The heightened expectations of private banking clients are putting pressure on private banks and wealth managers to ensure their competitiveness and relevance by raising the bar around propositions, capabilities and service quality. This imperative is particularly true when it comes to advisory mandates.
A sophisticated advisory mandate proposition is at the core of what clients expect from a private bank, delivering what they need in terms of investment knowledge, portfolio monitoring and active advisory services. However, clients expect a truly premium service and are challenging fee levels if that is not received.
Advisory mandates represent a compelling commercial opportunity, but it is critical to get it right. From a commercial perspective, a strong advisory mandate proposition and model will:
Our paper explores the common challenges banks face in the area of advisory mandates and answers the following questions: