Mastering Specialisation in Private Banking: 10 Key Roles to Drive Growth
In recent years, private banking in Spain has undergone a process of adaptation to expand its services and raise its level of sophistication. Specialisation is perceived as one of the best strategies to deliver added value to the client in today’s highly competitive environment, which requires services to be differentiated. As a result, it is important to rely on highly specialised profiles in different business areas. These roles complement others and operate in conjunction with those that are hard-wired in the sector, such as bankers, but also with those roles that are critical to ensure the proper advancement of any business, such as IT experts, organisational professionals, and accounting specialists, among others. These types of fast-growing profiles respond to changes in technology, regulations and even client interest, knowledge, and culture.
In this paper, Creand Wealth Management examines the professional profiles that private banking entities should hire to achieve an extensive expertise and include a comprehensive vision of the client’s needs. The value of a multidisciplinary team is enhanced when it is working in coordination and in a comprehensive manner, comprising experts employed in areas such as asset planning, risk control and management, innovation, regulatory compliance, data analysis and protection, alternative investments or sustainability, among others.
Taxation and Asset Management Specialists
Private banks’ financial and tax planning services are increasingly valued by clients seeking to optimise their tax position while ensuring the efficient management of their wealth. Specialists in these domains help clients structure their holdings to optimise their investments, protect their assets and properly plan for the transfer of wealth to the future generations.
Private banking entities need professionals with a thorough knowledge of tax legislation and the communication skills to foster transparency with clients.
Sustainability Experts
Sustainability is core to our economic and social model, resonating with investors and clients seeking ethical and environmentally responsible investments. Private banks should define their overall corporate strategy, promoting robust ESG (environmental, social, and governance) considerations and coordinating sustainable finance initiatives.
The growing focus on sustainability entails specialised profiles within private banking entities. These profiles require expertise in navigating new regulations, as well as in crafting investment options, products, and services. Consequently, there will be a heightened demand for sustainability experts who can create sustainable investment strategies and integrate sustainability practices into managing assets and investments.
Innovation Specialists
Innovation specialists are crucial in many business contexts, including private banking. They help them stay ahead of the curve, improve the customer experience, streamline operations, and keep transactions secure. This type of role allows businesses to forecast trends and adapt their strategies to provide clients with quicker, more efficient solutions in line with an increasingly digitalised market. Their skillset covers two key areas. On the one hand, they need to possess a broad knowledge of the latest technologies and an outstanding ability to spot the best models to implement for the specific business and, on the other hand, they need to hold a profound knowledge of the financial sector and private banking clients’ profiles and needs.
People and Corporate Culture Managers
Effective talent and corporate culture management are essential for fostering a positive and productive work environment that attracts and retains highly skilled professionals. Private banking entities should encourage the development of human resource strategies that align individual goals with organizational objectives, promote continuous professional development, and establish a corporate culture grounded in values such as ethics, innovation, and collaboration. Additionally, strategies focusing on employee well-being and talent development are increasingly valued.
The inclusion of diverse professional profiles and their collaborative work is crucial for private banks to offer high-quality, personalised service. Strong people management and a robust governance of the corporate culture are crucial factors in attracting and retaining talented professionals, boosting the organisation’s performance and improving employee satisfaction. Ultimately, the team’s knowledge, skills, and attitude make all the difference in delivering specialised, excellence-focused service to clients.
Alternative Investment Managers
The complexity of the current market environment has led investors to seek alternative assets to diversify their portfolio. In response, private banking entities are expanding their range of products and services to differentiate themselves. This is why specialised teams with deep knowledge of alternative investments to offer innovative products are so important. These markets carry inherent risks, making them unsuitable for some types of investors. Investors are strongly encouraged to seek professional guidance before making investment decisions.
Big Data Analysts
Good data analysis is key to making informed, strategic decisions. Data provides valuable insights into client preferences and behaviour, market trends and investment opportunities. Private banks need experts who can use big data tools and interpret the resulting information to transform these large volumes of data into decisions that can be applied on a daily basis to design more personalised products and services for clients, improving operational efficiency and anticipatee market changes.
Data Protection and Cybersecurity Experts
Data security is crucial. Accordingly, cybersecurity experts are considered an essential profile needed to protect client information and the financial assets of private banking entities. The growing dangers from technological advances, artificial intelligence, and ever-more sophisticated online threats, along with stricter data protection rules, make them even more important.
Young Talent to Assist Generational Shift
Helping clients grow and protect their wealth over time is a top challenge for private banks. Wealth goes beyond money for many families, holding emotional and cultural significance Helping families navigate succession planning is a key duty for bankers. This minimises family conflicts and ensures assets are transferred smoothly, fulfilling the client’s wishes. This is crucial to maintain harmony and protect the family’s legacy. To connect with younger clients, bringing in young talent who share their language and experiences can be a winning strategy.
Regulatory Compliance Experts
The increasingly stringent and constantly evolving regulations force private banking entities to devote an increasingly greater share of resources to meet requirements. Professionals are needed to design and implement policies and procedures that ensure regulatory compliance, conduct internal audits, optimise costs and resources, build customer confidence and, ultimately, protect the entity’s reputation.
Regulatory compliance professionals possess a deep understanding of evolving national and international regulations that govern financial entities. Their know-how allows them to effectively implement these policies, driving internal adherence and control.
Risk Mitigation Specialists
Risk control and management are essential to protect both clients and the entity itself. In today’s volatile and complex financial environment, risks can originate from multiple sources, such as market fluctuations, regulatory changes, and operational risks. Risk mitigation specialists identify, analyse, and mitigate these threats, ensuring that investments and operations are safe and profitable.
This role is particularly relevant within the organisation. It requires specialists who understand different risk management techniques (in financial, reputational, and sustainability domains) and can expertly use risk management tools and models. Furthermore, it is essential to identify profiles that combine analytical prowess and a sharp eye for detail.