Private bankers still getting their ears bashed from clients enraged about massive portfolio losses now are chanting a new mantra.
Murmur along with me, those seeking inner peace and appeased clients: the word is “holistic".
Three years ago, before Lehman and Madoff shattered clients’ confidence, the soothing formula might have been "absolute returns" or "structured products". No longer.
Bankers shooting French cuffs in Super 180 suits and obsessed with spread sheets now are seizing on a word redolent of green tea, acupuncture, crystals and the New Age.
"Holistic" bubbled up at least four times at the Reuters Global Wealth Management Summit as bankers and consultants in Singapore and Geneva outlined how to keep clients after the market meltdown.