Combining financial knowledge with strategic and social skills, continuous learning, innovation and the ability to adapt to the environment are some of the main qualities that make all the difference when it comes to offering the best private banking service.
Creand Wealth Management, the private banking and wealth management specialist in Spain, has drawn up a list of the ten main skills and attributes institutions look for when choosing private bankers.
- A holistic approach
Understanding the context we are working in is essential to offering quality services. Private banking professionals with a global, holistic vision are better able to implement the strategies that are right for the client and the environment. They not only need to appreciate the client’s financial situation, but also to look beyond that and understand their family, social and work context, in order to offer the proposal best suited to their circumstances.
The role of a private banker’s extends further than that of an investment adviser who is knowledgeable about funds and other investment vehicles. The more they know about the latest corporate and cultural developments, trends, business and social affairs in the environment in which they are working, the better they will be able to do their job.
- Approachability, empathy and building relationships of trust
One of the most effective tools of a good banker is their ability to build trust with the client.
Good communication skills, approachability and empathy, the ability to customise the service to suit each client, accessibility and availability are some factors that help to strengthen client trust. This trust is fundamental to fostering loyalty and establishing long-lasting relationships.
- Long-term outlook
A long-term outlook helps when it comes to offering longer-term planning and makes it possible to more clearly define the client’s objectives in their different stages of life. In volatile, changing and uncertain scenarios, investment portfolios need to be very well diversified and focused on the long term; this is key when it comes to offering added value.
- Embracing the digital transformation
The digital transformation has changed the type of services offered and the way they are provided. The banker needs to master all the tools that help to optimise the services they offer their client. The implementation of technological developments, such as automated processes, digital banking and the application of data analysis algorithms, have made it possible to reach new realms of innovation and efficiency, streamlining processes and offering a more efficient service to clients.
- Extensive ESG knowledge
In recent years, the financial sector has been striving to promote sustainability in all its areas of activity, from internal processes to the way it targets its investment products and strategies, in line with the sector’s new regulations.
This requires having a comprehensive vision of all that ESG investment involves and knowing how to communicate it to clients, in an environment of constantly evolving regulations with new products linked to this type of investments emerging every day.
- Creativity and innovation
The ability to generate new business ideas in today’s competitive context is particularly important. Innovation can occur not only in the technological sphere, but also when it comes to offering new products that distinguish one bank from the rest, or in the way specialised services are delivered.
- Regulatory expertise
Having in-depth knowledge of financial regulations and standards is essential when offering a private banking service. A full understanding of the regulatory framework affecting this profile of client is fundamental to optimising the entire financial and tax planning process, given that this framework is constantly evolving and exposed to recurring changes at the regional, national and European level.
- Focus on maximum specialisation
Every private banking client is different, so they require a totally personalised service that is adapted to their personal circumstances, risk profile, time horizon and financial objectives.
Offering clients a comprehensive service that includes advisory, asset and tax planning, risk control and generational succession (among other things) makes all the difference and provides that often sought-after added value. The most efficient service will be provided by a professional who is part of an integrated team of experts who can offer solutions in all areas, quickly and in a coordinated manner.
- Psychology in investment decisions
Behavioural Finance is a trend that has been gathering momentum in the sector in recent years. It studies the role of psychology in financial decision-making, in order to better understand the motivations, fears and doubts of an investor. It is important to have a good understanding of these feelings in order to empathise with the mindset of an investor and work with them to build the best investment strategy at any given time.
- Acquiring intercultural skills
In an increasingly global world, understanding different societies and cultures, and being fluent in different languages, expands the possibilities for easier outreach to new client segments. Private banking institutions with a global approach and an international presence can develop synergies between different markets to enrich the final offer to clients.
Creand Wealth Management is the trade name of Banco Alcalá, S.A.