Spain-based CaixaBank Private Banking has created an independent advisory service as it looks to target lower-end high net worth customers.
The service will be available to clients with a potential net worth between €1m-€4m (£3.47m, $4.19m).
It will offer a range of services including investments, tax and estate planning and philanthropy.
The service, which will be available across Spain, will be run by the independent advice sales department, led by Marta Alonso.
This follows the 2018 launch of CaixaBank Wealth, which offers advice to premium private banking customers. The bank is hoping the advisory service will expand its operation to “new customer segments”.
Víctor Allende, director of CaixaBank Private Banking, said: “The independent advice product we have developed in recent years for customers in the wealth segment, with fully transparent costs, has been very successful, allowing us to consolidate the independent advisory service for high wealth customers.
“It led us to reinforce our commitment to this type of service and expand it to those customers who have assets valued between one and four million.”
Aims
The goal of the service is to assign a maximum number of 75 customers to every manager. Around 100 managers – all with private banking experience – will be employed at the start of the project.
The target for the independent advisory service of CaixaBank Private Banking is to have about 9,000 customers in two years.
Alonso added: “The independent advisory service is going to offer the most complete value proposition on the market, with solutions tailored to our customers’ needs in every phase of their life – combining advice, management delegation and execution-only solutions”, said Alonso.
