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The Private Banker - A traditional profile in a modernizing industry
Although the figure of the private banker in Spain has evolved gradually, private banking remains a fairly traditional, classic and conservative environment. It is a sector that has not grown exponentially in recent years with the entry of potential new customers.
For this reason, attracting bankers from the competition has become a key commercial strategy. The portfolio of customers that loyally follow the person in whose trust they have placed their capital is a safe value to produce the sustained growth of financial institutions.
The market is changing
The past year has seen many professionals move from one entity to another due to a lack of large capital inflows. There has also been intense work on the part of all executives in terms of digitisation and modernisation, although the success or otherwise of these areas hinges on market evolution, trade wars, tariffs, Brexit... a series of uncertainties that are undoubtedly impacting the sector.
The fact that the insurance sector has gradually moved into wealth management on a more professional footing is also worth noting. This and other reasons mean that for some years now the private banking business has no longer been the exclusive remit of big national and international banks but has featured other players trying to find a gap in the market.
The sector is traditional
Yet despite all this and the effort to modernise and digitise, the private banking sector and the profile of the private banker in particular is still bathed in tradition and private bankers continue to live in a fairly classic environment. It should also be emphasised that this profile is highly determined by customer type, i.e., the type of banker profile depends on the assets of his or her clients.
In this regard, in terms of high net-worth management, the profile of the senior banker with considerable expertise and a relatively traditional image continues to hold sway.
Private banking profiles are changing
With regards the backstory of this type of profile, in technical terms we are talking about professionals with a high level of education, postgraduate qualifications or a history in financial and advisory products. This type of professional work also requires other skills, above all having a customer- and outcome-focus, listening skills, communication skills and proactivity, since bankers must to be able to generate their own customer portfolio.
In terms of how the profile will evolve in the next few years, although not set to change radically it will have to adapt to a much more 360-degree position, i.e., profiles capable of moving the business forward but also giving more advice from a technical approach. We are also heading towards increasingly specialised work based on customer type.
It is inevitable that, in this economic context, subject to the vicissitudes of innovation, technology and political and social circumstances, the profile of the private banker must adapt to change - resilience is still essential for survival.
Let me know what your observations have been.
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