Top Trumps: Private banking and the US election
Private banks are having a good pandemic, streaming Covid-themed webinars to high net-worth clients. Now they’re competing with each other to hire the biggest names in US politics to explain to wealthy investors what Trump or Biden will do.
Throughout this crazy and chaotic year, financial institutions have gone all out in an attempt to demonstrate value and credibility to high-end wealthy clients, using in-house bankers and external experts to try to divine the future.
As early as the first week of April, Campden Wealth, an independent London-based adviser to family offices and wealthy global private investors, was hosting webinars warning that a Covid vaccine was unlikely to be in place before summer 2021.
With most physical events cancelled, banks rushed to replace annual conferences and forums for high net-worth (HNW) and ultra-high net-worth (UHNW) clients with virtual events.
For wealth advisers, this was a heaven-sent opportunity. Rather than fly a few dozen super-rich families to, say, an event in California showcasing the world’s best pre-IPO healthcare firms, they could host the entire thing online.
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This has saved a lot of money. Notable speakers remained on the ticket, but efficiencies meant that more clients could be invited and there was no need to fly them first class to the likes of Paris or Palo Alto.