Let’s Get Personal

Historically and culturally, the region has always been characterized by hospitality; Arabs in general are personal people who believe in trusting one another. They have always grown up in large families where each individual is always prepared to help a brother in need whatever it takes.

It’s no different in business relationships either, especially when it comes to HNWI and managing their wealth. They will have to feel comfortable with their banker first in order to entrust their wealth to them. They look for the person who can give them this level of comfort not necessarily a firm with special services. “They will ‘milk’ you with their requests” Rana, a private banker at Societe General said.



Its not easy dealing with gulf clients, they are extremely demanding and they expect their bankers to fulfill their every request. A banker may not necessarily have the answer to every request but the least they can do is channel their request to the right people. A banker needs to be available at their every ‘beck and call’ to help them with their requests whatever they might be.
“I had a client call me at 6:00 am once asking me about why his credit card is not working. It’s not my division!! But no matter what, I have to comfort him and solve his issues…” adds Rana. Sometimes the requests can be personal to the HNWI client from arranging hotel rooms for their travels to booking nice dinners and events for them. Regardless these things make all the difference in the relationship which then turns into a professional friendship.
This is how bankers can build trust and gain more of their clients’ wealth in this region.

What bankers need to do is:

•Be really simple: although some HNWI are quite sophisticated with their wealth management, bankers need to simplify matters in order to engage them. It’s not about your bank’s way of doing things, but rather adapting your techniques to suit their needs. Don’t change who they are, adapt to their needs.

•Innovation: finding new ways to present financial elements to them and packaging them in different ways makes them value their relationship with their banker e.g.ideas for charity, fund raising etc… Challenging the usual and uncovering the unusual is key to help drive their wealth.

•Solutions: You may not have the right service or product for them, but you can direct them to another institution through your connections. It’s not about getting all their business – it’s their interest that you’re after. They value the person and ultimately the bank who values their wealth.

•Honesty is the best policy. You have to explain the risks. You have to be transparent.


The Truth: Winning with HNWI is all about trust which comes from a relationship based on mutual friendship and ultimately their interest at heart.