“The 21st Century Private Banker” At the height of the financial crisis in 2008, newspapers were rife with reports of private bankers being sued by their clients for the massive losses they had suffered. Around the world, wealthy investors scurried to safe haven assets as the global economy plunged into the throes of recession. In a bid to restore normalcy to the financial markets, the government of various countries began to review and tighten their regulations, as they pushed for greater accountability by banks. The downward pressure on margins, changes in client behavior, and heightened market volatility heralded a new phase for private banks, as they entered into an era where the business model of yesteryear no longer guarantees continued success in an intensively competitive industry; the implication on private bankers is clear – they will have to adapt to a different playing field by unlearning some habits and skills and replacing them with new ones. With memories of the global financial crisis firmly etched on the minds of the exceptionally wealthy, private bankers will now have to contend with clients who are not only more risk-averse but are also more particular about how their investment portfolios are structured. While wealth preservation remains a priority for the exceptionally wealthy, they will also demand that private bankers consider ways to generate sustainable returns on those assets that they have entrusted their wealth managers with. The only difference this time round is that they expect greater transparency on their investments and are less tolerant when their expectations are not adequately met. Due to the general mistrust clients have on wealth managers who distribute proprietary products, private banks are also replacing proprietary portfolio strategies with open architecture solutions. Faced with clients who are more demanding and probing, and a wider availability of financial products to choose from, private bankers certainly have their work cut out for them.