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For now, neither Weeber nor Mandrile-Aguirre said business had slowed – both reported booking clients cultivated late last year in the initial months of 2020. Weeber said for potential clients, «the crisis was a catalyst to make decisions.» This is because the pandemic affected people's planning and thinking as much as the fact that the wealthy, like most of us, simply had more time on their hands during lock-down.

Almost too much time: private banks widely reported clients craving for more attention as the virus spread. Wealth management is an always-on business at the best of times, but Covid-19 has permanently blurred the line: bankers are taking calls from clients well into the night, «eFinancialCareers» reported.

Drinks Evenings

Banks are happy to be saving a mint on travel and entertainment spending right now, but bans on travel are a sticking point. Credit Suisse, for example, has sometimes flown larger prospective clients to Zurich for a visit to Paradeplatz headquarters to tout its rich 164-year history. Corona has put a halt to these types of perks.

Weeber said Tiedemann Constantia is hosting small, informal get-togethers online with contacts like family offices in the evening with a drink, for example. «We've always had the best feedback from clients to the interaction and network-building that happens after more formal events. It's really just an extension of that.»

Doom-and-Gloom Vs Respite

The wealth manager is also mixing it up with a weekly series on topics like philanthropy and even client interviews. «We want a mix of not just market doom-and-gloom, which is definitely over-reported, but something for a bit of respite like wine-collecting, or family business,» Weeber says.

Another private banker takes a weekly stroll with his client – at a distance. But as Mandrile-Aguirre notes, «logistically, you can't shout at a two-meter distance and have a private conversation.» Lombard loans pose another conundrum: private banks typically want to inspect the asset set aside as collateral – often real estate, or a physical business – before lending. This is difficult to impossible due to travel restrictions.

Meeting Room Shields

The Swiss government is slowly easing restrictions, which for some marks a return to a regular office routine. Wealth managers are taking starkly different approaches: while Julius Baer had builders install plastic shields in meeting rooms, others don’t want to go back anytime soon.

Citi is encouraging its Swiss private bankers to keep working from home. It will reopen its offices on Geneva’s Rhone river and in Zurich’s Prime Tower development only gradually. For private bankers harried by working from home – while until now home-schooling their kids – this means hunkering down for months more of the same.