The changing world of wealth management

Banking & Finance
| The European | 13 October 2020
Francesco Grosoli, CEO of CMB

Francesco Grosoli, CEO of CMB outlines how the bank is responding to a post-pandemic global economy

The Covid-19 crisis has led to one of the worst economic downturns since the Great Depression, as stated by the IMF, and impacted billions of lives. But there was a world before Covid-19, and there will be a new world after. The pandemic has been a unique human experience that will change us all on an individual and collective level, and it is therefore most likely clients’ behaviours will also change coming out of the crisis.  

On one hand, it will lead to a “new order” in our ways of working and in the values that we are going to instil within organisations. Questions surrounding the meaning of work will become ever more pertinent and companies wishing to attract the top talent will have to be very clear about the purpose of their business. Companies are under even more scrutiny and the ones that treat their employees and entire range of stakeholders the right way will be better positioned to attract the next generation of talent. 

On the other hand, clients will want more from their wealth and will expect their wealth advisor to be able to guide them through this “new normal”. The volatility experienced so far this year will lead to higher client expectations regarding value justification and, as a consequence, the quality and ability to personalise services delivered to clients will be all the more important. In private banking especially, one size does not fit all, and a strong CRM strategy can help wealth managers respond to this trend. Good CRM can enable banking institutions in particular to take advantage of the benefits that digitisation can bring: smoother processes, increased focus on each client’s expectations and needs, and better follow-up. Technology should not be seen as a threat but as an opportunity to develop even better relationships with clients. This is an absolute necessity, as proven by the pandemic, which has forced our industry to find new ways to connect with our clients by making the best use of digital tools.  

Importance of foresight 

If there is one overriding lesson to be learned from this unprecedented crisis it is that we should not be victims of the present: what our industry and our clients need is foresight. Disruption can be catastrophic without resilience and agility, especially in situations of uncertainty. The appetite for information and tailored guidance was acute during the whole sanitary crisis and is meant to be a lasting trend. 

The repositioning of CMB (Compagnie Monégasque de Banque), a major and historic institution in the Principality of Monaco, is in line with this desire to respond in the most appropriate way to these shifting needs and priorities. The evolution of the bank’s corporate identity writes an important new chapter in the history of CMB as a benchmark player in the Principality of Monaco, against the backdrop of the increasingly important role played by wealth management within the Mediobanca Group.

The new communication platform, which focuses on high-net-worth individuals, is encapsulated by our Banking Ahead concept. Our development of this concept is based on the values coded in the bank’s DNA: high profile consulting excellence, an agile and personalised approach to wealth management, impeccable customer care and the unmatched passion of our bankers, amplified by support from leading-edge technology. CMB continues to be driven by these values, presenting a new vision for them today through a major effort to innovate its private banking model. This push for transformation and innovation reflects the dynamic in the Principality of Monaco, where global elites create a fast-moving and demanding environment that has no equal anywhere in the world.

In a constantly changing world, where technology acts as an accelerator and multiplier of opportunities, CMB promotes an advanced private banking culture aligned with the expectations of these elites, focusing on their continuously evolving ambitions and on driving them “ahead”. CMB has a mission to partner with high-net-worth individuals and add value to their wealth, which it sees as a point of departure and never one of arrival. In doing so, it promotes a financial culture that always prioritises a forward-looking attitude and the ability to plan ahead.

Even more so after the Covid-19 crisis, we are operating in a VUCA world: volatile, uncertain, complex and ambiguous. There will also be an expectation to keep moving at high speed, having proven our ability to do so throughout the health crisis, and strategic foresight will be needed in times of deep uncertainty. The wealth management industry must rise to the challenge and CMB is well-positioned to help their clients navigate an increasingly murky future. ν 

Further information 

www.cmb.mc 

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