How Big Banks Capture Ideal Clients
Edouard Lederer reports in Les Echos that big banks are fishing for wealth management clients from within the pool of their existing retail clientele.
In order to identify wealth management candidates for private banking, these banks resort to their retail banking footprint. Case in point, BNP Paribas, which counts 250 locations, 6 wealth management teams and 60 “entrepreneur residences.” But the idea is to go further. The key is to stay close to the entrepreneur, just like the independent private banking institutions, explains Sofi Merlo, BNP Paribas Banque Privée’s director.
For Société Générale Private Banking (SGPB), this link to entrepreneur’s is also crucial. The private bank joins forces with the investment banking and retail banking arms of the Société Générale whose private banking network also features a half dozen “expert centers” that focus on specific financial objectives.
Now credit unions like the Caisse d’Epargne also want to join the fray.