Awards for Distinction 2021 – Best Private Bank — Next Generation Services

Best Private Bank Next Generation Services


BNP Paribas Wealth Management

Best Private Bank — Next Generation Services

Anton Wong

head of Taiwan Market, BNP Paribas Wealth Management

“At BNP Paribas we have been on a very focused journey to build a distinct and compelling offer for Next Generation Asian clients for many years. While the wealth management industry as a whole still primarily answers to the demands of senior generation entrepreneurs, the attention we pay toward younger generations makes us a really special place to build their first few meaningful banking relationships.”

Winners rationale

The COVID-19 pandemic has prompted more conversations within wealthy families about wealth planning and wealth transition. This has allowed the next generation to become more involved in the family’s wealth management and the family’s trusted private banking partner to shine — by navigating market volatilities to execute the family strategies, thereby proving its worth to both the family founders and the next-gens.

In its next-gen strategy, BNP Paribas Wealth Management’s emphasis begins with a strategic proposition that embraces selected next-gen accounts with zero minimum balance requirements and the flexibility to offer bespoke credit lines (some are in fact “clean” lines) to the next-gen. This enables the next-gen to execute their investment or business ideas without having to first seek parental approval.

Such a value proposition expanded and delivered in 2021. With the trust and personal relationship spanning across generations, BNP Paribas WM, in a typical example, secured its relationship with a strategic client where the actual wealth transfer occurred a few years earlier. The bank has stood by the family throughout the transition process, while renewing a multi-hundred million dollar credit line with the next-gens, restructuring it into a diversified investment portfolio that aligns with the family’s socially responsible investing (SRI) convictions.

The bank has excelled in catering to the investment needs of Asian next-gens by offering hard-to-access direct investment opportunities. In 2021, the bank was able to present to next-gen clients private shares of a high-profile player in virtual reality and 3D game engines related to the metaverse theme, in addition to providing access to private investment opportunities in an aerospace industry leader.

The emphasis on serving next-gen clients hinges on a dedicated talent training programme where BNP Paribas WM recruits, develops and supports a specific segment of high-quality and sophisticated RMs who have the explicit mandate and corresponding KPIs for developing next-gen relationships.

Recruitment of all front office staff is accompanied by a training programme specifically dealing with navigating the next-gen client landscape. In 2021, 85% of staff had completed their training.

The bank went the extra mile in 2021 by rejigging the internal team structure with a view to facilitating the interaction between bankers of established HNWIs and next-gen bankers.

The vision behind and action in grooming next-gen relationships as the pillar of the private bank’s future overall business has impressed the judging panel and made the argument for naming BNP Paribas Wealth Management the winner in this category for the second year in a row.

BNP Paribas Wealth Management is Asian Private Banker’s Best Private Bank – Next Generation Services in 2021.

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