Wealth Management

US wine market: a new Eldorado for French producers

Agrifrance, a specialist division of BNP Paribas Wealth Management, today publishes its annual report on the agricultural and rural economy, this year including an analysis of the United States ...

25 April 2017

Agrifrance, a specialist division of BNP Paribas Wealth Management, today publishes its annual report on the agricultural and rural economy, this year including an analysis of the United States wine market, which has since 2013 been the world’s top market for wine consumption.

The main conclusions of the report:

  • The world wine market is expected to grow, posting an increase of 3.5% by 2018*, with the United States remaining the main growth driver
  • The US has the 5th largest wine-growing area and is the 4th largest market in production terms, behind Italy, France and Spain
  • California produces the lion’s share (90%) of wines produced in the US
  • French wines remain the undisputed leaders in the US top-end segment and rosé wine market

The US is both a producer and consumer in the wine market. With 419,000 hectares, the United States boasts the 5th largest wine-producing area in the world and produces 22 million hectolitres, which makes it the world’s 4th largest market in terms of production,” underlined Benoit Léchenault, Head of Agrifrance, adding: “Prospects are very favourable in the United States for French wines, which set a benchmark in the market. Despite stiff competition, French products enjoy a number of advantages.

Consumption by, and imports into, the USA

Worldwide, one bottle of wine in four is consumed outside its country of origin, but – in contrast to New Zealand, Australia and Chile, countries which export 60% of their wine – the United States consumes 80% of its own production. Since 2013 the US has been the world’s leading wine-drinking country, consuming 31 million hectolitres in 2015, i.e. 13% of global consumption. Next comes France with 11%, followed by Italy and Germany, each with 9%, and China with 7%.

 

Top-end wines increasingly popular with US consumers; French wine remains a benchmark

While French vineyards are losing ground to new-world producers and French wine-growers continue to face many challenges, France nevertheless remains an undisputed leader in the US top-end segment (premium and ultra-premium) and in the rosé market. The United States is the top customer for France’s Provence region, buying 36% of wine exports from the region.

Italy is still the number one wine supplier to the United States, with 28% of volume and 31% of value. However, France, with only 11.6% of volume, enjoys an excellent image and remains a benchmark for top-end wines. France ranks second on market share by value, with 29%.

 

Breakdown of the world wine consumption market: top 5 countries

 agrifrance1 EN

The top 4 wine importing countries

Agrifrance 2 EN

About Agrifrance

Agrifrance is the specialist rural property division of BNP Paribas Wealth Management, offering clients seeking the right investment and wealth management solutions the benefit of over 40 years of experience in the viticulture, farming, forestry and prestigious homes markets. With its network of recognised professionals, Agrifrance is also able to provide complementary services such as expertise in and management of rural properties.

About BNP Paribas Wealth Management

BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €344 billion worth of assets under management (as of December 2016).

Press Contact

Servane Costrel de Corainville      + 33 (0)1 42 98 15 91 / 06 74 81 98 27    servane.costreldecorainville@bnpparibas.com

* ISWR-Vinexpo 2015 Report

Wealth Management

Passing the torch : next generation philanthropists

The exclusive 2017 BNP Paribas Philanthropy Report written by the Economist Intelligence Unit explores how the Next Generation of Philanthropists is shaping the future of philanthropy, balancing ...

21 April 2017

The exclusive 2017 BNP Paribas Philanthropy Report written by the Economist Intelligence Unit explores how the Next Generation of Philanthropists is shaping the future of philanthropy, balancing the weight of family legacies through new tools, technologies and stratégies.

The report is based on desk research, in-depth interviews of millennial philanthropists and philanthropy experts.

The five main characteristics of the millennial philanthropist mindset: 

  1. Belief in social entrepreneurship: millennials believe that supporting entrepreneurship and for-profit organisations (as opposed to a traditional non-profit) can be a more sustainable option to achieve their philanthropic ambitions. Their emerging sectors for social entrepreneurship are FinTechs, EdTechs, Renewable Energy and Food & Agriculture.
  2.  A global approach: millennials are more global both in their causes and geographies than Baby Boomers: the younger generation wants to replicate successes across many places whereas the older one is focused on a single region.
  3. A desire for now: millennials do not want to wait before giving back as they know that they can make a change today.
  4. A different use of social media: millennials use digital channels differently from Baby Boomers, not only to promote their causes, but also to find grantees, donors, talents and to educate themselves.
  5. A collaborative culture: millennials believe they can be more effective if connected with peers through international or local networks, looking for co-investments, co-funding, new ideas and best practices.

“Over the past few years, we’ve seen our clients increasingly seek positive impact on society,” explained Sofia Merlo, Co-CEO of BNP Paribas Wealth Management. “Millennials especially are pushing the boundaries of traditional philanthropy with a stronger collaborative spirit and a greater use of Impact Investing or Social Entrepreneurship and co-funding opportunities.”

