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Full Description
Estimates show that there are around 20,000 Ultra High Net Worth individuals in existence today, each with bankable assets in excess of $50 million. Between them they possess a wealth of $5,000 billion, 10 per cent of the world's estimated total wealth. The UHNW wealth management business is therefore a critically important as well as complex part of modern finance. It exists within a 'client-banker-bank' triangle and is influenced by serious exogenous factors in political, economic and fiscal environments, as well as by numerous emotional, familial and personal dimensions. In this book, the authors address these complex relationships, serving as guides and advisors for UHNW bankers, banks and clients alike. The authors' clients have taught them that the three major frustrations for private banking clients are bad performance, bad communication with the banker, and confusion in the face of poorly explained financial processes. In the first part of the book, the authors offer their expert solutions to these problems and, in the second, help to eliminate confusion by explaining UHNW financial processes as clearly and simply as possible.
The authors mix authoritative advice, gained from long careers in wealth management, with anecdotes and narrative, to make the book approachable as well as informative. The book also contains five major case studies that help to exemplify certain elements involved in UHNW banking across the world, including the importance and impact of: family values and governance; client confidence and connections; cultural and religious considerations; philanthropy; market crises and volatility; and, portfolio diversity and enterprise management. This book is for private bankers who work or aim to work in the Ultra High Net Worth field, the most sought-after and secluded high-end client segment of private banking and wealth management. For UHNW clients, this book is a guide on how to deal with your bankers and what you can expect from them, depicting the view from the other side of the table. And for the management of a private bank or private banking division of a financial institution, this book will serve as an essential introduction on how to improve performance.
Expert, in-depth and accessible, "The Ultra High Net Worth Banker's Handbook" is the ultimate guide to this area of modern finance.
Contents
Introducing UHNW Banking - Client privacy - Information leakage as an operational risk - Private bankers and client identity protection - In search of excellence Part I: UHNW Clients 1. The UHNW Client - Some statistics about UHNW - UHNW's importance within the banks - What do clients want? - Profiling UHNWIs - Family structure and the family company 2. UHNWI Case Studies - Introduction - Investigating strategy, execution and risks - Example 1: Europe - Example 2: Middle East - Example 3: Latin America - Example 4: USA - Example 5: Asia 3. About Wealthy Families - The family business and the family in business - The financial family - Family complexities and the typical family setup - Introduction to the major challenges - Dilution - Disputes - Tax - Lack of diversification - Isolation - Do we know what families need to do? Part II: UHNW Banking 4. Introduction to UHNW Banking - The banker's focus - Universal model of private banking - Schematic view of UHNW banking - Service quality: Snakes and Ladders - About beliefs and behaviours - Service universe: monetising, asset management, wealth structuring 5. The Mission of the UHNW Banker - Strategic advice - Wealth structuring and planning - Corporate finance, M&A and Monetisation - Asset management - Risk management 6. Building the UHNW Business - How to position yourself amongst the multiple providers - How to work with the family officer - How to lose an UHNW client 7. Skills - Resource management - Controlling procrastination - High performance - Communication - Intelligence - Managing uncertainty 8. Mindset - Adding value to your clients - Know your strengths and weaknesses - Your brand 9. Our Personal Recommendations - Build trust, avoid tragedies - Become a lifelong learner - Be professional through preparation - Intentional empathy - Focus - The most important questions for success Conclusion Bibliography Index
