Author: Stefano Schrievers, Head of Wealth Management, BNL BNP Paribas
December 13, 2021
There are many different ways of interpreting wealth management. On the one hand, there are those who focus on pure and ‘simple’ portfolio management, which is often far from simple. On the other hand, we have the consulting models that consider that service as a commodity, with limited added value. Between the two poles, there are infinite shades. We are inclined to view financial asset management as a solution. And not because that activity has lost its dignity. It remains essential.
However, in a market context like the current one, we are convinced that we need to broaden the analysis. And after all, the customers we turn to have much more complex needs. The synergy at BNP Paribas group level in wealth management is constant and strong, in order to bring the value of a large international group to its Italian clients. There are few pure wealth management players in the Italian market with a dedicated structure and strategy. HNWIs need dedicated offer and service models, but individual requirements must be articulated, because each customer is different from the others.
Our wealth model
A systematic method is needed. At BNL BNP Paribas, the wealth management model has four pillars when it comes to consulting needs: certified quality, integrated vision, effectiveness, and a 360-degree approach. To ensure quality, we have built and launched an ‘excellence academy’ that started in October 2021: an ambitious and concrete initiative, it was developed with SDA Bocconi to certify the quality level of BNL BNP Paribas wealth managers. This is a 24-month training course, developed internally, at the end of which bankers obtain a certification in wealth management, issued by SDA Bocconi. We built it together, but the teachers and the evaluation criteria are from the university’s school of management, one of the most prestigious in Italy. The training course is completed in a series of classes dedicated to analysing a wide array of potential issues identified by the individual operational managers of BNL BNP Paribas. This certification is for every one of our wealth managers; they attend it before receiving their final certification.
An integrated vision
Many of our wealth management clients are entrepreneurs. It does not make much sense to limit yourself to looking only at liquid financial assets, which omits the fact that typically the most important asset of these families is their company, which is sometimes worth much more than their financial assets. Since it is pure risk capital, it must be …….