“Learning the next move of young High-Net-Worth-Individuals, their values, and their objectives, are crucial ambitions in our goal to transform the experience we offer them as our next generation of clients,” added Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management. “This new experience we are co-constructing with our clients and FinTechs is a unique blend of disrupting services, communities like the NextGen Club App and our NextGen Experience educational program.”

How do millennial philanthropists deal with their family legacy? 

Millennials do not feel that they have to be necessarily tied to their family legacy. They are striking a balance between the seemingly opposing forces of this legacy and of innovation. While some prefer to do it on their own, by setting up independent structures and looking for performance indicators, others stay aligned with their family and parents’ goals but inject modern practices.

1« What makes a family so different from anything else is the support within. We review it [philanthropic decision] together and decide whether or not we want to go forward,” states Koon Ho Yan, 32 years old, founder of EasyKnit Foundation, Hong Kong.

In pursuit of impact, millennials adopt a specific approach to their investments. They don’t hesitate to break away from previous generations, using Impact Investing, impact evaluation or hybrid solutions.  Millennials blur the lines between their investment initiatives and philanthropic activities, contrary to their elders.

2« When I joined the foundation, 40% of the portfolio was in Impact Investment. But I began to question why all our investments weren’t Impact Investments,” comments Stéphanie Cordes, 27 years old, Vice-Chair, Cordes Foundation, USA.

Being a result-driven cohort, young philanthropists use digital technologies to capture and monitor key performance indicators that measure impact. Some examples of these technologies are highlighted in the report, including the European Foundation Center Data Map providing key data on how to run a foundation in 80 different countries, or the IRIS Metrics, designed to measure the social, environmental and financial performance of an investment.

3« We’ve changed our organizational structure to ensure a more professional management of the foundation, and we measure our performance. We attach great importance to providing clear and transparent information about our strategic goals and performance to our most important stakeholders and the public at large,” asserts Lavinia Jacobs, 36 years old, Chair, Board of Trustees, Jacobs Foundation, Suisse.

The 2017 BNP Paribas Philanthropy Report reflects a willingness to better understand, serve and celebrate individual philanthropists around the world.  BNP Paribas Wealth Management has advised more than 800 clients in their philanthropic journey since 2008 thanks to multi-awarded teams based in Europe, Asia and the US.

READ THE FULL REPORT BY CLICKING HERE.

About BNP Paribas Wealth Management

BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €344 billion worth of assets under management (as of December 2016).

 

Press Contact

Servane Costrel de Corainville : servane.costreldecorainville@bnpparibas.com

Tel + 33 (0)1 42 98 15 91 / + 33 (0)6 74 81 98 27

Tel + 33 (0)1 42 98 15 91 / + 33 (0)6 74 81 98 27

Wealth Management

WM University, a skills certification programme for Private Bankers

BNP Paribas (Suisse) SA reveals one of its strategic priorities: to be the reference in Wealth Management in terms of expertise and service quality for private clients. Faced with ever expanding ...

7 April 2017

BNP Paribas (Suisse) SA reveals one of its strategic priorities: to be the reference in Wealth Management in terms of expertise and service quality for private clients.

Faced with ever expanding customer requirements in terms of expertise, and a financial market in constant evolution, the Wealth Management business line has decided to invest in the professional expertise of its Relationship Managers, and has launched the Wealth Management University, a skills certification programme for all of its private bankers.

WMIW-Visuel

This new promotion includes 25 new certified collaborators, and the next session that starts next month will have 35 employees Wealth Management. At the end of 2017, the majority of Wealth Management Private Bankers in Switzerland will be certified.

The initiative consists in a training course that will enable them to hone their private banking skills. This certification programme is perfectly in line with the technical skills objectives as determined by the new Swiss regulations, by the regulatory authorities (FINMA) and by the relevant professional bodies (SAB, FGPF). It includes standard training modules as well as locally specific modules. It consists of fourteen days of training over a seven month period.

The contents of the training course and its examination procedures are subject to the approval of an external partner, locally selected and recognized: the ISFB, (l’Institut Supérieur de Formation Bancaire) who authenticates the entire certification process in place. At the end of the six training modules, employees must pass an “oral exam” before a jury composed of at least three people, one of whom will be a representative assigned to give ISFB validation. The latter will award those having successfully passed all the tests, the external reference certificate LSfin Readytm; these award winners will be able to carry the title of Certified Wealth Management Advisor.

Wealth Management

Appointments in Wealth Management division

BNP Paribas today announces the following appointments in its Wealth Management division: For Asia Pacific, Pierre Vrielinck is appointed Chief Executive Officer and Mignonne Cheng, currently  ...

