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Theway to win in this business is through people and technology, not people or technology


MARYCALLAHANERDOES JP MORGAN PRIVATE BANK


managementproduct offering,and increasing client communications to save clients’ time and deliver targeted support.PG


BEST PERFORMING PRIVATE BANK IN NORTH AMERICA; BEST PRIVATE BANK FOR UHNW CLIENTS JPMORGAN PRIVATE BANK


Successful private banks that serve the largest andmost complex families around the world are acutely focused on three things, according to management at JP Morgan Private Bank, which manages $672bn frommore than 28,000 private clients. The first is delivery of investment performance, the second is risk management including cyber- security and safeguarding of assets, and third is top drawer client service. “To do all three well over time


requires consistent investment in talent and technology, and a relentless focus on process improvement,” saysMary Callahan Erdoes, CEO, JP Morgan Asset& Wealth Management. “We continue to invest in having


the best people because we believe the way to win in this business is through people and technology, not people or technology,” says Ms Callahan Erdoes, who champions the bank’s “digital everything” approach. With US clients plagued by a


dual uncertainty caused by the upcoming US presidential election and Covid-19 pandemic, most are forced to bemore focused on their long-term goals, requiring advice on how to stay on track with investments. “We are seeing a lot of interest in


short-term liquidity management solutions, yield-based investments, thematic equity strategies, estate


54 GLOBAL PRIVATE BANKING AWARDS 2020


planning tools and private equity, among other areas,” she says. YB


BEST PRIVATE BANK IN EUROPE FOR SUCCESSION PLANNING SOCIÉTÉ GÉNÉRALE PRIVATE BANKING


While Société Générale has struggled globally in private banking, particularly since its withdrawal fromAsia and entrenchment in markets closers tohome, succession planning is a discipline inwhich its reputation has remained particularly strong. The bank describes it as “a necessity and a priority”. It is currently concentrating on


France and theUKas coremarkets, although the London-based subsidiary KleinwortHambros has recently been touted around prospective buyers for a sale. Managing €119bn ($140bn) in


client assets, the bank prides itself in offering a particularly broad range of services to entrepreneurs. Bankers insist on meeting children of their clients and pay particular attention to the drafting of the beneficiary clauses of life insurance contracts in order to adapt theirwording to the family situation and their objectives. In addition, SocGen offers


dedicated training courses on financial, patrimonial and real estate themes to “train” the next generation for the management of family assets they will one day inherit. Increasingly, a driving force for


these younger clients is “giving meaning” to the assets they inherit, through responsible investments that are not only profitable, but also “make sense”. SocGen suggests a full “asset audit”, believing it is mandatory for a bank to put itself in the perspective of a global relationship. This must extend beyond asset


management in order for the business not to be impoverished, says the bank. “Indeed, the backbone, theDNAof Société Générale Private Banking is built around global asset management and anticipation.” YB


BEST PRIVATE BANK IN NORTH AMERICA FOR SUCCESSION PLANNING WELLS FARGOWEALTH & INVESTMENT MANAGEMENT


To effectively assist clients with succession planning, it is fundamental to understand their intent andwhat they are trying to accomplish, says Michael Liersch, head of advice and planning for Wells FargoWealth&Investment Management. It is also crucial to look at wealth


transfer froma variety of angles, including family dynamics, business and personal legacy, an approach that has been particularly successful during the Covid-19 crisis. “During the pandemic, and all


the surrounding uncertainty, our advisers’ ability to help clients articulate and communicate the ‘why’ and core values around their succession plan and business strategy has been in high demand,” reports Mr Liersch. Focus on business transition, and


evaluatingwhether entrepreneurs want to hold on to, or sell their businesses has been “an enormous value-add” to the relationship during the healthcare emergency. Similarly, clients have “highly appreciated” advisers’ support in assessing wealth strategies and structures that can fulfil, and maximise, the impact theywould like to have with their business and wealth. Potential tax lawchanges in the US around gifting to family members


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