"While the number of digital tools has increased, physical meetings remain more impactful.”
Yvan Vaillant, Head of Wealth Planning, Edmond de Rothschild Group
Over the past two years, Edmond de Rothschild has built an integrated wealth planning team of 25 experts across seven European countries. As a result, wealth planning clients have doubled in number, while new client assets have tripled. Cross-border cases have also increased by 500 per cent.
“International complexity is clearly underestimated,” says Yvan Vaillant, Head of the Wealth Planning Group for Edmond de Rothschild. Generally, wealth planners tend to have too local a perspective and lack depth of expertise, he says. In addition, purely civil matters are often forgotten.
With the pandemic making individuals painfully more aware of the risk of premature death or disability, the team was proactive in giving clients information on the different wealth transfer legal tools available in Europe, which was a success, says Yvan Vaillant.
The bank also shared videos on various topics, such as different business transfer procedures and tax regimes for gifts and inheritance across Europe. It also organised a client webinar on international wealth transfer.
While the number of digital tools has increased, physical meetings remain “more impactful”, believes Yvan Vaillant. Either way, what matters for wealth planners is to keep the “emotional path” open, allowing them to bring up such delicate topics at the right time, to listen to clients and understand their personal situation.
Wealth planners complement advisers at client meetings and ensure subjects are discussed effectively. They have a long term, holistic view of the client and build a personalised “action plan” or road map, which is also shared with clients’ children.
The bank is developing a “disruptive approach” around succession planning, values and legacy. For example, it has employed theatre actors to take on the role of customers, to trigger a reaction and tackle taboos on these topics.