5 April 2017

BNP Paribas today announces the following appointments in its Wealth Management division:

  • For Asia Pacific, Pierre Vrielinck is appointed Chief Executive Officer and Mignonne Cheng, currently  Chairman and Chief Executive Officer, continues as Chairman;
  • For Switzerland and Emerging Markets, Hubert Musseau is appointed Chief Executive Officer;
  • For Luxembourg & International Europe Markets, François Dacquin is appointed Chief Executive Officer.

 

These appointments will be effective April 5, 2017, subject to regulatory approvals.

Commenting on these moves, Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management, stated, “With these appointments, BNP Paribas Wealth Management is demonstrating its firm commitment to the continued development of our wealth management business across the world thanks to these highly experienced individuals who collectively bring their unparalleled expertise to the service of our clients.”

 

BIOGRAPHIES

 

A seasoned banker, Mignonne Cheng has over 35 years of experience in the financial sector with over 26 years at BNP Paribas in senior management positions covering a vast scope of areas, including corporate and commercial banking as well as investment banking and wealth management.  In 2010, she was appointed Chairman and CEO of BNP Paribas Wealth Management for Asia Pacific and has successfully led the growth of the Wealth Management business in Asia Pacific, doubling assets under management.

Pierre Vrielinck joined BNP Paribas in 1998 and held various management positions in Asset Management and Securities Services before being named COO of BNP Paribas Switzerland and Deputy Head of Wealth Management International Europe in 2009. In July 2014, Pierre was appointed CEO of Wealth Management for Switzerland and Emerging Markets and has driven the transformation of the business in these markets.

 

Hubert Musseau began his career at BNP Paribas in 1996 holding a variety of roles across the bank. He joined Wealth Management in 2005 as head of Risk Management, and then was appointed COO of Wealth Management until being named Deputy CEO of Wealth Management Brazil in 2011.  Since 2013, he has been CEO of BNP Paribas Wealth Management Luxembourg & International Europe markets where he has ensured the growth of the business.

François Dacquin joined the bank in 1993 occupying various positions in the bank. He joined Wealth Management in 2001 and he held different positions as head of Risk Management and Credit, head of Investment Services for Switzerland and Emerging Markets. Since 2010, he has been leading the Strategic Initiatives and Transversal Marketing team to support the development of Wealth Management around the world.

 

About BNP Paribas Wealth Management

 

BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €344 billion worth of assets under management (as of December 2016).

Press Contact

Servane Costrel de Corainville – servane.costreldecorainville@bnpparibas.com

Tel + 33 (0)1 42 98 15 91 / + 33 (0)6 74 81 98 27

Wealth Management

BNP Paribas Wealth Management co-creates with its clients myAdvisory

Since December 2016, BNP Paribas Wealth Management has launched on various markets around the globe its new client experience by progressively revealing services tailored to each client's ...

8 March 2017

Since December 2016, BNP Paribas Wealth Management has launched on various markets around the globe its new client experience by progressively revealing services tailored to each client’s personal situation. All of these initiatives are aimed to be fully embedded in the client’s life and are empowering clients to manage the banking relationship the way they prefer.

 

As part of BNP Paribas Wealth Management’s new client experience, myAdvisory provides directly via smartphone:

  1. Personalized financial advice based on investment guidelines, at a frequency defined by the client
  2. Articles from over 100 sources in line with the client’s own portfolio.
  3. Direct trading & chat capability with in-house investment specialists on the same unique and secure platform

 

 Personalized financial advice

 

CX my advisory 1Clients receive recommendations in an SMS format, including graphs and videos, written by a dedicated advisory team, tailored to the client’s guidelines. Clients decide which recommendations they want to receive, how often and when. They can see and analyze their portfolio and relevant metrics and even place an order from their smartphone. KNOW MORE >>

“Thanks to myAdvisory, our powerful in-house data engine, clients can see the impact of a recommendation on their portfolio with a simulation of their current position and a forecast based on our advice. The client can give the instruction directly from the App. Each session lasts just a few minutes, so it’s perfect when clients are travelling and have a spare moment for example at the airport.”

Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management

 

Trends & ideas tailored to clients’ portfolios

myAdvisory is boosted by a personalized news feed from over 100 news sources, tailored to the client’s portfolio, and it also shows trends on social media from the investment community in line with the client’s portfolio.

Clients can see not only top buys & sells by other clients with the same risk profile, but also top equity and bond picks by country/region, recommended by BNP Paribas Wealth Management.

