A new beacon in private banking excellence, ABN AMRO MeesPierson was formed in 2010 by the integration of two of the Netherlands’ oldest and most-respected names in wealth management – ABN AMRO Private Banking and MeesPierson. Private banking has historically been a key strength for the centuries-old Dutch bank ABN AMRO, and its former subsidiary MeesPierson was a purveyor of premium services for high-net-worth (HNWI) and ultra-high-net-worth (UHNWI) individuals in its own right. The two banks are now united in a powerful private banking combination offering clients total solutions tailored to individual needs, at home and abroad.
Frans van Lanschot is the man at the helm of ABN AMRO MeesPierson, which services HNWI, as well as UHNWI through the bank’s exclusive private wealth management proposition. “We are proud to have made this strong start following significant corporate changes at ABN AMRO and despite the financial crisis, and once again occupy a leading position among Dutch private banks,” says Frans. He believes that the new private bank’s success comes from a keen understanding of client needs rooted in strong, long-term relationships. “Clients today seek quality and not conspicuous consumption, and managing their wealth requires the same prudence,” he explains. “We carefully weigh risk and return so that our clients know their money is in good hands.” Frans says this requires being aware of market developments, responding proactively, and doing everything possible to understand what clients really need and crafting innovative solutions that are simple, clear and workable, and above all, suitable.
From families to family businesses
The new private bank has long addressed the specific needs of family wealth, including its transfer to the next generation. Its pioneering Generation Next educational programme prepares the children of clients for future assets. Foundations and charitable (non-profit) organisations are also supported with dedicated expertise through the Institutions & Charities proposition, which can also facilitate philanthropic matchmaking between prospective patrons and beneficiaries. In a related effort, ABN AMRO MeesPierson has recently begun working with clients on impact investing, whereby private capital generates social and environmental change and return. “Through our extensive internal and external networks, we’re able to facilitate direct or indirect investment in local enterprises, such as microfinance, or funds representing a pool of projects,” says Frans. Impact investing is a way for clients to apply their entrepreneurial experience, values and passions towards building a living legacy.
In terms of entrepreneurship, ABN AMRO MeesPierson is strongly positioned to draw on ABN AMRO’s broader commercial banking capabilities and focus on entrepreneurs and their enterprises. Frans: “This encompasses family businesses and their owners, for whom professional and personal needs are often intertwined.” He notes the importance of defining and structuring financial matters for this segment, evaluating all business and personal aspects against potential risks so that assets are not only protected but optimised. “ABN AMRO MeesPierson offers a special service that helps clients who bank with ABN AMRO both as individuals and as entrepreneurs to achieve this balance,” he says.
A specialist approach
Similarly, a Professionals & Executives team serves executives in various fields, including lawyers, accountants and consultants and also targets senior management of listed companies. “Such clients face complexities in their personal finances because of the nature of their functions, so they also require specialist services,” Frans explains.
“Our dedicated service teams address these individual needs and provide independent, appropriate advice directly supported by subject-matter experts.” These are just some examples of how ABN AMRO MeesPierson innovates on the basis of clients’ specific circumstances and goals.
Another example is ABN AMRO MeesPierson’s dedicated International Private Banking service for clients living abroad and requiring wealth management services both in the Netherlands and in their countries of residence. “Our specialised advisors offer the international orientation and local support essential for this segment to manage their assets worldwide,” Frans adds.
Holistic solutions and services
With client business dealings and lifestyles crossing borders and time zones, Frans also emphasises that an integrated and international service model is now more important than ever. “We have therefore defined the following three leading principles: we take a holistic approach to our clients rather than focusing solely on their investments; we always provide our clients with a strong set of products and solutions, offering considerable choices; and we deliver our services through an international network and professional staff,” Frans says. All this is essential to being perceived as a trusted advisor, putting client interests at the heart everything ABN AMRO MeesPierson does, from operations to investment recommendations. “It’s about being professional, independent, committed and transparent,” he affirms.
That’s why the bank recently redesigned its product philosophy with aligned local and global product and solutions capabilities covering investment advisory, treasury and special products, wealth structuring, discretionary portfolio management, structured products, private lending, investment products, insurance and research and strategy. This combines capabilities and expertise, leverages scale, streamlines policies, monitors consistency and ensures transparency – to the benefit of clients. As such, independent and transparent advice in these areas complements a rich array of services and products. For example, the research and strategy team – the cornerstone of the bank’s investment policy – analyses worldwide market developments and generates regular macroeconomic views, market forecasts and research on all asset classes and instruments (except investment funds). “These are all used for strategic and tactical asset allocation within client portfolios, which reflect carefully calibrated risk profiles,” Frans describes.
ABN AMRO MeesPierson’s open-architecture platform has also expanded to allow access to a broader range of products and opportunities whereby clients are offered the best selection of products available, irrespective of provider. Investment funds are thoroughly scrutinised by A.A. Advisors, the bank’s wholly-owned yet independent centre of excellence for fund selection and multi-management solutions based on industry-leading quantitative and qualitative analysis.
Network and know-how
In addition to its prominence within the Dutch private banking landscape, ABN AMRO also features a strong local presence in 27 countries in Europe and Asia. This includes trusted brands ABN AMRO Private Banking as well as Banque Neuflize OBC in France and Delbrück Bethmann Maffei in Germany. All enjoy proud traditions of service excellence spanning centuries, coupled with outstanding brand recognition and strong local reputations.
Networks and know-how are leveraged so clients experience truly international yet personal service. “Meanwhile, our World Citizen Services teams in Spain, France and Switzerland provide tailored advice to clients relocating to those countries,” says Frans. This exclusive assistance can range from structuring international assets, financing a home abroad and providing personal and business contacts in the local market.
Professional and knowledgeable client-facing and support staff are crucial. Therefore, ABN AMRO MeesPierson is committed to investing in and cultivating the capabilities of its 1,100 employees through ongoing training and development in partnership with leading local and international business schools. The ABN AMRO INSEAD Private Banking Certification Programme was recently launched to certify 550 private bankers in the Netherlands and the bank’s international network by 2013. “We strive for constant improvement, learning from one another – and from our clients. We want to remain a leading private bank not only in terms of market share but by setting the standard for service delivery within the sector,” says Frans. “That means ensuring that employees have the knowledge and skills to interact with clients at the highest level, and thereby, truly become trusted advisors.”
Committed sustainability
Frans points out that in addition to gaining and retaining client confidence, another challenge for financial institutions is to incorporate sustainability principles into investment processes. “This is an area in which the industry can create impact, both by embedding sustainability criteria in investment practices and with sustainable investment opportunities,” he says. The private bank offers such products through its joint venture with Triodos Bank – Triodos MeesPierson – as well as through Neuflize OBC. Sustainability is also part of ABN AMRO MeesPierson’s services, for example, sustainable portfolio management as well as its business operations. “Clients place increasing emphasis on sustainability in personal and business decisions, so making it a business priority shows that we understand and embrace our clients’ values,” Frans explains.
Sustainability is therefore another example of how ABN AMRO MeesPierson puts client interests first and continues to win their trust, through lasting relationships based on clear communication and accountability. “The only way to achieve this is by taking the time to listen to clients and get to know their specific needs and aspirations,” Frans confirms. According to him, these convictions reflect ABN AMRO MeesPierson’s passion to connect with clients and create sustainable value. “We will always stretch our boundaries and aim to achieve more for clients,” he concludes.
For more information Tel: +31 20 6286606; www.abnamromeespierson.nl
