Latin Americas best private bank for wealth transfer/succession planning 2023: Santander
Not many new private banking mandates are won thanks to an institution’s abilities in succession planning. But many a client has been lost over a bank's poor succession planning capabilities when this becomes a touch point for clients, as it inevitably does at some stage.
There are many aspects to succession planning, but the judges have focused on Santander’s multi-jurisdictional tax planning capabilities when it comes to deciding which provider to select as the best in this category.
Judges are impressed by the country-specific context that underlies the modelling tools for clients in this area. This automates clients’ tax exposure according to their portfolio’s geographical composition. Santander’s reporting tools are also commended for their flexibility and clarity.
Judges are impressed by the country-specific context that underlies the modelling tools for clients in this area
However, automation only takes succession planning so far. Santander’s ability to call on tax and wealth management professionals to help individuals and families both plan and execute generational wealth transfer is unparalleled in the region.
Judges also note the accumulation of soft skills that Santander has built up in the region over time.
Many other international banks struggle to understand the cultural aspects to succession planning in a region whose wealth is still concentrated in privately held companies – often with complex and inefficient ownership structures. Credibly orchestrating such negotiations across large families to achieve agreement across disparate stakeholders (many with conflicting aims and using different data sets) is an institutional ability that is hard to replicate without first-hand experience of moving families towards consensus.