FNB is redefining private banking by unlocking what is invaluable for its clients
FNB is pioneering a new direction in private banking and wealth management in South Africa, moving beyond the ‘single contact point’ transactional service that has long defined the industry.
Recognising that private banking clients today require more than just perceptions of exclusivity, the shift focuses on leveraging a far more intimate understanding of its clients’ lives – embracing not just their financial needs but also the broader context of their families, legacies, and aspirations.
It’s a revolutionary approach that shatters the traditional private banking mould by prioritising each client’s entire life context, not just their financial portfolio.
While conventional models often fixate on high-value transactions and specific product drives, FNB’s integrated advisory services address every facet of a clients financial journey.
This ranges from reimagining everyday banking to providing bespoke solutions for pivotal life events, encompassing lending, investments, risk management, and fiduciary planning both locally and globally.
“We’re not just tweaking the private banking formula; we’re rewriting it,” CEO Private Banking and Advisory, Eric Enslin asserts.
“Our mission is to equip clients with more than just financial tools – we’re providing a roadmap to realise their most profound aspirations and the things that are invaluable to them, be it long-term security, sustainable growth or creating a lasting family legacy.”
Central to this paradigm shift is the understanding that private banking clients no longer need only generalist banking support, but an integrated advisory team that delivers based on their diverse needs.
Often the private banking clients does not keep office hours, neither are they bound to a single location.
Innovation re-imagined: A bold approach
FNB’s relentless focus on innovating for clients means they’ve ensured that the world-class FNB app, is a digital hub that enables clients not only for their day-to-day banking needs, but also to quickly and easily access their most needed offers, lifestyle services and advice tools – wherever they are in the world.
Complementing this access are the suites of service advisors on hand to assist when a human voice is needed.
At the pinnacle of the experience is a Private Advisor who helps with complex needs, goal planning, optimal structuring, and accessing opportunities based on your lifestage or life critical decision points.
As the complexity of their requirements grow, the Private Advisor collaborates with subject matter experts to ensure that their portfolio remains resilient.
The Private Advisor brings in the specialist expertise such as wealth managers, fiduciary specialists, global solutions specialists and property specialists to address specific requirements as they arise.
Your Banking Advisor will help with your day to day banking and administrative support across our solutions.
Coupled with this innovative model is their unique focus on the individual as part of a family ecosystem. Whether in a traditional or non-traditional family construct, the approach allows for clients to plan with their family goals in mind wherever relevant.
This means that unlike conventional private banking that often treats clients as isolated individuals, FNB tailors its solutions to support wealth creation, preservation and generational wealth transfer, recognising that financial choices often impact wider family members and generations.
This family-centric philosophy is built on a deep understanding of the family’s context. It permeates every aspect of FNB Private’s service, from crafting multi-faceted wealth creation and preservation strategies to pioneering transactional solutions that cater to the nuanced needs of spouses, children, family trusts, and even investment holding companies.
“In reimagining private banking, we’ve placed client holistic goals at the heart of our approach, including their goals for their family and their business in the case of business owners” Enslin emphasises, “so every financial decision we facilitate is viewed through the lens of its long-term impact on the client’s holistic life context, ensuring that we’re not just growing wealth, but nurturing familial wellbeing and building a legacy.”
Also, in response to the increasingly global nature of wealth, FNB has bolstered its support for both global and local investments.
Clients now have access to a wide range of global investment opportunities, including offshore transactional and savings solutions, global currencies and investment options across more than 25 global exchanges.
This borderless perspective ensures that clients can protect and grow their wealth regardless of geographical boundaries.
According to Enslin, the aim with this enhanced approach – is to fundamentally reimagine private banking, moving beyond the traditional focus on transactional servicing to a model that prioritises the client’s holistic life goals – giving rise to a significant shift in the South African private banking industry as a whole, and ultimately better integrated financial outcomes for clients.
“We’re not just refining the private banking model; we’re redefining it. Private banking has long been synonymous with the status and service access, but we’re redefining the entire category,” Enslin concludes.
“Our ‘unlock invaluable’ philosophy represents a paradigm shift in the industry. While traditional private banking often stops at financial products and perks, we’re pioneering a model that puts the client’s life aspirations at the centre.”
“Whether it’s securing a family’s future, ensuring multi-generational financial stability, or building a lasting legacy, we’re not just managing wealth – we’re helping clients navigate life’s complexities with financial acumen.”
“This approach marks a fundamental departure from simply providing value for money products and services, it is ushering in an era of aiming for beyond value, into the space of enabling what is truly invaluable for clients.”
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