Falcon Private Bank’s personalised approach puts clients first | Video

Transcript

The economic crisis of 2008 sent waves through the investment industry, with many unsure about where to place their wealth. One institution that has successfully navigated tricky waters is Falcon Private Wealth. Key to the bank’s success has been its bespoke wealth management solutions. World Finance speaks to Nick McCall, Falcon Private Wealth’s CEO, to find out about its personalised approach to clients, and how this is helping to reduce risk and spur reward.

World Finance: Nick, what are bespoke private wealth management solutions?

Nick McCall: Bespoke management solutions are essentially products which are tailored to the client’s individual needs, such as provided by Falcon Private Bank. We offer tailored solutions to our clients in emerging markets, particularly from regions such as Eastern Europe, Middle Eastern Africa, Asia and other global emerging markets.

[W]e pride ourselves in knowing our clients’ requirements at a very detailed level

World Finance: So how does it differ from standardised solutions?

Nick McCall: The main difference is that it’s relationship driven. We undertake a deep understanding of our clients’ needs and we pride ourselves in knowing our clients’ requirements at a very detailed level. This is different from trying to sell a product to a client, which can at some times seem overly standardised, if you like.

World Finance: So does a more personalised approach remove or reduce risk?

Nick McCall: We definitely think it reduces risk. By tailoring the products that we’re selling to our clients, we can ensure that they’re suitable for the client’s risk appetite, and that way they are receiving a service which is in line with their family needs, and that way we’re not selling them inappropriate products which, with time and changes of markets, might be to their detriment.

World Finance: Now your company is global, do the needs and tastes of your clients vary by region?

Nick McCall: Very much so. This is more a question about culture, and we provide relationship management teams who understand the culture and needs of the various geographic areas that we cover. In this way, we again can provide the financial solutions that they require, which are tailored to their personal needs and are in-line with different needs from different regions of the world.

World Finance:  How do geopolitical developments impact your clients’ decision making?

Nick McCall: It’s a very interesting question – what we have noticed lately is, with recent events in Eastern Europe and before that with the Arab Spring, clients who traditionally used to invest in their local market and business and get very, very high returns are now looking to diversify the risk and make investments into more developed markets, even at potentially slightly lower returns but seeking that security which they can gain from moving part of their family wealth outside into an institution such as Falcon Private Bank.

World Finance: Now do you think that bespoke wealth management solutions will one day dwarf standardised approaches?

Nick McCall: Probably not. However, we do anticipate a strong growth in the emerging market areas in which we operate as those regions grow their wealth. We hope to continue to grow our business and maintain the trust of the clients for our products and services as those regions become much more wealthy over time.

World Finance: Nick, thank you for joining us today.

Nick McCall: Pleasure to be here, thank you.