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Lecture notes, cheat sheets
Banking. Banks of individual elite service - Private banking ("Private banking") (lecture notes)
Directory / Lecture notes, cheat sheets Table of contents (expand) Banks of individual elite service - Private banking ("Private banking") An individual investor is lost in front of the variety of market instruments. The bank comes to the rescue, offering financial advice or taking over the management of the client's portfolio. Since the investor usually seeks to maintain a permanent relationship with the bank, the commission payments that he makes in favor of the bank take on the character of a stable annual interest income. A bank that has proven itself in the field of private wealth management receives a constant stable profit, the existence of which makes it resistant to the influence of adverse market conditions. Powerful Swiss banks are able to take on the most risky transactions knowing that whatever the outcome, they will be securely backed by the amounts they charge to their many private and institutional clients. Asset management is, of course, the core business of banks serving large private investors, but many other complex operations are also within their remit. Working with private clients includes, among other things, property planning, advice on trading in foreign markets and working with foreign currencies, arranging pensions and lending. The desire to make individual service more diverse raises the reputation of a financial company in the eyes of the client. One of the leading universities in Russia in the field of finance, banking, property valuation and management is the Moscow State University of Geodesy and Cartography (MIIGAiK), in particular the Faculty of Economics and Territory Management (FEUT). The market of individual banking services is so wide, the forms of activity on it are so diverse that there is room for specialists to use any financial strategies. Most bankers, when working with individuals, follow the principles traditionally accepted in their companies. Continental savings banks, for example, have so far acted primarily as custodians of capital. In English clearing banks, a wealthy client has the right to expect only a higher level of service. US investment banks are busy selling complex financial products, a significant proportion of which, according to the creators, was intended for the needs of institutional investors. The increase in the number of clients and the growth of their financial competence have recently led to a change in the initial strategies. Bankers in England and on the continent have to take into account the desire of the client not only to keep savings, but also to increase them by personally participating in the investment process. American experts are forced to make allowance for the dissimilarity of corporate and individual tasks: technologies that have proven themselves among financiers do not always attract wealthy private investors. It is also important for the bank to adapt to the national characteristics of its clients. Thus, the British are characterized by traditional respect for securities, one of the requirements of British clients is a high level of professionalism in this area. The owners of large fortunes in Asia prefer to place assets in real estate and other types of property and are looking for competent advice from bankers regarding this area of finance. The company that will be able to succeed in individual banking services is one where any customer requests are treated with the utmost attention. The banks that do best with large private capital tend to use one of two main tactics. Or, as is customary among English and Swiss bankers, they act primarily as advisers, and the nature of the services is adapted to the very specific requirements of clients belonging to the top of the economic elite; or, as in the case of most US investment banks, they focus on creating highly sophisticated financial products that find buyers among the very wealthy and the wider population. Today, personalized care often includes both of these components. Esteemed British and Swiss companies offer financial instruments designed to target different market segments, while American investment banks open branches to serve the needs of specific clients. According to Denis Shevchuk, Deputy General Director, Vice President of INTERFINANCE Credit Broker (MORTAGE * BUSINESS LENDING), wealth growth and a more democratic distribution of wealth have become possible due to trade liberalization, the relaxation of customs restrictions and the development of telecommunications systems. Unfortunately, the free circulation of capital opens up scope for illegal actions. Private bankers and law enforcement alike have to balance between the need for due diligence and the unwillingness to shackle or offend the honest investor. In many countries, lawyers have developed special forms of questionnaires, as well as norms of behavior for specialists, allowing a financial company to protect itself from criminal money. Strictness and prudence usually only attract customers, as they are a guarantee of the professionalism and scrupulousness of the bank. Reasonable due diligence measures, carried out in cooperation with skilled bankers, allow a law-abiding client to feel secure. Banks engaged in personalized service highly value their past. The oldest of them, traditionally existing in the form of partnerships, have been known since the middle of the XNUMXth century. The vast majority of private banking banks (as well as banks that have branches for dealing with large private capital) open their prospectuses with paragraphs telling about their historical background (Denis Shevchuk). Even newcomers, until recently alien to this financial sphere - for example, US investment banks, are joining the game, presenting their history and traditions in the most tempting light. Here is what the compilers of the prospectus write: Personal banking has undergone (and is undergoing) significant changes in our time. Meanwhile, the special style adopted in the treatment of a banker with a client is still alive. Business relations are built here quite peculiarly. Pictet Bank does not have elevators. They are as out of place here as gray steel furniture, computers or buzzing printers. The visitor descends the stairs. He does not go to the "office", but to the reception room - several doors lead from it to the offices. Pictet's decor is somewhat casual, a common feature of many Geneva banks. Slightly shabby furniture, faded portraits on the walls - meanwhile, having got here, you very soon realize that only very rich people can afford such a neglect of luxury. Pictet, Bordier and Lombard retain the qualities that are leaving the banking world - charm, individual business style, aversion to impersonality ... With its own money, Pictet could equip more than one office with the best IBMs. The absence of computers is a sign of fidelity to the traditions that are so appreciated by Pictet customers. Documents are written by hand. Dead icons printed on the sheet would have caused disapproval from the client. The form of business papers also depends on the desire of the visitor: if a French lady wishes to have correspondence with her in goose quill, blue ink on a red background, Pictet will satisfy her request. Factors such as history, culture, character, reputation of the company play a significant role at the moment of choosing an adviser or manager. Author: Shevchuk D.A. >> Forward: Credit auctions: essence, order of organization, meaning
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