VP Bank: Customized Services in Times of Digitalisation

VP Bank: Customized Services in Times of Digitalisation

The Asian private banking industry continues to undergo change. Digital tools ensure the survival of banks. Personalized contact, however, is the first step toward a trust-based relationship.

By Reto Marx, Head of Client Business, VP Bank Singapore Branch

Financial advisory services have evolved as compared to just a few years ago. Clients are more informed, mobile and demanding. Other challenges include stricter regulations and a growing need for transparency. Meanwhile, the requisite profiles for client advisors have also evolved to keep pace with client expectations.

The skills required for providing excellent and comprehensive client advisory services are even greater today. Moreover, the trend toward larger clients requires know-how in wealth management advisory services, which must be combined with overlapping expertise in tax law and finance.

Outstanding Service Offerings

The key success factors for VP Bank Group’s competitiveness include market development efforts extending beyond the home markets and continuous improvement to the advisory skills through training and certifications. In that regard, outstanding service offerings and customized solutions are of the utmost importance.

Other key factors include optimizing efficiency and quality, securing resources and processes, offering first-class services and products and focusing on advisor competencies.

New Models in Investment Advisory

For a boutique bank such as VP Bank – whose core business lies in private banking as opposed to retail banking –, there is no substitute for personal contact. Digitally supported client advisory services is the model that facilitates personal contact with advisors and specialists; most notably, more sophisticated client needs can be identified in this manner and future needs anticipated.

Digital resources support client advisors with this process, facilitating everything from meeting preparation to follow-up measures. The use of tablets enables advisors to simulate investment proposals directly during the client meeting, facilitating clients and advisors to jointly make adjustments and place orders. Portfolio changes are therefore much more transparent and comprehensible for clients. An informed assessment can be made on-site during the meeting, and client advisors are prepared to answer questions and provide explanations. VP Bank has deployed tablets and advisory software with great success.

Critical Areas of Client Trust and Digitalisation

Individualized, portfolio-driven investment advisory services generate real added value for the clients. An advisory tool consisting of specialized software provides optimal support for systematic and high-quality investment advisory services. It also takes into account the full measure of regulatory requirements, notably as regards portfolio monitoring. Meanwhile, clients benefit from greater transparency and accountability as regards investment advisory services, better documentation, and greater security through continuous portfolio monitoring.

The advisory tool used by VP Bank helps the client advisors work with their clients to analyze the portfolio from various angles and implement the appropriate strategy for a proposed investment. Meanwhile, the portfolio is monitored to ensure that it complies with client risk profiles and other conditions.

Safely Ahead With VP Bank's Asia Strategy

In Asia, VP Bank has positioned itself as a «boutique bank» that provides first-class solutions to satisfy demanding standards. VP Bank is represented in the major financial centers of Asia. It has an asset management company and a representative office in Hong Kong as well as a branch in Singapore, with around 80 employees altogether.

The bank’s business model in Asia is also based on the two strategic pillars of private banking and intermediaries. The target markets include Southeast Asia, notably Singapore, Indonesia, Malaysia, and Thailand as well as North Asia with a focus on Greater China.

Regionally Oriented Service Models

The growing number of intermediary clients in Asia also creates promising opportunities. In this segment, VP Bank offers its clients regionally oriented service models for trustees and external asset managers as well as personalized support. The development of strategic partnerships is also being advanced. Clients benefit from direct market access to VP Bank’s trading desks in Singapore and Liechtenstein/Switzerland, which cover the major time zones.

VP Bank is expanding its Singapore branch by adding Senior Relationship Managers, Investment Advisors, Wealth & Estate Planners. In 2018 we also significantly expanded our product line with specific offers for our Asian clients.

Excellent Opportunity in the Chinese Market

In July 2019, VP Bank and Hywin Wealth Management Co. (China) announced their intention to jointly establish a Hong Kong-based collaboration platform to meet the demand of wealthy Chinese for sophisticated wealth management services on- and offshore. The planned cooperation represents an excellent opportunity to expand our business activities in the Chinese market and to successfully continue VP Bank Group's Asia strategy with a highly professional and in China widely recognized partner.

Reto Marx has been Head of Client Business at VP Bank in Singapore since January 2019. He is a Swiss citizen with over 25 years of experience in the financial sector, including more than 17 years in the Singapore financial center looking after the Asia-Pacific region. In his role as head of client business, he is responsible for the areas of private banking, intermediaries and investment advisory & treasury.

VP Bank Group
VP Bank Ltd was founded in 1956 and is one of the largest banks in Liechtenstein, with 933 employees at the end of 2018 (full-time equivalent 868). It currently has offices in Vaduz, Zurich, Luxembourg, Singapore, Hong Kong and Road Town on the British Virgin Islands. VP Bank Group offers bespoke asset management and investment consultancy for private individuals and intermediaries. Due to the open architecture, clients benefit from independent advice: The products and services of leading financial institutions as well as in-house investment solutions are included in client recommendations. VP Bank is listed on the Swiss stock exchange SIX and has an «A» rating from Standard & Poor’s. The bank has a sound balance sheet and capital base. Its anchor shareholders take a long-term view, guaranteeing continuity, independence as well as sustainability.

VP Bank Ltd Singapore Branch
VP Bank Ltd Singapore Branch is a boutique private bank with a client-centric business philosophy. VP Bank Ltd established a presence in Singapore in 2008. VP Bank Ltd Singapore Branch now has about 70 employees.
VP Bank Ltd Singapore Branch provides specialized wealth management solutions and family office services for high-net-worth clients and professional asset managers and is dedicated to the protection and growth of its clients’ wealth. The bank offers a holistic suite of services in wealth management. Apart from private wealth management, VP Bank Ltd Singapore Branch provides comprehensive services for asset managers and other financial intermediaries. The service offering comprises a trading platform, banking services — including e-banking and mobile banking — and operational support. Partnership arrangements with professionals include tailor-made investment advisory, discretionary management solutions, and custodian services.