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| EXECUTIVE SUMMARY |
• High net-worth clients are increasingly global, with family members, bank accounts, mortgages and assets distributed across the world • Private banks face a constant challenge to comply with regulations in every market • Hiring and retaining the best relationship management talent is key to success • Every successful private bank must embrace technology • Fast-growing China offers private banks a singular opportunity, while Brazil remains largely dominated by big local players • The most effective way to attract new clients is still by word of mouth • Philanthropy is an increasingly important issue for wealthy clients |
Elliot Wilson, Euromoney: What are the biggest challenges and opportunities in private banking today?
LP, CPB Since the global financial crisis, private banks have been trying to figure out what business models they want to pursue, what ones are sustainable and which will produce significant returns for shareholders.
After the crisis, many global banks deeply restructured their business models or exited entire regions, whether through a sale or by shutting down operations.