There are two main ways to attract new clients, according to Prime Partners CIO François Savary (pictured).
Talking to Citywire Switzerland, the Geneva-based wealth manager explained how the firm sources new assets. Savary said: ‘We mostly hire people that we know can bring new clients and their assets with them.
‘Another way to do it is by creating and maintaining very good relationships with the people that currently use our services, so that they can recommend the firm to others. It’s the classic word of mouth.’
Not just wealth
However, wealth managers do not just manage wealth – they also manage clients’ expectations.
‘Some of them can be very demanding and have very specific investment ideas,’ Savary said. ‘We need to find the right product – one that matches the liquidity of the client with the liquidity of the product.’
For Savary, the secret is transparency. He said: ‘You need to explain to them the implications of buying a certain product for their finances. That’s particularly important if they are going to be in the product for a long period of time, 10 years or more.’
The same also applies when talking to clients about fees. The CIO explained that Prime Partners only charges a basic flat fee and a wealth commission.