How a Private Bank can protect and grow your wealth

Amol Prabhu,CEO of South Africa and Market Head of Africa at Barclays Private Bank, explains the services the bank offers and how it supports influential individuals and global families in South Africa

What kind of clients does Barclays Private Bank serve in South Africa?
And what services do you offer?

Amol Prabhu: We support families, family offices, and ultra-high-net-worth individuals in South Africa, many of whom have links to, and assets in, other countries such as the UK. We provide a suite of services including investments, UK and European real estate, private assets, wealth advisory, succession and next-generation planning, and philanthropy. Within the Private Bank, we also have a high net worth proposition (International Banking) which connects non-UK residents and those moving to the UK (including many South Africans), as well as UK expats, with overseas support.

Our role is to guide our clients, give them a sense of what other families in similar positions are doing both in South Africa and around the world, and support them to plan and make informed and impactful decisions for their wealth.

What sets Barclays Private Bank apart?

Amol Prabhu: Our history and our global connectivity. For more than 300 years, the Barclays Group has had a proud history of providing banking services, and we’ve supported clients in Africa for more than a century. Our approach to Private Banking is built on this longevity and stability. Our clients trust us to help them navigate complex financial landscapes and sensitive family dynamics. Having a presence across multiple continents means we can provide a world-class service to global families with assets and family members spread around the world. We stay connected to our clients many of whom live international lifestyles, and give them the financial planning tools necessary to navigate having assets in countries outside South Africa. Having links to the UK, for example, is increasingly common as many people have lived, worked, or studied there. We’re headquartered in the UK which, coupled with our global connectivity, means we can help with the smooth transfer of assets, and have the expertise to advise our clients through both a local and global lens.

What role does a Private Bank play in the succession planning process?

Amol Prabhu: Succession planning is a complex and emotional process. For the older generations, who are often the ones who have created the family’s wealth, it can be hard to trust the next generation to manage it. While for the next generation, it can feel frustrating if you’re not given opportunities to prove you can manage it, or if you feel as though your views are not taken on board when discussing how the family’s wealth should be used. The role of a Private Banker is to build trust between generations, ease complexities, and address these sensitive dynamics to protect and grow a family’s wealth for many years to come. The succession planning process is further complicated if you have assets outside South Africa, and having a Private Banker means you can confidently navigate these complexities. Setting up a trust in South Africa, for example, can enable the settlor to be fully involved in the day-to-day running and direction of the trust. In contrast, offshore trusts can require independent trustees and a strict adherence to the independence or separation of the settlor from the trust. This can come as a shock if you’re not already aware, but having a Private Banker means you can be sure there will be no surprises like this when it comes to succession planning.

How do you cultivate strong relationships with your clients? 

Amol Prabhu:  Private Banking is a business built on strong relationships between Banker and client. We know clients only rely on banking partners they trust, so we spend a lot of time nurturing these relationships and demonstrating our independence, stability and integrity – three qualities that draw people to us.

There is no one-size-fits-all approach for building client relationships, and we are guided by our clients’ personal preferences for how they would like to work with us. We have regular touch points, be it virtually or face-to-face, to get to know our clients’ financial personalities and goals. Our tailored strategies have input from multiple subject matter experts to offer the right blend of ideas, opportunities and people to address each client’s wealth management needs.

How can we find out more about Barclays Private Bank? 

Amol Prabhu: You can visit our website privatebank.barclays.com for more information about our services, or get in touch with Elinor.Bodinger@barclays.com who can connect you with the right team member to discuss your needs.

Important information:

Barclays Bank Plc (Incorporated in England and Wales) (Reg. No: 2018/599243/10) is an authorised financial services provider under the Financial Advisory and Intermediary Services Act (FSP 50570) in South Africa and a licensed representative office of a foreign bank under the Banks Act, 1990. Barclays Bank PLC, has its principal place of business in South Africa, at Level 5, Building 3, 11 Alice Lane, Sandton.

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