Private banks looking for new ways to attract clientele worlds
Friday, 12 October 2007
GENEVA, Oct 11 (Reuters): As the world's wealth pumps into the pockets of a new generation of heirs and entrepreneurs, private banks are looking for new ways to attract a clientele worlds away from the stuffy image of wealth management.
"Younger clients are looking for something different from the cocktail parties and the opera," said Sebastian Dovey, a consultant at Scorpio Partners.
"Their interests are more in networking and education and banks haven't been educators," he said at the news agency's Wealth Management Summit in Geneva.
Banks like Julius Baer and Citi have gathered future mega-heirs from around the world to talk about protecting their wealth as well as to network and have fun with millionaires their own age.
Baer's "Generation X" and Citi's "The Next Gen" programmes have both have set up alumnus groups to keep the contacts going.
"Younger clients are looking for something different from the cocktail parties and the opera," said Sebastian Dovey, a consultant at Scorpio Partners.
"Their interests are more in networking and education and banks haven't been educators," he said at the news agency's Wealth Management Summit in Geneva.
Banks like Julius Baer and Citi have gathered future mega-heirs from around the world to talk about protecting their wealth as well as to network and have fun with millionaires their own age.
Baer's "Generation X" and Citi's "The Next Gen" programmes have both have set up alumnus groups to keep the contacts going.