The private banking advisor, an ally to manage your money with head

Do not trust. You can be your worst enemy. Self confidence is fine. It is essential, in fact, for a healthy personality, but, paradoxically, one of its fi

The private banking advisor, an ally to manage your money with head

Do not trust. You can be your worst enemy. Self confidence is fine. It is essential, in fact, for a healthy personality, but, paradoxically, one of its first symptoms is the recognition of the limits themselves. The "Know yourself" of the Oracle of Delphi acquires a capital importance, never better, when we penetrate the terrain sometimes complex of finance. There we need a good ally. Personal banking advisors postulate for charge.

They have been doing it time. Ainhoa Lauzirika Meñaka, Chief of Team in Santander Private Bankingbilbao, dates back to the 18th century, when "the prevailing monarchs divided the management of their assets in two: the private who had as individuals and those who maintained as public people. So what was born what Today we know as 'private banking', which refers to the advice on private capital. " Things were evolving until arriving at modern private banking, which begins "in Switzerland during the 'Golden Age', thanks to the attractiveness of its anonymous accounts (numbered), bank secrecy by the 1934 Law and the Fortress of the Swiss Franc" .

Today, a total of 67,000 people have obtained a certificate as financial advisers in Spain, according to data from the National Securities Market Commission (CNMV), "a figure that will continue to increase, since the figure of the financial adviser has become a Profession essential in the sector. Decision making in a changing and uncertainty environment requires personalized financial and tax advice. "

In addition, the idea that they are only within reach of great patrimonies is fading: "Since scanning, younger profiles grow and seek to build a heritage for the future, look more alternatives for diversification and, therefore, more personal advice . They are, in addition, more digital customers and with a more international vision. "

Lauzirika thus synthesizes the role of the advisor: "It consists of offering customers comprehensive solutions to their financial needs, through a transparent and innovative offer based on a personal long-term, respect and trust relationship". The key point is to situate the focus of attention on the customer: "Know your circumstances, investment philosophy, objectives and fiscal situation. Therefore, together with investment services, we must also add property, corporate or real estate planning services, as well as advice in other subjects, for example, investments in art ".

Once the client's situation, the private banker "will detect opportunities as a result of analyzing the market and will advise each client with the most cords considering their profile". Thus he will be able to adapt his decisions "to the investment parameters, such as liquidity, diversification, complexity and risk he is willing to assume."

Each client is unique - "Your financial knowledge, your experiences and your needs require a different service" -, but, roughly, three types of counseling can be distinguished. The first corresponds to "customers who do not require advice to make their decisions or sustain them with punctual advice"; For them, the advisor must "offer the most appropriate solution taking into account their profiles and inform them of the operation and on the adequacy of the same under criteria of complexity, adaptation of risk, liquidity and diversification".

The second type encompasses those who "request a continuous personalized advice that facilitates their own investment decisions"; In this case, the advisor has to "track continued follow-up, make recommendations from your portfolio adjustments for better adaptation to market movements and your investor profile, and offer relevant information for your investment: a monthly report of Markets, views of opinion about companies, investment ideas and relevant economic news. "

Finally, there are clients who prefer "an expert team, with which they define the basic investment lines"; This third type of client "delegates the management of your heritage in expert hands defining from the first contact your objectives, needs and profile".

In all cases, it is essential to ensure the reliability of the advisor. "Since the implementation of MiFID II regulations in Spain, in order to advise, it must be duly accredited. When it comes to a private banking advisor, at least in the Santander, you must have EFA (European Advisor), which refers to certification to be able to develop advisory and financial planning activities at European level. " To obtain the accreditation, it is necessary to overcome an exam, but also "a series of controls and follow-ups are established to ensure that they are again 'recertified' with a minimum number of continuous training hours".

The Coronavirus has been shown as an extra test. "As for everyone, it has been a learning," recalls Lauzirika. "The pandemic has meant a 'rally' on digitization, so we have had to adapt to a new relationship model. In an environment of absolute uncertainty the agility in decision-making is vital and the increase in technological tools has been crucial. However, we must not forget that the great value of an adviser is the knowledge of the client, and that he feels close to us at all in complicated moments like the ones we are living. "

Date Of Update: 08 December 2021, 17:36

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