Moreover, clients have access to equity desknotes and exclusive in-house macro-economic research. KNOW MORE >>

A chat-based trading platform

With myChat&Trade, BNP Paribas Wealth Management clients can buy, sell & hold, on all products and markets, anytime and anywhere. Clients are able to view their portfolios, receive online trade notifications and chat with their investment specialist, in a highly secured environment with a history of all discussions. KNOW MORE

“myAdvisory is just one of the many innovative digital solutions that we have co-designed with our clients and that we will be rolling out in the future and we are continuing to work with our clients to bring even more digital solutions to meet their needs.”

Sofia Merlo, Co-CEO of BNP Paribas Wealth Management

 CX my advisory 2

 

DISRUPTIVE NEW SERVICES & FUNCTIONALITIES

Since 2016, BNP Paribas Wealth Management has been building a brand new Client Experience, with new services and functionalities, co-created with clients. These initiatives are aimed to be fully embedded in the client’s life and are empowering clients to manage the banking relationship the way they prefer. Discover the 11 new Minimum Viable Products developed by BNP Paribas for and with its Wealth Management Clients.

About BNP Paribas Wealth Management

BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €344 billion worth of assets under management (as of December 2016).

Press Contact

Servane Costrel de Corainville : servane.costreldecorainville@bnpparibas.com

Tel + 33 (0)1 42 98 15 91 / + 33 (0)6 74 81 98 27

 Follow BNP Paribas Wealth Management

on twitter @BNPP_Wealth and #BNPPWealthCX

and our co-CEOs @Vt_Lecomte & @Sf_Merlo

on LinkedIn BNP Paribas Wealth Management

Wealth Management

BNP Paribas Wealth Management honoured by Euromoney for its global expertise

In the 2017 Euromoney Private Banking Survey, BNP Paribas Wealth Management received 33 recognitions, ranking "Best Commercial Banking Capabilities in Western Europe" reflecting its focus on the ...

23 February 2017

In the 2017 Euromoney Private Banking Survey, BNP Paribas Wealth Management received 33 recognitions, ranking “Best Commercial Banking Capabilities in Western Europe” reflecting its focus on the entrepreneur client segment and “Best Private Banking Services overall in France”.

 

In terms of its geographic strengths, BNP Paribas Wealth Management ranks in the Euromoney Survey:

  • #1 in France
  • #2 in Belgium
  • #4 in Luxembourg and in Turkey
  • #5 in Italy and in India

 

“These awards confirm our position in Europe, especially our leading position in France with €93 Bn of Assets under Management,” said Sofia Merlo, Co-CEO of BNP Paribas Wealth Management.

 

In terms of expertise, BNP Paribas Wealth Management performed well in the offering categories of the Euromoney Survey with:

  • Commercial Banking Capabilities: Best in Western Europe, Belgium, France, Luxembourg. This category refers to the expertise the bank has to fulfill the business needs of private clients – e.g. offering loans to the client’s firm. This award is further recognition of BNP Paribas Wealth Management’s strong focus on the entrepreneur segment.
  • High-net-worth: Best in France, Luxembourg and Turkey.
  • International clients: Best in Belgium.
  • Innovative approach: Most Innovative Technology / Client Experience in France.
  • 7 awards in SRI/Social Impact Investing and 2 awards in Philanthropic Advice.

 

 

“These recognitions highlight our capabilities to serve High-net-worth and entrepreneur clients in an innovative way, with services dedicated to the specific needs of this segment, and a wide range of diversification solutions including Socially Responsible Investments and Philanthropy,” commented Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management.

 

About BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €344 billion worth of assets under management (as of December 2016).

 

Press Contact

Press office – pressoffice.paris@bnpparibas.com

Tel + 33 (0)1 40 14 40 02

Wealth Management

BNP Paribas Wealth Management Investment Strategy: 10 themes for investing in 2017

The Chief Investment Officers from BNP Paribas Wealth Management in the US, Europe and Asia have selected 10 investment themes, which, along with their global strategy, provide attractive ...

13 January 2017

The Chief Investment Officers from BNP Paribas Wealth Management in the US, Europe and Asia have selected 10 investment themes, which, along with their global strategy, provide attractive investment solutions in this changing world.

 

A CHALLENGING ENVIRONMENT

 2016 was driven by greater flexibility in monetary support, with a gradually improving global economy, punctuated by political shocks and some surprising reactions from financial markets.

In 2017, fiscal stimuli, rising interest rates, tighter monetary policy in the US … and inflation may impact the portfolios of private investors and their strategy.

Our 2017 investment themes comprise some attractive solutions for investors seeking stable income or wishing to hedge against rising interest rates, but also for those willing to capitalize on more dynamic products or new developments“, underlines Florent Bronès, Head of Investment Strategy at BNP Paribas Wealth Management.

