearth the weak points, which leads to an action plan,” describes Spies, deputy general manager in charge of Wealth Management at DegroofPetercam. We then set up various solutions (real estate, art, philanthropy, socially responsible investment, actions, etc.) and establish long-term monitoring. ”
Private banks services
“The private banker must be able to answer questions that affect the entire portfolio,” adds Audrey Koenig. To assist him and deal with the most specialized issues, a whole range of experts, more or less numerous and specialized depending on the banks, revolve around him, precisely what the customer seeks in this type of establishment. “In our teams, we have several experts positioned on” passion “investments: works of art, forests, philanthropy …”, illustrates Belorgey.
Essential heritage engineer
The other cornerstone of private management is the wealth engineer. Most often a lawyer by training, he “takes care of taxation and asset optimization,” says Dominique Benoit, managing director of Pictet Wealth Management. The private banker draws up the client’s risk profile, defines his expectations and implements the wealth strategy ”.
The heritage engineer sets the music to music, provides advice and offers solutions. “Some time ago, a client of about 80 years old came to see me for a cash flow problem,” says Benjamin Spivac, heritage engineer at Amplegest. It owns a building in Paris worth around 5 million Euros where all the apartments are rented. But, between income tax, social security contributions and wealth tax, all her rents are erased and she gets nothing! In his case, we advised him to resell his property for cutting, housing by housing, and to replace the money. ”
Another anecdote, reported this time by Spies, from DegroofPetercam: “A client had a business transfer problem, a family SME. He wanted to transfer part of his assets to his children, place another part and perform a charitable act. Without going into technical details, we have created an endowment fund where children are associated and a yield fund with a tailor-made allowance dedicated to socially responsible investment. ”
Another equally essential expert: the asset manager, who manages the investments chosen by the client (funds, unit-linked life insurance, stocks, etc.).
But you should know that the latter is more or less free to choose their investments. Some institutions impose the mandate under management (for example at Lazard): the asset manager has control over the amounts entrusted and makes the arbitrations alone; the customer has no latitude there.
Others also offer recommended management (the manager proposes and the client decides) and / or free management (the client is 100% free to choose their own).
The expression “do not put all your eggs in one basket” takes on its full meaning here. Choose at least two private banks to multiply expertise and exclusive investments. Keep assets in a traditional bank for the needs of everyday life.