Family Offices Reject Private Banks

A recent article in Campden FB highlights a trend in Europe that we at HighView have been witnessing for many years in Canada.  The article focuses on a study done of family businesses and their family offices in Europe and concludes that over one third do not feel that Private Banks are crucial to their wealth management needs.  And this from the region of the world that has the deepest roots in Private Banking.

The specific concerns highlighted are similar to what we hear on a regular basis:

• Lack of objectivity
• Potential conflicts of interest
• Too product focused
• No alignment of interests

While large financial institutions offer many very good services and even some compelling investment solutions, in our opinion (and apparently others as well) those with significant wealth are looking for something more…a service that is; more aligned with their interests, transparent, objective and free of conflicts.

The full article can be read at the link below.

European Family Businesses Reject Wealth Managers