Why banks should be more customer-centric in their approach to Family Offices
Financial institutions, once regarded as the cornerstones of business, are now facing unprecedented changes and challenges that could not even have been conceived of a decade ago. We explore how banks can remain relevant within the private wealth space through a customer-centric approach.
Innovation Updated on October 31, 2022

It is an understatement to say that the financial market is changing. Where financial institutions were once regarded as the crux of business, they now face challenges that could never have been thought of decades ago. The introduction of neo-banks, cryptocurrencies and Robo-advisors has changed the game. Amidst this, there is a demand for transparency, as well as demands beyond what’s purely financial. These developments have been evident with private clientele, and many are forming independent family offices.

‘Kodak Moments’ on the Rise

Although Kodak was once known as a reputable brand, its failure to capitalize on the digital age that arose in the 1980s is now infamous. A ‘Kodak Moment’ has now come to embody when a business loses its market relevance because of its failure to identify changing consumer behaviour. As family offices continue to grow, many of them are hiring private equity dealmakers and former bankers to take back control of their investments and wealth. Investment bankers and wealth managers are at risk of experiencing a ‘Kodak Moment’ because of these new ways of operating.

“First family offices call their friends, then venture capital, and the third call is to an investment bank,” said Joe Stadler, Head of Ultra-wealthy Clients at UBS.

About the Authors

Francois Botha

Francois Botha

Simple founder & strategy advisor

Francois believes that the next generation of family leaders need new, simple tools and trusted experts with a fresh outlook.

Connect with Francois Botha

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