Wealth transfer and succession planning advice and services should be at the core of a private bank’s offering, demanding a unified, integrated approach to providing clients with experienced and expert advice across assets, business structures and local and offshore jurisdictions.
Many banks provide a high level of service in this area, but some stand out, and this year, the judges believe that FNB best demonstrated its strength and distinctive qualities in the advice and services it provides, awarding it Africa’s Best private bank for wealth transfer/succession planning. Sizwe Nxedlana is the CEO of FNB’s private segment.
Among several factors supporting the judges’ choice is the bank’s integrated approach to providing a comprehensive and personalized range of solutions to clients in this area, together with what one judge describes as its “strong emphasis on building long-term relationships with the next generation and creating a positive impact in the community through its philanthropy offerings.”
Philanthropic initiatives are an increasingly important element in legacy-building, and FNB has shown leadership, especially the level of support it provides clients in identifying, structuring, and managing social-impact initiatives and investment importunities. FNB’s clients can also donate to charities and organizations via its banking app and receive necessary tax certificates.
Together with this, the bank’s team of private advisers and wealth managers closely collaborate to assist on customized family-business constitutions – for both local and offshore businesses – that include other important areas, from tailored wealth protection and exit strategies to succession plans, key-man insurance, trusts and buy and sell insurance.
Underpinning the bank’s capabilities is its sharp focus on the client’s needs
Underpinning the bank’s capabilities is its sharp focus on the client’s needs, and, as the judges highlight, its strength in providing the individual and the family with integrated advice and services across multiple jurisdictions and asset types over every stage of life.
This is augmented by a canny approach to administration costs. The bank offers qualifying clients free transfers of FNB investments to beneficiaries and waives administration fees on any proceeds paid into an estate from a FNB life policy.
In death, as in life, every little helps.
