Awards for Distinction 2019 – Best Private Bank – Next Generation Services

2019 Winners

 

Best Private Bank – Next Generation Services

Credit Suisse

Benjamin Cavalli
head of private banking South Asia, Credit Suisse Private Banking Asia Pacific

The next generation and the transfer of assets within families is today an increasingly important topic. It is vital that as a trusted advisor, we listen and actively engage our next generation clients to guide them on their way to become the steward and the custodian of their family wealth, to preserve and grow their family’s financial assets, and to ensure that the family values and essential skillsets are passed on to future generations.

We are delighted to receive this award for the third time. Credit Suisse has a strong track record in partnering with the next generation, and in fact, 2020 marks the 10th year of our next generation programs in APAC. Our premier programs are dedicated to helping the next generation feel more confident in dealing with finance, investments and areas they have increasing interest in such as impact investing, in order to better prepare them for the responsibility of running the family business or managing the family’s wealth.

Asia’s burgeoning next generation of UHNW individuals is extremely susceptible to switching banks upon inheriting their wealth, or changing the method with which their portfolios are managed. Aware of this, Credit Suisse in 2019 actively engaged its relatively younger clients to increase their share of wallet with the private bank.

Building on close to a decade’s worth of experience in serving APAC’s next-gens, Credit Suisse had its ears on the ground to hear out their clients’ concerns and aspirations for cross-regional wealth needs throughout their families’ lifecycle. Upon receiving the required information from its clients, the bank worked and reworked strategies internally to give its staff the ammunition necessary to draw in next-gens and offer services that speak to their aspirations.

Knowing that RMs face similar challenges in re-engaging clients, the bank built best practice strategy sharing initiatives via conferences and developed a toolkit acting as a one-stop-shop for next-gen programmes, bank offerings, and resources.

Against the industry standard of hosting three to five events a year without any meaningful follow-ups, Credit Suisse was well ahead of its peers in terms of targeting next-gens as a source of business.

The private bank sought to empower its next-gen clients within families by drawing them into the overall succession and wealth planning process, making sure they are business-ready and able to carve their spot in existing and future family governance. Wherever possible, it endeavoured to enhance the life aspirations of next-gen clients, and enrich and diversify their family ambitions.

Often ranked high in a next-gen’s laundry list of priorities is a bank’s commitment to ESG. To align its interests with its target client base, Credit Suisse beefed up its ESG team, creating the role of impact advisory head in late 2019 and poaching a top impact investing head from its close rival. The bank co-launched the Social Impact Awards in partnership with Generation T, a platform from Asia Tatler, to commemorate 10 young leaders who have made significant contributions to the Asian community in social impact, sustainability, or innovation.

The quality of Credit Suisse’s next-gen engagement was reflected too in its well-known programmes and conferences, that boosted APAC participation rates in the global private banking franchise. The Young Investors Organisation — a network for the world’s wealthy young investors — had over 40% of its members coming from APAC. The youngest end of the next-gen spectrum (aged 12-17) had access to the Young Founders School, a bootcamp for children to form their own startup ideas through the mentorship of local entrepreneurs. Next-gens on the older end of the spectrum are able to network with like-minded peers in the bank’s Philanthropists Forum, Family Ties Program APAC, and Family Office Private Circle.

While Credit Suisse in 2019 was far ahead of the pack in terms of engaging next-gens, the Judging Panel is confident that the private bank will continue to make strides.

Credit Suisse is Asian Private Banker’s Best Private Bank – Next Generation Services for 2019.