 

 

INVEST WHILE PROTECTING AGAINST AN ACCELERATION IN INFLATION

 

Theme 1 – Managing inflation risk with financial assets

Over the past decade, inflation has been driven down by falling commodity prices, low capacity utilization and high unemployment rates. The rebound in commodity prices and improving job markets will help push inflation higher in most developed countries, especially in the US and the UK. Eurozone inflation will rise, and there are upside risks in the medium term. Long-term inflation expectations have already been raised.

 

Theme 2 – How tangible assets may help to manage inflation risk

Having a direct exposure to real assets is a smart way to maintain attractive long-term returns, enhance portfolio inflation protection, and reduce downside risk. Real assets include precious metals, direct real estate, agricultural properties and forests.

 

Theme 3 – Managing interest rate risk

Until recently, interest rates and bond yields had been falling continuously since the financial crisis. With an expected rise in inflation and increasing economic growth, central banks should normalize their monetary policies. Some (e.g. the Fed) might even raise their policy rates. Bond yields are set to continue their upward trend. Traditional bond investors are at risk as the rise in yields will push down the value of existing bonds. BNP Paribas Wealth Management offers a number of solutions to benefit from rising interest rates and bond yields.

 

 

INVEST IN EQUITIES AS INFLATION IS ACCELERATING

 

Theme 4 – Ride the reflation trade

Last summer, market sentiment shifted from deflation fears to reflation hopes. Investors were more confident about the ability of governments to stimulate growth via fiscal policy. BNP Paribas Wealth Management recommends playing this reflation trade in mature stock markets. Cyclicals, value stocks and financials are expected to be the main beneficiaries.

 

Themes 5 & 6 – Technology Innovation and the connected consumer

In today’s world of intense competition, the declining working age population, global anaemic demand and appetite for re-industrialization, technology innovation is the key to corporate success. The “survival of the fittest” requires businesses to embrace digital transformation. Digital will continue to be key for the success of companies in 2017 and digital consumption is generating high growth segments. We may consider in that field the 4.0 industry: cloud computing, sensors and 3D printing, advanced robotics, connected objects, artificial intelligence, cybersecurity…

 

Theme 7 – “Chindia”: extremely complementary markets

Growth is accelerating in India, driven by infrastructure spending and manufacturing. Meanwhile in China, growth is stabilizing in a rebalancing mode, driven by services and consumption. India is a growth story; China a value story. Both are the least exposed in Asia to US protectionism. Adding all these parts makes for an attractively balanced investment theme.

 

Theme 8 – Play the secular trend on stock markets

Reflation is on track and has supported a major sector rotation into cyclicals over the past few months. For investors taking a longer-term view or convinced of current cyclical drivers, BNP Paribas Wealth Management suggests playing companies which benefit from a secular trend in their activities. They will offer solid growth potential in the medium term, especially in two sectors: Technology and Health Care.

 

Theme 9 – The potential of responsible investments

SRI (Sustainable and Responsible Investment) aims to combine financial performance with a social and/or environmental impact. A full range of SRI solutions are available to clients to suit their investment profile. There are numerous investment possibilities: in energy; renewable energy, energy management, distribution and efficiency; in water; infrastructure and treatment; in waste management & equipment; in pollution control; and smart cities. SRI funds perform in line with (or better than) traditional funds in the long-term.

 

Theme 10 – Why favour companies with high operating leverage?

In the context of an improving economic backdrop, companies with high operating leverage are expected to benefit from higher profitability. For these companies, rising sales will imply higher profit margins and thus higher earnings. BNP Paribas Wealth Management recommends a stock selection based on this quantitative criterion.

 

BNP Paribas Wealth Management: an international network underpinning our investment strategies

In order to meet the increasing demand for information from private clients, given the rapid and complex changes taking place in the financial markets, BNP Paribas Wealth Management relies not only on its own global and local analyses but also draws on the expertise of various sister businesses within the BNP Paribas Group, including Asset Management, Investment Banking and Real Estate, in order to formulate investment strategies. The Group’s international reach is also a highly valuable asset. Locally-based strategists at the various Wealth Management entities around the world collaborate closely to draw up investment strategies for all markets – the United States, Europe, Asia and the emerging countries – providing our clients with both a broad global view and detailed local knowledge.

A video featuring Florent Bronès presenting the ten Investment Themes can be viewed on the website at:

https://wealthmanagement.bnpparibas/en/expert-voices.html

or via the Voice of Wealth app, downloadable from the Apple App Store and Google Play :

Apple version: https://itunes.apple.com/fr/app/voice-of-wealth/id1020677619?mt=8

Android version: https://play.google.com/store/apps/details?id=com.bnpparibas.wmis.wcm.voiceofwealth

 

About BNP Paribas Wealth Management

BNP Paribas Wealth Management is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €341 billion worth of assets under management (as of September 2016).

