The needs of (U)HNWIs are increasingly complex, placing extremely heavy service requirements on private banks, including non-banking services such as tax optimisation, structuring, succession, estate planning and consolidation of assets.
The traditional service provider landscape catering to the needs of these clients is dominated by Private Banks facing the challenges related to the shift in customer requirements, profitability pressure and changes in the banking business environment. The growing client base of HNWIs in Europe will increase the demand for better-targeted and structured approaches in Wealth Management.
The Wealth Management industry is currently facing six challenges:
In this regard, Family Offices offer a favourable framework to meet their clients’ need for neutrality, flexibility and exclusivity. They are well-suited potential players in the wealth management of HNWIs, an industry previously dominated by Private Banking..