Winners rationale

The majority of Asia’s private banks are still coming to grips with how to initiate a dialogue with the next generation of wealth holders — a fertile segment with the promise of future asset growth and business opportunities. BNP Paribas Wealth Management is different in both its approach and execution. Placing the specific needs at the core of its offering, the bank seeks to enable the next generation of wealth holders by deploying innovative and bold strategies.

BNP Paribas Wealth Management has exhibited such capabilities with an unconventional approach to next generation banking — its dedicated teams and creative solutions set it apart. At the heart of the bank’s value proposition lies the recognition that the next generation of clients are future stewards of both family wealth and family business. The bank has consequently built its offering upon three pillars: the next generation private banking offer, actionable thought leadership, and client engagement.

The bank’s first step to enabling a relationship with the next generation is through a strategic proposition that embraces selected next generation accounts with zero minimum balance requirements. This allows the bank to build relationships with the client across its divisions, fostering an entrepreneurial and wealth management dialogue and thus preparing the next gen progressively for the challenges and responsibilities inherent to an upcoming wealth transfer from their parents.

BNP Paribas’ highly selective approach to next generation banking allows for the provision of bespoke credit offers to the next generation, who frequently seeks enablement without parental guarantees. The bank is willing and able to expand on its traditional credit frameworks, offering a strong vote of confidence, thus laying the foundation for long-lasting, trust-based relationships.

BNP Paribas understands the importance of identifying and mapping its clientele across generations. Valuable insights stemming from the bank’s commissioned Asia Next Generation of Wealth Holders report have led to a deeper understanding of next generation needs.

Conveying the value proposition in a relatable, credible manner is key for the next generation of wealth holders. Recognising this fact has led the bank to hiring, training and enabling a small cohort of next generation relationship managers serving the next generation clients with a focus on the long-term picture. These bankers operate outside the traditional KPI frameworks and mandates. The bank provides them with time, support and resources to nurture relationships with the guidance of senior members of BNP Paribas Wealth Management’s Key and Strategic Client Group. These RMs are not only seasoned in their relationship skills and knowledge of the market, but also sensitive to the legacy and succession needs of wealthy Asian families.

Taking advantage of its well-capitalised networks in Asia, BNP Paribas demonstrates its ongoing commitment to the next generation of wealth holders by introducing them to industry and thought leaders, and by creating a network of peers that meets regularly and globally. Its ultimate goal is to cement the bank’s long-standing relationships with established families in Asia and handhold them throughout the journey of wealth and business transition.

BNP Paribas Wealth Management is Asian Private Banker’s Best Private Bank — Next Generation Services.