DZI voted best Luxembourg wealth manager
Good news for a Luxembourg-based bank. DZ BANK International (DZI) has been ranked third among the wealth management companies in German-speaking Europe. The Luxembourg bank closely follows the winners, Julius Bär and Credit Suisse Deutschland and tops the Luxembourg country ranking. This is the result of the respected German “Fuchsbriefetests”, conducted once a year. In an interview with LFF, Andreas Neugebauer, CEO of DZ BANK International, speaks about the importance of such an award, the attractiveness of wealth management in Luxembourg and about the future of banking secrecy.
DZ BANK International has been ranked third among the wealth management companies in German-speaking Europe. What does this award mean for your bank?
For us, this success provides confirmation of our investment in quality. This implies above all well-trained and specialised personnel in all areas, but also the courage to change processes and structures. We have thus continuously and consistently geared our customer service towards an integrated approach, that is, expertise in solution building for our customers goes well beyond traditional investment advice.
What criteria do you think helped place you in the top three?
Our advisers convinced the jury concerning both the quality of their analysis of customer needs and their proposals of individual solutions. Our bank also performed very well where soft, so-called feel good, factors are concerned. Thus it is also due to the fact that our client advisers work together with specialists in a well-tuned team.
Where is there room for improvement?
There is always room for improvement. We will continue to invest in our staff and in up-to-date systems, and broaden our services for particularly demanding wealthy clients.
Could you please say something about the different results you obtained in the categories of wealth management strategies, consultation and transparency?
We are at the forefront of banks tested in Luxembourg because we were convincing in all three categories – ranging from investment strategy to advice and transparency. Nevertheless, we will continuously work on improving those areas where we lost points,
What makes Luxembourg attractive to wealth management clients?
Over recent years, Luxembourg has accumulated extensive know-how in specific segments of the financial sector that particularly benefits wealth management clients with complex asset structures. Due to the short distances in Luxembourg, we are well networked and able to offer our customers, in addition to individual advisory and support services, one-stop tailor-made fund solutions, and even assist them in company structuring.
Are wealth management customers more demanding nowadays than 10 years ago? Or do you simply meet profiles that differ from previous ones?
Demands have become ever more complex, not least as a result of globalisation. When assisting families, we frequently have the next generation sitting with us at the table - a generation that brings with it increased mobility. Wealthy clients act and think more and more globally. This is not just the case with regard to investments, but also real estate, choice of company headquarters and private residence relocation.
What do you tell your customers during a financial crisis?
It is essential not to leave clients on their own during a crisis, but instead to seek dialogue with the client, even when it is less pleasant, so as to work out solutions together. During the crisis, values such as reliability, trust and continuity were brought to the fore again. Over 80 per cent of our advisers have been serving their clients for more than 12 years. This personal relationship of trust, as well as the legitimate confidence in the soundness of the bank, has proven its worth in this crisis.
Banking secrecy is under pressure. What effect would automatic information exchange have on your business?
Banking secrecy is akin to the protection of the right to privacy. The quality of private banking is not determined by banking secrecy. Expertise, international know-how as well as understanding and professional qualities in client servicing are rather more decisive factors. And this has always been our goal. We are all the more pleased that our approach has been confirmed by a positive result.Where do you see the future of the private banking industry in Luxembourg?
Success in private banking and private wealth management requires above all well- trained and highly motivated staff, high quality levels, optimal customer orientation, knowledge of international markets, the offer of a broad range of services, customised solutions and sustainable client relationships. We feel that we are on the right track with our strategy.