“We create value through relationships”
At Banque de Luxembourg, our clients’ needs are the driving force behind our business and our service offering. Danielle Goedert, Head of Private Banking for the Luxembourg market, shares her views in a special Paperjam.lu dossier dedicated to private banking.
Today’s private banking services offer comprehensive wealth management to wealthier clients with more complex, and often international, requirements.
Banque de Luxembourg has always designed its business around its clients’ requirements. Danielle Goedert, the Bank’s Head of Private Banking for the Luxembourg market explains, “In our profession, we bring value through the long-term relationships we maintain with each individual client. This is part of our DNA. Each time we introduce a new service, the aim is to provide better support for those who have placed their trust in us, and to ensure that we continually meet their evolving needs.”
Wealthier clients, complex requirements
In the few years since banking secrecy rules were relaxed, our client base has changed considerably. “The number of clients may be lower, but the total amount of assets under management continues to grow,” explains Danielle Goedert. “Our business has developed to suit wealthier clients with more complex demands. They often have an international base, with family members in different countries.
Their wealth is made up of a wide variety of assets. To meet their needs, we have developed new services as an extension of our private banking expertise. Our family office services support our clients in every aspect of wealth management.”
“Our goal is to develop close relationships with our clients, getting to know them well so that we can coordinate the management of their wealth and provide the best solutions for their various needs and the challenges they face. For example, as part of our family office services, we can offer consolidation of a wide diversity of asset types and locations. We assist our clients with inheritance and wealth planning as well as advising them on the tax and legal implications of their plans.”
Banque de Luxembourg has also developed extensive expertise in the area of philanthropy. “This is relevant to clients who do not have an heir, as well as those who would like to strengthen their family values across generations through a shared philanthropic project,” says Goedert. “We help clients with every stage of their philanthropic projects, from defining the right structure, completing administrative procedures and managing assets to ongoing project administration and follow-up.”
In the same vein, Banque de Luxembourg helps entrepreneurs and their families to prepare for the handover of their business. For example, we work with members of the upcoming generation to identify their wishes and help them to find their role in the business.
To cater for clients who are seeking alternative investments, Banque de Luxembourg offers exclusive access to private equity investments. We have established two funds dedicated to this asset class and we are preparing to launch a third.
Combining the right skills
Over the years, the range of skills within our Bank has continued to grow. Investments are proficiently managed by an adviser and, if needed, a dedicated chief investment officer, and they can call on the combined support of tax experts, legal specialists and estate planners. “The challenge is to be able to leverage the right skills and implement tailored solutions. Our support is designed for the long term, so that clients can completely entrust their private banking to us.”
Digital tools for optimal follow-up
Banque de Luxembourg also meets the demands of a younger, more international, mobile and connected generation. “The way of interacting with our clients has also changed dramatically. We are investing heavily in new communication channels. For example, all our advisers are now equipped with tablets.”
These tools add a new dynamic to client support. “They enable better understanding of the client’s needs as well as helping us to provide clearer explanations on topics such as the performance of their portfolio.” Nevertheless, Goedert emphasises that the adviser remains essential to the relationship. “Digital cannot replace human contact in the profession as we see it. A trusting interpersonal relationship is still the primary aspiration for private banking clients. We must use all the communication channels available today to create and foster this relationship, allowing interaction at any time, from any location. Technology enables better follow-up to ensure client satisfaction.”