Standard Bank takes six Private Banker International Global Wealth Awards for 2021
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Standard Bank Wealth & Investment is celebrating a series of wins received from Private Banker International, which is the leading journal for the wealth management industry, as part of the publication’s prestigious 2021 Global Wealth Awards.
This year, Standard Bank Wealth & Investment took the top spots in the following categories:
- Global Private Bank-Africa,
- Best Next-Generation Offering, and
- Outstanding RM Training and Development Programme.
The bank was also ‘Highly commended’ by Private Banker International in the following categories:
- Best Family Office,
- Outstanding Wealth Management Technology Initiative-Back Office, and
- Wealth Management Technology Initiative-Front End.
In commenting on the recognitions, Sanah Gumede of Standard Bank Wealth & Investment says that the wealth team and wider Standard Bank Group are thrilled to receive these accolades. “We are both honoured and humbled by the various recognitions we have attained this year, which bears testament to our ability to adapt in the face of challenging conditions, and to craft holistic solutions that are relevant for our valued clients. We take a holistic approach to delivering seamless solutions for both on-and off-shore financial planning, helping clients to build and preserve their wealth so that a legacy can be left to future generations. We can seamlessly integrate offerings across our wealth advisory and banking businesses through our bespoke and personalised service”
The 31st Annual Private Banker International Global Wealth Awards 2021 celebrate how the industry is adapting to market and technological shifts in a post-Covid 19 economy.
Other main areas of evaluation for banks include digital innovation and adoption of technology to improve client onboarding, acquisition and engagement in line with private wealth management trends across the globe. The awards will also recognise socially responsible investment strategies, with a focus on managing wealth across generations.
“Our generational wealth philosophy is part of our DNA and plays a role in all we do, knowing our clients well means knowing their families and knowing what living a purposeful life means to them. When we see their goals and ambitions, we see the collective, the family. As such, we seek to go beyond our clients’ immediate needs and work with them on their families' life journey and planning for their intergenerational wealth preservation and transfer and financial education,” says Gumede.
“The traditional approach to client engagement in the wealth management industry – great service, products, flexibility and advice – are no longer enough,” says Gumede. “In today’s complex world, High Net Worth clients are looking for partners, to offer unique perspectives; help them navigate alternatives and avoid risks; guide them and make the decision-making journey an easy one; whilst adding value to them and their families. Our clients benefit from a consistent and meaningful relationship with their Relationship Managers in association with Wealth Managers, Specialised Lenders and Fiduciary Specialists who become trusted stewards of their wealth over time, whilst ensuring that an insight-led experience is delivered to our clients rather than a demonstration of our products.”
With the largest transfer of wealth in history under way, major attitudinal shifts are emerging. Interests are swinging from local to global, smart philanthropy is taking hold, and impact and alternative investing are going mainstream. A new generation of wealthy individuals is emerging with high expectations for digital service.
Recognising these shifts in client behaviour and expectations, Standard Bank has undertaken various, digital first initiatives to understand its clients better and to provide them with highly personalised service, more efficient and seamless experiences and technology-enabled offerings. This is demonstrated by Standard Bank’s ongoing investment into the development and continued enhancement of a pioneering and successful wealth management app, My360, which provides its clients with an innovative tool to visualise their financial status, empowering them to have greater control and confidence over their wealth journey. In addition, it provides clients with an aggregated view of their holistic portfolio in all asset classes, also allowing clients to give their Wealth Manager the same view.
Private Banker International says: “This year, we received an overwhelming number of entries from reputed banks globally who have shared inspiring examples and case studies of how they have adapted to counter the challenges posed by the pandemic. After a diligent judging process, our cohort of industry experts have considered Standard Bank’s entries truly deserving of a win.”
“We continue to identify unique client requirements to cater for every stage of life, so that we can best tailor a financial plan and investment strategy that encompasses their family wealth journey requirements, while factoring in current market conditions,” says Gumede
Standard Bank was also among the big winners last year, which, according to Private Banker International, “proves that even the most established institutes in the sector continue to adapt and evolve to deliver high-quality services and products to their clients in unprecedented times”.
“Looking ahead, Standard Bank Wealth & Investment will remain focused on enhancing the value of our offerings by leveraging technology to provide a better understanding and risk assessment of each of our clients. The end consumer will ultimately feel the impact as we are better equipped to craft wealth management strategies and deliver holistic solutions that ensure our clients can achieve their desired lifestyle and generational needs, delivered by utilising both digital and human capabilities,” Gumede concludes.
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