 

Press contact

 Servane Costrel de Corainville:

+33 (0)1 42 98 15 91 / 06 74 81 98 27 ; servane.costreldecorainville@bnpparibas.com

Wealth Management

BNP Paribas Wealth Management reinvents its client experience

BNP Paribas Wealth Management reveals its new Client Experience co-created with Clients and Fintechs. Enhancing the existing innovative digital solutions, these new services and functionalities ...

10 January 2017

BNP Paribas Wealth Management reveals its new Client Experience co-created with Clients and Fintechs.

Enhancing the existing innovative digital solutions, these new services and functionalities have been live since December 2016 and will be continuously reinforced in the coming months.

An international ambition driven by the will to create a new Wealth Management experience

 Clients, private bankers and specialists from BNP Paribas Wealth Management united around the same project and designed this new client experience during 4 innovation sessions in Brussels, Rome, Luxembourg and Hong Kong. The project was to create a new wealth management experience fit for a world where digital interactions have come to enhance human ones. During a second step, tightly knit “pizza teams” worked in 3 factories (incubators) in Europe and Asia to design and create innovations that would reflect this new client experience. These factories are specially conceived and equipped to encourage and foster rapid development of solutions for the bank’s clients. In total, almost 200 people from diverse backgrounds contributed to reinventing this client experience through digital solutions.

 “Our ambition was to define the best use of technology to bring our clients to the next level of experience they had helped to define. Each of these new services and technologies is improving a part of the client journey, be it starting a relationship with us, creating or seizing investment opportunities or reaching the highest level of security,” explains Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management.Our clients are already experiencing the changes and there are even more to come.”

Some of these innovations were developed in close cooperation with Fintechs.  

The client lifecycle drives all Wealth Management initiatives

 At the heart of the Client Experience transformation, there is the strong will to create a new form of wealth management that adapts the banking services to every aspect of a client’s life.

“We learned a lot by working differently on this ambitious project, and received extremely positive feedback from both clients and teams who worked together on brainstorming, conception, production and testing sessions. It was very important for us to integrate clients in this innovative process and we hope these new digital solutions will generate the same enthusiasm for all our clients,” added Sofia Merlo, Co-CEO of BNP Paribas Wealth Management.

 

Disruptive new services & functionalities

 Since December 2016, new services and functionalities have been progressively launched in various markets around the globe.  All these initiatives are aimed to be fully embedded in the client’s life and are giving clients the power to manage the banking relationship the way they want to (choosing preferred channels, or adopting new ways to secure information, personalizing content, information…).  

Client Experience in motion : focus on three new services

 myAdvisory An Investment Manager in the Client’s Pocket

 myAdvisory boosts clients’ investments management and provides personalised financial advice directly via a smartphone.

myadvisory-pngClients can…

  • Receive recommendations aligned with their personal guidelines
  • See and analyze their portfolio and relevant metrics
  • Define their contact strategy to avoid over or under solicitation
  • Place an order based on a recommendation provided by the bank on their smartphone
  • Connect to myAdvisory in a secured way to keep their data safe
  • Give their feedback to enhance service
  • Contact their private  banker to ask for more information or set up an appointment

myBioPass A Unique Key to Access BNP Paribas Wealth Management Services

myBioPass enables clients to easily access their online banking services using biometrics.

mybiopassClients can…

  • Log into myWealth and Web Banking on their tablet using their biometrics (face recognition) and their smartphone as a key
  • Validate transactions using their biometrics (fingerprint + voice recognition) and their smartphone as a key.

THE LEADERS’ CONNECTION Sharing and Engaging with Peers

 The Leaders’ Connection is a digital platform available on smartphone and tablet that allows BNP Paribas Wealth Management to connect eligible investors to facilitate co-investments and give them the opportunity to share their views on exclusive private investment opportunities.

leadersconnectionClients can…

  • Have direct access to peers, build a trusted circle along the way and enlarge their international network.
  • Look for a co-investor among their peers to collaborate, raise questions and share ideas in a secure way.
  • Connect privately with a peer in a secure way.
  • View sell side mandates of private opportunities published by BNP Paribas and contact the bank.
  • View the history of all co-investment opportunities and questions/posts from the community.
  • Access the content of the app offline.

 

About BNP Paribas Wealth Management

BNP Paribas Wealth Management (wealthmanagement.bnpparibas) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimizing and managing their assets. The bank has €341 billion worth of assets under management (as of September 2016)

Press Contact

Servane Costrel de Corainville: servane.costreldecorainville@bnpparibas.com Tel + 33 (0)1 42 98 15 91 / + 33 (0)6 74 81 98 27

Wealth Management

Spotlight on Ambitions and Investment mindset

The 2017 BNP Paribas Global Entrepreneur Report is one of the largest international surveys ever polling almost 2,650 multimillionaire entrepreneurs in 21 countries handling a total wealth of ...

