AP Private | December 2023
Italian private banking is thriving as testified by data.
First of all, the assets connected to private clients and managed by financial networks and banks which specialize in the private customer segment have exceeded one thousand billion euros.
Another important element is the level of satisfaction of private bankers, which remains higher than the level of satisfaction expressed by bank employees dedicated to other customer segments.
The number of private bankers who claim to be fully satisfied with their job and their relationship with their bank (48%) is, on average, twice as high as the number of fully satisfied bank employees (21%).
Moreover, 58% of private bankers operating within networks of financial advisors claim to be fully satisfied; the percentage decreases to 37% among private bankers working for traditional banks.
This gap is linked directly to the type of contract as employee or financial advisor. In the latter case, professionals tend to have a higher level of satisfaction.
The job of financial advisor allows for more autonomy in client management and entails recognition (economic and much more) envisaged as tightly connected to individual merits.
The pros of being a financial advisor are further emphasized when the financial professional is dedicated to the private segment, where the high level of responsibility which comes with managing large amounts of assets and wealthier clients is accompanied by recognition above average.
Another reason why private bankers – be them financial advisors or bank employees – are, on average, more satisfied than their colleagues working with the affluent segment is the possibility to deal with more themes than asset management alone.
Moreover, managing a client’s wealth in its entirety allows for a complete overview of the clients’ needs, including the demands of their family and business.
The level of satisfaction with the support that the bank or financial network provide in order to deal with asset management (advanced consultancy platforms and services, support in the fields of taxation, inheritance and family continuity) has been increasing over the past years.
In turn, private clients are on average more satisfied (+27%) than affluent clients: the main reason is the possibility to count on a dedicated financial professional – i.e., the private banker – prepared and always available.
The private banker is the pivot of private banks: around them is often a team of financial professionals, whereby their clients’ needs are met better and earlier.
The private banker enjoys a higher level of autonomy and flexibility – physical, since s/he is not bound to a branch, and decisional, since above them is often a much shorter chain of command.
The true challenge of universal banks will be replicating the same quality of service and level of satisfaction of both clients and professionals within the affluent and mass-market segments.
Thus, it would be ideal if, in the near future, some of the strengths of the private banking model could be made accessible to the affluent customer segment through online managers and the enhancement of digital platforms.
Nicola Ronchetti