As A Former Private Banker, This Is How I See The Industry Transforming

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When I was a Private Banker, discussing with clients was always the highlight of my day. Some people think that Private Banking is about selling products to rich people, but it couldn’t be further from the truth. It’s first and foremost about building a relationship of trust with individuals and their families, understanding what is important to them, and helping them achieve their objectives – whether financial or not.

Seeing what is happening in the world today, I keep thinking about my previous job as a Private Banker and wondering how my ex-colleagues manage to keep up with all the changes happening in the investment world.

                                                   $22bn invested in NFTs last year - CFTE
$22bn invested in NFTs last year - CFTE

HNWIs Are Going Beyond Traditional Investments

When in Private Banking, I discussed with clients about equity, bonds, ETFs or hedge funds, sometimes DCDs and perhaps Range Accruals, and of course property, but it was still very traditional. Today, I would need to at least double my knowledge of products, and add cryptocurrencies (perhaps not the 15,000 of them…), Non-Fungible Tokens, or Decentralised Autonomous Organisations. Can most banks offer these kinds of products? Certainly not, for most of them.

But do HNWs invest in them? Definitely, yes. 35% of HNWs invest in cryptocurrencies, a market now worth $2 trillion. Digital art with strange names such as “Bored Ape Yacht Club” sells for a minimum of $200k – and it’s not one, but 1,000 per day! This is perhaps the first time in history where we are in this strange situation where clients know much more than their bankers in terms of new investment products…

The Profile of HNWs and UHNWs is Changing

At the same time, I’m sure the profile of HNWs and UHNWs is changing too. I remember when we would identify new clients through the rich list rankings or attendees of prestigious events. There were a few surprises from time to time, but most of the time, old money, entrepreneurs, or finance guys would represent a large majority of our client base.

                                                  68% of HNWs hold cryptocurrencies - CFTE
68% of HNWs hold cryptocurrencies

Today, just updating this prospect list would be a full-time job for a whole team! Last year, for example, every 2 days a Fintech company as valued at more than $1bn. There are now over 60 Fintech Billionaires, with 7 Crypto Entrepreneurs now listed on the Forbes Rich List. The Fintech and Crypto world is producing an ever increasing list of HNW and UHNW individuals. But how have these individuals made their money? And what are their goals in managing this new-found wealth?

The New World of Finance Doesn’t Have to be Confusing

For a Private Banker, this can be hugely exciting – more prospects, more clients, more interesting discussions. But it can also be confusing – what should I say when my clients ask my views on Fintech investments? Cryptocurrency prices? Hokusai NFTs from the British Museum?

Since I started CFTE 4 years ago, we’ve trained more than 100,000 professionals in Fintech, Artificial Intelligence, Open Banking and Blockchain, but despite my background, we’ve never launched a proper programme for Private Bankers to help the industry keep up with all these changes.

I have the unique opportunity, with my superstar team who have created some of the best Fintech courses in the world, and a network of hundreds of hundreds of experts, to create a programme tailored for Private Bankers – a programme that will address all the challenges faced by my ex-colleagues and help them become fluent in the latest Fintech and Crypto trends, in the most time-efficient manner.

To make this programme as relevant for the industry as possible. I would like to build on the discussions I have already had, and ask for your support in telling me what you would like to know. And we’ll create a programme with our leading industry experts who know all the answers. To share your views, you can pre-register to the programme and provide feedback.

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A programme for the modern private banker - CFTE

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