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Neglected HNW Clients

«Big banks have to markedly improve their private market capabilities to become more important for this clientele and to increase their margins again,» says Buess. Both UBS and Credit Suisse have made an effort to this effect in 2019 – a move that came with a delay compared to rivals.

The other problem is less wealthy clients in the HNW and affluent segments. They have been neglected and they have taken note, says the Oliver-Wyman adviser.

Investment advice geared toward in-house products, never-ending restructuring and reorganization in an ever less personal advisory service caused dissatisfaction amongst this clientele.

Digital Services Free Up Resources

With their increasingly complex structures, Credit Suisse and UBS are ever less able to offer advice to normal clients.

More flexible and dynamic banks are using digital and standardized services for the less demanding clientele – and UBS and Credit Suisse are following suit. The latest initiatives show that the companies are trying to use digital services to improve their products in the mid-market segment.

Christine Novakovic, the head of Europe at UBS Wealth Management, said that individuals with up to $5 million in assets are the most important clients. In the past, these words were almost exclusively used to describe the ultra-rich. Today, not-so-ultra-rich clients are to be taken care of as clients again.