‘We have allowed product to drive the relationship’

Systemic failure by Australian private banks to service high-net-worth (HNW) individuals has created an opportunity for financial planners to compete for these clients.

Two senior private wealth figures have given their views on fostering long-term relationships with HNW individuals and the rise and rise of the ultra-high-net-worth client.

Speaking to assembled delegates at a Private Wealth Symposium hosted by Professional Planner at Lilianfels in the Blue Mountains last week, Ralf Haase, head of Commonwealth Private Office, and Justin Greiner, head of ANZ Private, NSW, agreed the private wealth management industry needs to up its game to remain relevant to clients.

For an interview with Haase, click on the video below.

Greiner says the lack of an official private bank body and the triumph of product over advice has set the private wealth industry back at a time of both increased competition and regulatory reform.

For an interview with Greiner, click on the video below.