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We recently had a new client. He was really disappointed with his bank since he had not been contacted for more than a year, while the financial crisis was raging”. This anecdote, recently heard from a leading Independent Financial Advisory (IFA) company, highlights the wind of changes stirred by the crisis in the Wealth Management industry.
A client relationship manager working in a private bank in Luxembourg can handle a good 150 clients on his desk. Sometimes this ratio could even be more diluted as common practice indicates sometimes 500 clients per relationship manager. Until recently, this situation was satisfying as most of these clients were fully satisfied with punctual contact with their relationship manager, along with regular reports on their portfolio...
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