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Covid-19 has changed the way we work together. In a very short time, processes had to be changed and proven procedures adapted, but our operations and client services have never been in danger of not coping with the challenging situation. We activated crisis mode in March, with divided teams, video conferences and/or digital tools, which was maintained unchanged during the somewhat quieter summer months. With cases rising again (particularly in Europe), we will retain the crisis mode for the time being. 

Wealth management is and remains a people-facing business.

We place a great emphasis on personal contact and proximity to our clients, because wealth management is and remains a people-facing business. In this respect, current flexibility is required, when physical meetings are almost impossible. We moved very quickly to digital channels and our client advisors remain in close contact with their clients. However, client acquisition via digital channels is more demanding. The relationship between client advisors and clients is based on trust and sympathy, and this must be built up and expanded.

At the same time, our expansion plans are based on a strategic plan with a five-year horizon. The pandemic has not changed the principles of our strategy. We feel confirmed in our strategy, especially since the current situation also opens up opportunities.

How has sustainability shaped the bank’s investment approach in recent years?

There has been significant growth in sustainable investing globally. Asia represents still a small percentage of this today, but we are convinced it will grow fast just as in other parts of the world. Sustainability is an important pillar in our strategy, and we have developed a sustainability plan that covers our most important business activities and offerings.

Our ambition is to grow our business while creating a positive impact on society and the environment.

Our ambition is to grow our business while creating a positive impact on society and the environment. Integrating ESG into all our investment decisions enables us to better identify long-term risks and opportunities. Going forward we will also provide transparency to our clients on the sustainability performance of their investments so they can choose their own profile. Additionally, we plan to expand access to impact-driven private market activities.

What trends do you see shaping the wealth management space in the near future?

We see some interesting trends in wealth management. As just mentioned, positive impact investments are certainly among them and we believe they will grow strongly. Transparency will be a key issue here, as will access to investable solutions.

Secondly, data analysis is another interesting development. It will change the way investment recommendations can be personalized and individualized. Third, we are convinced that in the search for positive yield, new asset classes will increasingly become an investment alternative for wealthy clients. For example, private market investments have significantly increased over the past years. This is an offering that we will develop with our new Client Solutions business.

Paul Arni is the Chief Executive Officer of VP Bank. He is responsible for the bank’s overall strategic direction, advisory services, operational management, and leadership. Since becoming CEO in 2019, he has focused on strengthening the bank’s global network to better serve intermediaries and private clients, with an emphasis on regional expansion and client-orientated management.