Quintet at AGEFI France Private Wealth Forum

Quintet Private Bank Luxembourg was proud to be a part of the prestigious AGEFI France Private Wealth Forum on April 23, 2024, at the iconic Shangri-La Hotel in Paris. Our very own Nora Lemhachheche, Market Head France, Belgium, Netherlands and Luxembourg,  contributed to a dynamic panel discussion alongside industry experts, exploring the vital topic of attracting and serving the next generation of investors including the Millennials and young entrepreneurs from both family office and private banking standpoints.

The panel delved into crucial questions:

How can we effectively capture the attention of this emerging demographic?

What digital transformations are necessary, and what tools can facilitate this transition?

And importantly, should partnerships with fintech firms be forged to meet the evolving needs of these dynamic clients?

Nora's insights, along with those of her fellow panellists, provided invaluable perspectives on navigating the ever-changing landscape of private banking and wealth management.

“One must love their job. When you are a private banker, your eyes light up when a client tells you about their journey to success and makes you want to play a role in the next part of that journey by supporting him/her to ensure their patrimony over time.” Nora Lemhachheche

Potentially viewed as the richest generation of all time, the generation that will stand to inherit the wealth of their parents are also extremely sharp entrepreneurs.  This group of individuals,  in comparison with their elders,  are demanding and incredibly knowledgeable. Having benefited from extensive financial education and awareness throughout their lifetime, these investors seek more than promises and are seeking to find a partner who will carefully execute tailored solutions that adapt to their mindset and preferences.

“Given the level of sophistication of this new generation of investors, the private bank that will be successful in accompanying them forward and ensuring their loyalty needs to absolutely be seen as walking the talk; proving the creation of tangible added value in combination with innovation.” Nora Lemhachheche

Unlike former generations, millennials are seen as less inclined to trust traditional marketing tactics, rather seeking opportunities to collaborate and create value. Overall this demographic is  interested in working with partners only when it proves more effective than working alone. They prioritize value over cost-cutting and are fully prepared to pay more if the value is proven. As commented by all on the panel, these investors seek international, transversal solutions, including private equity clubs and exclusive opportunities. They like to feel that they are being treated differently and singular amongst the overall client base.

Whether self-made or born into wealth, it was unanimously agreed upon across the panel that each client requires a bespoke solution, often involving club deals, co-construction of solutions, and alignment between advisors and clients.

Currently digitalisation trends in the wealth management industry seek to  leverage the already established teams of selected financial investment professionals within private banks and/ or family offices that accompany clients with new enhanced ways of working via internally shared applications. These tools’ seek to facilitate collaborative, project-based missions, allowing for a deeper understanding of client data, both verbal and non-verbal, to predict future needs and craft personalized scenarios.

“At Quintet Private Bank, we are committed to meeting the evolving needs of our millennial clientele by providing tailored, value-driven solutions backed by innovative solutions and and a human-centric approach.” Nora Lemhachheche