As life expectancy rises and family models change, families are becoming more multigenerational. These different generations have different ways of interacting and different priorities. What one sees as an opportunity, the other views as a challenge. This not only has implications on how families preserve their wealth, but also on how we at Julius Baer manage our relationships with clients.
“Helping clients of different ages through the variety of challenges they face requires a team approach”, says Igor, Senior Relationship Manager in Region Switzerland. For the last two years, he has paired up to good effect with his young colleague, Jonas, an Associate Relationship Manager. “In our experience, a 25-year-old client prefers to speak with Jonas, while an older client prefers to share his thoughts with me. By working together, we can cover each generation and find the best solution for the family as a whole.”
In keeping with Julius Baer’s purpose to create value beyond wealth, Jonas discovered early that a Relationship Manager’s remit is much broader than advising clients on which investments to make. “We find all manner of solutions for the client, taking in everything from wealth management to relocation, succession planning, or networking opportunities.”
He’s encouraged to be entrepreneurial and bring in his own perspectives to make a meaningful difference to clients and their families. “The mother of a family that’s been banking with us for three generations recently told us that her son was moving to Zurich to study. We not only looked after things like his bank account, but I could also help him settle in by inviting him to events and helping him find an apartment.”
Changing priorities
As wealth is passed on from one generation of clients to the next, it’s hardly surprising that the topics they care most about also evolve. As Igor explains, this can also create a ‘feedback loop’: “Sustainability is crucial nowadays for the younger generation, and that’s spreading to the older generation. I have an 80-year-old client who’s been quizzing me recently about ESG because his grandchildren are discussing it at home. They tell him he needs to consider the environment when choosing investment products.”
Regardless of whether we differentiate by generation, or by other categorisations such as geography or segment, Igor emphasises that these are only ever broad brushstrokes. “There’s really no such thing as ‘the’ client. As client advisors, we build relationships with many different kinds of people. Each client is unique, with unique needs and a unique character. We have to adapt the way we address each client – we can’t speak to them all in the same way.”
Different pathways
Igor joined Julius Baer 16 years ago, initially as an Investment Advisor for the Securities team. He was on the cusp of relocating to Dubai when the former Market Head asked him to manage a client relationship for a short time in place of a colleague who was leaving the company. “It wasn’t part of my career plan at all”, he says, “but I enjoyed the challenge and I’m delighted things worked out as they did!”
The role of Relationship Manager was a steep learning curve for him. “As an Investment Advisor, I was only responsible for looking after the investments, but as a Relationship Manager, I was suddenly responsible for everything. This was difficult for me at first and I really had to grow into the position.”
Jonas has followed a different path – one which reflects the more formalised approach Julius Baer now takes to preparing recruits for the role of Relationship Manager. “I joined the bank’s Graduate Programme in 2020 and then became an Assistant Relationship Manager, which meant supporting a relationship manager with daily operations and administration.”
After a year in that role, he became one of the first batch of Associate Relationship Managers, alongside some 20 others, to take part in the bank’s development programme to become a Relationship Manager. This programme is just one example of the many growth opportunities Julius Baer provides for employees across its different functions. “It’s a combination of on-the-job learning and classroom-like elements”, says Jonas. “We meet up regularly for different courses and events and we have a curriculum of studies that we have to complete within three years. One requirement of the programme is to achieve the CWMA (Certified Wealth Management Advisor) qualification.”
The on-the-job situations Jonas experiences alongside Igor and the other client advisors in the team complement the theoretical insights from the ‘Associate RM Programme’. “You can’t learn everything in the classroom. Sometimes you need to live through certain situations and ask your colleagues how they would handle them. I’ve been lucky in that they’ve always been extremely supportive towards me. It was also extremely valuable for me to be an Assistant beforehand as I got to know what the role of a Relationship Manager entails.”
The power of teamwork
How do Jonas and Igor structure their day-to-day activities? “My client book is still building up”, says Jonas. “I took over some of the client relationships from the Relationship Manager I was supporting as an assistant last year, and on top of that I manage client relationships together with Igor. Igor naturally takes the lead when it comes to clients he’s been looking after for many years. With other clients, we discuss the best approach together and I’m often more involved when it comes to next generation topics.”
For Igor, the strength of the pair’s working relationship lies in their constant, open dialogue with one another. “We work next to each other in the office, which is a huge advantage. When I talk to a client on the phone, I discuss what came out of the conversation with Jonas, and vice versa, and we put our heads together to find the best solution.”
In his eyes, it is all about ensuring a spirit of teamwork. “At Julius Baer, we’re united around the common purpose of serving the best interests of all our clients”, he says. “We don’t really think in terms of ‘my clients’ or ‘his clients’ – they’re really ‘our’ clients. If we achieve successes, then it’s a success for both of us.”
It’s a people business
Having experienced the bank’s Graduate Programme and now taking part in the Associate RM Programme combined with the benefit of on-the-job learning, Jonas is well-positioned to advise others in his age group who are setting out on a career as a Relationship Manager. What does he tell them?”
“First of all, our clients face lots of complexity nowadays and they have a greater need for our advice, but it’s important to know that we, too, have a lot of specialists at the bank – so we should call upon them for support when we need them. And secondly, the very foundation of this bank is that it’s a people business. We’re engaging all the time with different people inside and outside the bank. So you really need to enjoy working with people!”
As Igor approaches the latter years of his career, what advice does he pass on to younger colleagues like Jonas? “I think it’s important to realise that you are in the driver’s seat. Julius Baer gives you lots of scope to follow your own path so just take it and leave your comfort zone. You have your destiny, or your career, in your own hands. Try out different things and don’t be afraid to take chances.”