Finding The New Wealthy

What are the key strategies for private banking to engage entrepreneurs?
“Private banking itself needs a more entrepreneurial spirit.” This comment,from someone who has become wealthy through a stake sale, illustrates that financially sophisticated entrepreneurs need more than a focus on wealth conservation. They are also more likely to see wealth management in the context of their commercial activity, family affairs and succession planning, which creates more complex financial needs.
The research in this report shows a significant opportunity for private banks to set the bar higher. Despite the reputational hits taken by many mainstream financial institutions, the majority of entrepreneurs retain a largely positive view of private banking. They are attracted to their bank principally by its reputation and track record.
The entrepreneurs we spoke to confirm that they require a different type of engagement: they want to shape the solution, rather than be passive recipients of advice.
How, then, to engage the new wealthy? In this report, we begin to outline the strategies that will help banks to advise this dynamic group of HNW clients.
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