The services that private banks offer the richest of their clients are going far beyond the normal wealth management offering. Yacht expert Olivier Blanchet at BNP Paribas for one knows what his customers need.
Superyachts are perfect status symbols – for a tiny elite that can afford to show off its riches in the ports of Monaco, Portofino or Saint Barthélemy.
«A yacht is the ultimate in luxury. Before, you will own an art collection, cars and property all over the world,» said Olivier Blanchet, head of yacht and jet finance at BNP Paribas. «All superyachts owners also have at least one private jet.»
Convenience and Passion
And this is why one team is looking after these asset – which otherwise are fairly diverse in character – at BNP Paribas. Often, the same clients first buy a jet (investment in comfort) and then a yacht (investment in passion).
It is about planting a seed, said Blanchet (pictured below) in an interview with finews.com. «Today it is yachts and jets, tomorrow maybe forex transactions, real estate or the divestment of a firm.»
The type of client is utterly attractive for the universal bank, which harbors great ambitions to grow its private banking business. The purchase of a yacht is an emotional affaire and a client, that feels well tended to, will stay with his bank.
BNP is charging for the advice it provides, because loans on cashflow-negative assets – goods that don’t generate any revenue and also decline in value over time – are expensive.
A Waste of Money?
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