23 November 2016

The 2017 BNP Paribas Global Entrepreneur Report is one of the largest international surveys ever polling almost 2,650 multimillionaire entrepreneurs in 21 countries handling a total wealth of USD40 billion.

This year, the report focuses on the most successful wealth creators: Elite Entrepreneurs holding a net worth of USD14.9 million on average.

The 2017 Elite Entrepreneurs manage many companies and are a strong contributor to the global economy,” underlines Sofia Merlo, Co-CEO at BNP Paribas Wealth Management. “While typically maintaining 50% to 65% of their business focus in the market of their primary business, their business footprint is increasingly globalized.”

Their investments are very diversified and balanced between different asset classes,” explains Vincent Lecomte, Co-CEO at BNP Paribas Wealth Management. “They are keen on re-investing most of their wealth when the opportunity arises – nearly 71% of their current investment balance sheet. Close to 20% of their investments is placed either through private equity or angel funding.”

  • The Elite Entrepreneur has created 3.5 companies on average.
  • Their top 5 markets for entrepreneurial opportunity are USA, China, Germany, France and the United Kingdom.
  • 71% of Elite Entrepreneurs have a history of family business ownership. This trend is much more pronounced among entrepreneurs under the age of 35 years – the Millennipreneurs.
  • TOP 3 industries for wealth creation are: IT, Online/mobile/digital, Manufacturing.

 

Five specific ELITE profiles

The report has examined five specific ELITE profiles:

  • ULTRAPRENEURS – CSR is a notably more important aspect of their approach to business and investing
  • SERIALPRENEURS – they are relentless in their approach to company creation to support wealth creation.
  • MILLENNIPRENEURS – they are maturing and entering a new life phase where family plays a bigger part in their decision making and ambitions.
  • WOMEN ENTREPRENEURS – they have smashed the glass ceiling but recognise that the future success of the next wave of female entrepreneurs requires more collective effort on their part.
  • BOOMERPRENEURS – they are bigger fans of deploying their capital into private businesses rather than deploying themselves.

THE ULTRAPRENEUR an entrepreneur with a net investable wealth in excess of USD25 million.

77% consider CSR as either an important or extremely important element in their businesses and investments. In their current portfolio Ultrapreneurs have 9.0% of their total assets in Socially Responsible Investments (SRIs). They are the most optimistic of all entrepreneur types participating in the survey, with 71% expecting profits to rise in the next 12 months. Their top 5 preferred markets for entrepreneurialism opportunities are the USA (70%), China (67%), Germany (64%), France (57%), and the United Kingdom (55%).Following a liquidity event such as the sale of a business, Ultrapreneurs expect to allocate 15% of their wealth assets into angel investments and private equity. On average, they are willing to allocate 10% into new business ventures that they start themselves.

 

THE SERIALPRENEUR – an entrepreneur who owns or has established four or more operating companies.

 The average number of companies established by the Serialpreneur is 7.5, nearly four times the average of a non-Serialpreneur who has typically started 1.7 companies.The annual turnover for their primary business is USD10.3 million, 37% higher than average revenues for non-Serialpreneurs.In terms of their current portfolio of businesses, 21% of Serialpreneurs consider the next greatest opportunity to be “Starting up a new business in a new industry”The countries with the highest proportion of Serialpreneurs are India, France, the USA, and Indonesia.

THE MILLENNIPRENEUR – an entrepreneur born between 1980 and 2000.

 They have a strong desire to become Serialpreneurs; 31% are already owners of multiple businesses. The top 3 industries where Millennipreneurs accumulated the majority of their wealth are Information Technology, Online/Mobile & Digital, and Engineering. 43% of serial Millennipreneurs (entrepreneurs aged 35 or younger who have established at least four companies to date) identified “Development in Education” as a wealth creation opportunity that they can explore through their involvement in multiple companies. In addition, 42% of serial Millennipreneurs saw a “Communication revolution” as a future wealth opportunity while 39% saw the same wealth opportunity in a “Scientific and Technology revolution”.

THE WOMEN ENTREPRENEUR

The Elite Woman Entrepreneur has an average personal net worth of USD15.9 million. In addition, Women Entrepreneurs have typically started 4 companies in their lifetime with their primary business having an average annual turnover of USD8.6 million. Across these three metrics, the average Woman Entrepreneur outperformed the average male entrepreneur. Women entrepreneurs stress the need for meticulous preparation and knowledge as the route to success. They stress that the best way to manage doubts is to increase the level of knowledge-based certainty.

Females are more likely than men to be first generation success stories. A third have no family history of business ownership.Their common goal is to combine achieving positive outcomes for their business and change society. They are aware of the legacy they want to lay down for future entrepreneurs – either female or male – to follow effectively in their footsteps.

THE BOOMERPRENEUR – Baby Boomer aged 55 or over.

