Wealthy people in Russia do not let you take any photos of them or anything that is related to them (house, cars, even locations where they drink coffee). So Elena Srzentic did the XPloring meetings in Moscow under the condition “NO CAMERA”. One person told her even: “Guys are you nuts I don’t know where this info can end up, I have family and I don’t want anyone to know how much money I have, so please….” .
In Russian everything is about personal relationships. In most cases regardless of the nature of the request people will tend to ask for an acquaintance before going to a bank or any other entity. “I will not be treated in the same way if I will come from street or if Mr. Popov will make a call.first.”
Not to long ago (1998) people were witnesses of devaluation of the ruble and most banks were not able to fulfill their obligations as a result of which many individuals have lost fortunes. In light of this very country specific environment it is essential that in all communication with the individual clients, banks demonstrates its stability and integrity.
There are three target groups in Russia when it comes to private banking: The first one is people which have held government and/or economically oriented position during the Soviet era. They are retirede and over 60 now. The second one is a group of people that have acquired wealth as a result of a economic transition in Russia which took place in early 90’s. Usually 40 to 55 years of age, likely to have their own business entity and assets and family which are scattered across western Europe. The third and youngest group consists of individuals who acquired their wealth after the transitional processes in modern Russia we know today.
Many of these people live in Moscow, Sankt Petersburg, Novosibirsk, Yekaterinburg. It is trendy to have houses scattered across all over the world but they do prefer to live in Russia. Living conditions in Europe are cheaper, there is definitely better weather conditions but still they do feel as foreigners there. They prefer to work in Russian, as this is still the place where they make money, but to spend weekends and vacations in Europe with family in their houses/ villas.
“I am working now in order to get more free time later. I have house , I have cars, I have even boat I just need more free time. Looking into future, I want to sail. That’s why I am planning to have a business that I can manage from the distance. That’s why I am now work as crazy, ITS INVESTMENT IN FUTURE.”
“I have quite complex financial logistics, so I use advices from private banker how better to operate with them. It is not all about personal relationship but I it is important, if I will give to a guy 3 million dollars I need at least to like him.
“I like to see a bank with the history, good international reputation. I like Swiss banks because of international presents in history. I value consistency, my bank should perform all the time, no fuck ups. I like stability. But I do value innovations. I expect from my bank to keep up with tendencies in the banking sector. My banker should anticipate my thoughts. Currently he presented me opportunities of reinvestment portfolio, because he knows I just received a coupon payment on my bond , I did appreciate it.”
“I don’t remember any bank advertising, don’t pay attention to it. But I do read financial articles in business magazines such as Vedomosti, RBK, Forbs and of course the internet. It is nice if a bank have its own media, as example McKinsey newsletter.”
Thought: In Russia a constant update on innovations in banking is important, a bank should be a financial expert and issue all kind of ratings, news, trends. Adapt to milestones in business life of client.
In Russian everything is about personal relationships. In most cases regardless of the nature of the request people will tend to ask for an acquaintance before going to a bank or any other entity. “I will not be treated in the same way if I will come from street or if Mr. Popov will make a call.first.”
Not to long ago (1998) people were witnesses of devaluation of the ruble and most banks were not able to fulfill their obligations as a result of which many individuals have lost fortunes. In light of this very country specific environment it is essential that in all communication with the individual clients, banks demonstrates its stability and integrity.
There are three target groups in Russia when it comes to private banking: The first one is people which have held government and/or economically oriented position during the Soviet era. They are retirede and over 60 now. The second one is a group of people that have acquired wealth as a result of a economic transition in Russia which took place in early 90’s. Usually 40 to 55 years of age, likely to have their own business entity and assets and family which are scattered across western Europe. The third and youngest group consists of individuals who acquired their wealth after the transitional processes in modern Russia we know today.
Many of these people live in Moscow, Sankt Petersburg, Novosibirsk, Yekaterinburg. It is trendy to have houses scattered across all over the world but they do prefer to live in Russia. Living conditions in Europe are cheaper, there is definitely better weather conditions but still they do feel as foreigners there. They prefer to work in Russian, as this is still the place where they make money, but to spend weekends and vacations in Europe with family in their houses/ villas.
“I am working now in order to get more free time later. I have house , I have cars, I have even boat I just need more free time. Looking into future, I want to sail. That’s why I am planning to have a business that I can manage from the distance. That’s why I am now work as crazy, ITS INVESTMENT IN FUTURE.”
“I have quite complex financial logistics, so I use advices from private banker how better to operate with them. It is not all about personal relationship but I it is important, if I will give to a guy 3 million dollars I need at least to like him.
“I like to see a bank with the history, good international reputation. I like Swiss banks because of international presents in history. I value consistency, my bank should perform all the time, no fuck ups. I like stability. But I do value innovations. I expect from my bank to keep up with tendencies in the banking sector. My banker should anticipate my thoughts. Currently he presented me opportunities of reinvestment portfolio, because he knows I just received a coupon payment on my bond , I did appreciate it.”
“I don’t remember any bank advertising, don’t pay attention to it. But I do read financial articles in business magazines such as Vedomosti, RBK, Forbs and of course the internet. It is nice if a bank have its own media, as example McKinsey newsletter.”
Thought: In Russia a constant update on innovations in banking is important, a bank should be a financial expert and issue all kind of ratings, news, trends. Adapt to milestones in business life of client.
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