Exclusive outtakes from industry leaders
Big clients only, please
Just like the rich, wealth managers come in all shapes and sizes. Some go for scale, trying to amass as many plain old millionaires as possible – those with $5 million or more to spend. Then there’s Sal Oppenheim, which aims for ultra high net worth (UHNW in industry lingo) clients — those with $30 million or more. Reinhard Krafft, a director at Sal Oppenheim, says that it recommends big investments for clients, which naturally rules out those with merely single-digit millions. So what happens to them? For clients in the lower brackets, the bank tries “to service them as efficiently and effectively as we can without letting them drop off in perceived value.” “For new clients we target higher goals and (wealth) ranges,” he said.