Boomerpreneurs started their entrepreneurial ventures much later in life (establishing their first company aged 37), 13 years later than Millennipreneurs, who generally began their business activities in their mid-twenties.

In the next five years, Boomerpreneurs are most likely to increase their usage of “Investment Funds”, “Private Equity” and “Equity Funding” to make entrepreneurial-related investments in the future.

Crowd funding is increasing in relative importance with 57% of Boomerpreneurs likely to step up their usage of this vehicle for entrepreneurial investments in the next 5 years. 80% of Italian and Hong Kong Boomerpreneurs indicated a preference for their family to be involved in the future management of their businesses. 68% of French Boomerpreneurs shows the same interest in involving their family members either actively or passively in the management of their businesses.

 

About BNP Paribas Wealth Management

BNP Paribas Wealth Management (wealthmanagement.bnpparibas) is a leading global private bank and #1 Private Bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €341 billion worth of assets under management (as of September 2016) and has been elected “Best Private Bank for Entrepreneurs” in 2016.

In serving its Entrepreneur clients, BNP Paribas Wealth Management works at building links between its professional projects and personal plans, based on four commitments:

  1. Understanding their specific needs at each stage of the wealth-creation process, all through the time they are building up their business
  2. Providing them with tailored solutions, taking a comprehensive approach based on BNP Paribas’ profound knowhow in all aspects of wealth management, including wealth planning and investment solutions, and drawing on the wide expertise of the BNP Paribas Group in such areas as real estate and M&A
  3. Supporting them through a dedicated organisation consisting of highly-qualified private banking experts and both local and international networks, including Business Centres, Corporate & Institutional Banking services and ‘Maisons des Entrepreneurs’
  4. Fostering entrepreneurship by creating long-term partnerships and special training programmes such as the Women Entrepreneur Program, which brought each year 40 women entrepreneurs from Europe, Asia and the United States at the Stanford University campus to take part in a top-rank program of courses and lectures.

 

About Scorpio Partnership

Scorpio Partnership is the leading insight and business consultancy to the global wealth industry. The firm specialises in understanding the wealthy and the financial institutions they interact with. We have developed four transformational disciplines – SEEK, THINK, SHAPE and CREATE – each designed to enable business leaders to strategically assess, plan and drive growth. We leverage our deep insight into client needs and expectations to create practical and actionable business development strategies.

Scorpio Partnership has conducted more than 500 global assignments across wealth for institutions in the banking, fund management, family offices, law, trusts, regulation, IT and technology, insurance and charity sectors. In the course of these assignments, the firm has interviewed almost 75,000 private investors and advisors. Scorpio Partnership has won multiple awards for its consultancy surveys, market insight and thought leadership across Europe, Asia, and the United States. These awards have been voted by industry peers. The firm is part of McLagan, an Aon Hewitt group company.

 

Press contact BNP Paribas Wealth Management

Servane Costrel de Corainville:  + 33 (0)1 42 98 15 91 / +33 (0)6 74 81 98 27  servane.costreldecorainville@bnpparibas.com

Wealth Management

Family Offices are currently facing a baffling conundrum

Low interest rates, high volatility on the stock markets... The current economical context sets new challenges to family offices (FO). Emile Salawi, our Head of Family Offices & Institutional ...

26 October 2016

Low interest rates, high volatility on the stock markets… The current economical context sets new challenges to family offices (FO). Emile Salawi, our Head of Family Offices & Institutional Coverage, tells us how these savvy investors adapt to the situation.

 

What are the most salient aspects of FO investment strategies?

FO usually invest in asset classes they understand and with people they trust or have done business with in the past. Direct investments are a core element of their investment strategies, real estate being one of them.

In terms of risk profile, we have noticed a difference between FO who have realized their family business and those who still operate a family business. Everything being equal, the former tend to be less conservative in their approach.

How does the current context of negative interest rates in Europe and Switzerland affect FO?

FO, especially those who are mainly cash rich, are currently facing a baffling conundrum. Because of the negative interests rates, some are exposed to capital losses. As expected returns are reviewed downwards, cost efficiency is becoming more Paramount.

How do they adjust their investment portfolios?

Similarly to asset managers, most FO have investment committees on a weekly basis to review their portfolio performances. Strategic asset allocations and target returns are usually defined on a yearly basis but can be reviewed on an ad hoc basis if required (e.g. if the macro economic scenario differs significantly during the year compared to initial assumptions).

To mitigate the impact of the negative or zero interest rate policy, FO tend to seek longer-term and less liquid investments (up to 8-12 yrs) such as real estate, private equity or direct investments. Few allocate funds to successful hedge funds managers in order to keep liquidity.

You want to know more about FOs’ investment strategies? Ask your question to our expert!