In an ever-changing environment, industry professionals must constantly adjust their approach to ensure customer satisfaction while meeting the growing demands of regulators. "The context in which we operate has become considerably more complex in recent years," comments Théodore Sanogoh. From Luxembourg, he manages a team of 35 people dedicated to European Ultra-High-Net-Worth Individual clients. "One of the major challenges today is to meet the expectations of this demanding clientele, who very often have international issues, by offering them the best opportunities while ensuring rigorous risk management," he adds.
The environment in which we operate has become considerably more complex in recent years
Risk management with a stable partner
The wealth management industry operates within an increasingly restrictive regulatory framework, designed to guarantee optimum protection for clients and investors. "We could mention the requirements of the MIFID directive, which aims to assess clients' financial skills and risk tolerance so that we can better support them in developing an appropriate investment strategy. There are also the obligations to combat money laundering and fraud, which involve numerous checks with the various counterparties", Théodore Sanogoh continues.
These obligations require a wide range of skills and robust procedures. "To meet them, substantial resources need to be mobilised. It is also necessary to implement solid procedures. It is because we have the experience, expertise and scale to meet these challenges effectively," he adds.
A growing diversity of assets for complex issues
In addition to risk management, it is vital for banks to adapt to customer expectations by offering a broader range of products and services. The range of assets on offer has expanded considerably, with the inclusion of a large number of private assets. "To provide each customer with a personalised service, it is vital to be able to offer a wide range of assets, from simple to more sophisticated products, in order to build diversified portfolios that match the right risk profile", explains the Director. Faced with very large customers, who often have their own advisers, we need to stand out from the crowd with a broad and complementary offering. "We need to be able to support them with direct investments, equity advisory services and large-scale complex financing, where quality of execution is key," continues Théodore Sanogoh. In addition, new dimensions, such as sustainable development, need to be taken into account in portfolio management. "The range of services offered to customers has also been extended, incorporating advisory services, asset management, wealth engineering, philanthropy and credit solutions," emphasises Théodore Sanogoh.
Cross-border expertise
Given the skills required and the tools to be put in place, having critical mass remains a major advantage. Customer issues are increasingly cross-border: children studying and then moving abroad, second homes in different countries, etc. Customers are therefore looking for a stable partner with an international network, capable of offering them the best deal while minimising the risks," he explains. It is precisely thismulti-local approach to customers and international families that we can provide thanks to our network in over 16 territories."
Customer issues are increasingly cross-border in nature
An ecosystem of partners
In recent years, driven by regulations, there has been a move towards consolidation in the sector, with a redistribution of roles and functions. "Against this backdrop, our structure has also developed modular services for a wide range of partners, such as family offices, life insurance companies and independent asset management companies," explains Théodore Sanogoh. These partners, who also serve wealthy clients, benefit from Indosuez Wealth Management's diversified offering. They also enable the bank to respond to complex wealth management issues.
Preparing for the future
Indosuez Wealth Management (Europe) has a wealth of experience and can draw on the solid backing of the Crédit Agricole group to ensure that it is well positioned to keep pace with changes in the wealth management business. "The younger generation of wealthy clients also has new expectations. In addition to availability, attentiveness and the personalisation of the products and services on offer, customers want a more fluid experience, based in particular on digital tools," explains Théodore Sanogoh. "These gradual transformations also require substantial investment, which is nonetheless necessary to prepare for the future."