Let's talk about private banking

Escrito el 20 marzo 2009 por Alumni en Functional Area

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On March 4th 2009, Mr. A. Manfrinato, Mr. P. Mcateer and Mr.U. Talamanca, current IE students were invited by the IE Finance Club to share their previous working experience in Private Banking.


Mr. Mcateer opened the forum talking about its job in deVere and Partners, the world’s largest Independent Offshore Financial Advisory Company. He started explaining that Private Banking is a term that indicates all those financial services provided by banks to private individuals investing sizable assets. The term «private» refers to the customer service provided directly to the client by dedicated bank advisers. He mentioned although historically private banking had been viewed as very exclusive service accessible just by very rich individuals, now it is opened to many more private investors and that the high-level form of private banking is better named wealth management. 

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Mr. Manfrinato worked for several years in Deutsche Bank. He outlined the fact that, although big banks like Deutsche Bank have the attitude to sponsor and sell their own financial products and although those do not result always the best investment for a client’s perspective, it is often very risky for an investor to «fly solo»! In fact, investors have to be honest with themselves about how much they understand what they are doing and how much time they are able and willing to devote to staying on top of the market. It really does require a lot of time! The investors who really have the most to contribute are either retired or are people who have the time on their hands to really do it right. Private bankers have the market knowledge and tools to preventing clients from taking unnecessary risks and inflated returns such as it occurred during the tech bubble. Advisers who know your unique situation can offer valuable guidance on managing the portfolio of investments helping planning it also on the basis of your future expenses or goals. 

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Mr. Talamanca described his experience in Merrill Lynch and Banca Finnat Euroamerica, one of the major players in the Italian Financial world, specialises in the provision of «investment services» to institutional clients, private clients and businesses. He very clearly outlined the main responsibilities of a private banker, namely: continuous market analysis, decisioning and extension of credit to client; management of the loan portfolio; decisioning of overdrafts; providing advice to clients regarding their financial decisions. The job of a private banker is definitely very stressful. Waking up at dawn before the stock exchange opens is almost mandatory as much as dedicate entire week end to public relations with both old and potential clients. A successful private banker should also have very good networking skills. It is a matter of fact that clients want to know who is managing their money and often they decide to give their capital to bankers they trust more than to bankers who, although successful, they do not know.


In conclusion, the IE Finance Club would like to thank Mr. Manfrinato, Mr. Mcateer and Mr.Talamanca for their seminar and wish them great success in the future endeavours.


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