Banking and advice integration attracts high-income clients for Standard Bank Private
Standard Bank Private’s holistic approach to banking and financial advice is proving highly effective in attracting and retaining high-income clients.
The banking group has seen notable growth in its private banking that now seeks its advisory and financial planning services.
“An increasing number of Africans seek personalized banking services that integrate their wealth planning – it’s not just affluent clients.”
“As incomes grow, the focus shifts from transactional banking to protecting and preserving wealth. This shift is now central to our private banking offering,” says Bridgette Kruger, Head of Standard Bank Private South Africa.
Holistic Approach: Redefining Private Banking
Standard Bank’s consumer research show that over and above personalized banking service, private banking clients are turning to their bankers for advice on insurance, wealth management, and long-term financial planning.
Recognizing this shift, Standard Bank has been steadily expanding its advisory capabilities, and now boasts the largest in-house financial planning force among South African banks.
“Our goal is to provide an adviser to every single one of our private banking customer bases. Even in our Prestige client base – which we view as an entry point to Private Banking – we access to both a banker and a professional financial planner,” adds Kruger.
Standard Bank Private client Yajna says that the greatest benefit for her has been the efficiency this model has brought to her finances.
“I have secured my future and provisions have been made according to my needs. I am far more comfortable and confident moving forward in life.”
“All avenues are covered, and everyone is on the same page. This approach is far more efficient, and less admin for me,” says Yajna.
Elevating financial advice with integrated teams
Standard Bank Group’s acquisition of Liberty has further strengthened its ability to offer tailored insurance and asset management solutions. In recent months, these enhanced capabilities have been extended to even more clients.
“We provide each client with a dedicated private banker and financial advisor to address all their financial needs.”
“This model offers a single point of contact for both banking and advice, creating a more streamlined wealth management strategy,” adds Doret Jooste, Head of Money Management and Advisory at Standard Bank.
Private bankers work hand in hand with a dedicated financial advisor to conduct joint client reviews, ensuring every aspect of a client’s financial life is addressed holistically.
Seven in ten clients offered this new model by Standard Bank Private were eager to participate in these sessions, and 100% of them found these valuable.
Remarkably, 96% became Standard Bank’s financial advisory clients.
“This success is even more significant given that more than half of clients already have some form of relationships with an external advisor.”
“Despite this, many were open to moving their wealth management needs to Standard Bank, thanks to the strong relationships they had already built with their bankers,” says Jooste.
Clients have remarked that their relationships with their bankers have evolved from purely transactional to something much deeper. In the past, financial discussions were often impersonal and narrow.
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