"We are significantly expanding our advisory services"
The Frankfurt-based private bank Hauck Aufhäuser Lampe is expanding its core customer services. "We are significantly expanding our advisory services," says Oliver Plaack, as board member responsible for Private and Corporate Banking, in an interview with Börsen-Zeitung. "We have attracted numerous new advisors and increased our capacities at branches by 30%." Plaack highlights the growing demand: "We're doing this to provide even more comprehensive consulting services – and not least because the need is growing."
In the Wealth Management division, Hauck Aufhäuser Lampe will now have two Co-Heads. "We have expanded personnel in customer service as well as in asset management," explains Plaack. Without specifying concrete figures, he signals that the capacity expansion reflects positive business development: "Our business continues to perform well. We are very successful on this path this year as well."
"NextGen" in focus
According to Plaack, the bank's most important target group is "entrepreneurially oriented clients, including entrepreneurially oriented families." This concerns not only the traditional principal of a family business but also "all actors whose wealth comes from entrepreneurial activity." The bank's clients include affluent individuals, foundations, and semi-institutional clients. The institution places a special focus on the "NextGen," those in their late twenties to early forties, who are engaged in managing their wealth, triggered by events such as business succession or divestment.
Regarding the investment and financing environment, Plaack points out that the past years have been "abnormal." "We've experienced 14 years where interest rates hardly moved from a very low level, and the stock markets have steadily risen." Now, the environment prompts clients to think more about the stability of their wealth, simply because of the negative real interest rate.
Renaissance of private banks
In addition, there's a geopolitical environment that – from the Ukraine conflict to gas supply shortages – raises questions about the safety of wealth. It creates a need for advice with very fundamental questions, especially concerning Germany's industrial sector and the clients' own businesses. "I'm talking about a renaissance of private banks with their core competencies," says Plaack. It's not just about discussing risks but, more importantly, about focusing on opportunities: "Where is something being created, how do I position myself for the future?" According to Plaack, clients are looking for "a certain confidence." This comes with a resurgence in the need for advice – also driven by fundamental concerns about the industrial sector.
