This is a pre-event interview in the run-up to the Leaders in Finance Future of Wealth Event on March 7, 2024.
Jeroen: First of all, thanks, Bernt, for taking the time to speak to Leaders in Finance in the run-up to the Leaders in Finance Wealth Event on the 7th of March 2024. Could you first introduce yourself?
Bernt: Yes, thank you, Jeroen. I am Bernt Kok, and I have been working in the banking industry for over twenty years now. Throughout my career, I have worked both abroad and in the Netherlands. Currently, I hold the position as Head of the Dutch Market for wealth management at BNP Paribas Wealth Management Netherlands, a role I have been in for three years.
Jeroen: Are you enjoying the job?
Bernt: Yes, I am enjoying the job. The reason for my enjoyment is, because of my move to a bank with strong growth ambitions. The energy I derive from working in a universal global bank operating in 64 countries with a very broad spectrum of products and services for clients and exposes me to diverse cultures and a ‘wealth’ of knowledge sharing. As a universal bank, we provide a broad spectrum of services to our clients, including wealth management, investment and commercial banking, real estate advice, mobility solutions, insurance, leasing and factoring. Being able to offer clients solutions to meet their diverse needs is truly energizing.
Jeroen: You mentioned the various product offerings, which leads us nicely into the topic of wealth management. Is wealth management a significant component for the bank?
Bernt: I see that wealth management has gained increasing significance for banks in recent years. This is also due to its role for the diverse entrepreneurial profile of clients. When servicing entrepreneurs and families you can see that they are linked to a variety of business, and it becomes evident they have needs. Not only for wealth management, but it extends to investment banking, commercial banking, real estate, leasing, factoring and personal finance. Thus, wealth management serves as a crucial link in catering to clients and connecting with other business lines within the bank, both domestically and internationally.
Jeroen: Certainly, that makes sense to me. What would you say are the challenges and opportunities for the wealth management industry, including your bank or the broader context?
Bernt: When it comes to challenges, I see these as opportunities for BNP Paribas Wealth Management. With our international footprint and with the scale of more than EUR 415 billion assets under management we are ideally positioned to meet our clients’ expectations to bring tailormade solutions for the growth and preservation of their wealth as well as the investment strategy. Our clients are internationally well connected and very well-informed, making it progressively interesting to fulfil their expectations with international solutions and offerings. With our scale we have the ability to invest in the challenge keeping up with technology.
Another opportunity, is the integration of wealth management within the universal banking offering, as exemplified by BNP Paribas, presents numerous cross-links with investment banking, asset management, real estate and commercial banking activities, as I said both domestically and internationally.
The strong ‘asset’ of having wealth management in your proposition as bank is that wealth management is ideally positioned to have the strategic dialogue with families and entrepreneurs about their wealth, their asset allocation, the next generation and their long term ambitions of their family business also if needed with our colleagues of the corporate and investment bank.
The conclusion is that effective wealth management is much broader than informing on asset allocation regarding a clients’ investment portfolio via our advisors. The client expects that effective wealth management is much broader than that. Discussing not only about personal topics and investments, but also about corporate aspects may be expected. This expanded perspective contributes to a more strategic and valuable long term relationship with clients.
Furthermore, I think another opportunity for the bank as a whole is that wealth management is quite a stable relation-driven form of service. Given the long-term, relation-driven nature of wealth management, the initiation of enduring relationships contributes to a stable business model.
Jeroen: I like how you turn challenges into opportunities. Is there another challenge you want to mention as well?
Bernt: I would also like to mention the developments in tech. The ease of access that clients have to everything is remarkable. There is a desire for simplicity, as people prefer convenient access to information in various ways. As wealth managers, our role is to provide clients with access to investment opportunities that are precisely tailored to their needs, offering them customized solutions.
Jeroen: Given your enormous size as a top tier European bank, it means you have to do a lot around the sustainable transition. Could you elaborate on what the item ‘sustainable’ looks like for both BNP and BNP Paribas wealth management?
Bernt: “Sustainable” is a broad term. If you look at our mission and our strategy, sustainability is our raison d’être: “We serve our clients and the world we live in.”. We recognize sustainability is high on the agenda of our clients, from the transition to clean energy, to preserving biodiversity, to sustainable mobility, to minimizing pollution and exploring circular business models.. Our primary objective is to support clients, whether they be corporations, institutions or individuals with a broad range of sustainable solutions in financing, investing, mobility and real estate advice. We also support clients in spotting new opportunities to invest or contribute to sustainable initiatives to both listed and unlisted initiatives, including private debt and private equity. Furthermore we engage with our partners to stimulate innovations within the financial sector. To summarize, sustainability is at the heart of BNP Paribas’ strategy and is reflected in our mission to Support our clients in their transition to a low carbon economy and to an inclusive society within safe planetary boundaries.,
Jeroen: For my final question, considering you are joining the event on the 7th of March and are also actively participating, are there particular things that you will be looking for at an event like this?
Bernt: I like to join these kinds of events because you, can contribute, enrich your knowledge about the sector and can learn as well. Leaders in Finance brings together the experts with both domestic and international experience. When you have a discussion with each other on sustainability or cybersecurity or wealth management in general, bringing together these experts will also bring each other new insights of which clients can benefit. Take sustainability, for instance, where we collectively recognize its importance. My aim is to contribute while learning from the diverse views of other experts, discovering areas of agreement or disagreement, and understanding the reasons behind them. Overall, I think learning and contributing is something I am looking forward to.
Jeroen: That is great. Thank you, Bernt Kok, CEO at BNP Paribas Wealth Management in the Netherlands, for taking the time to speak to Leaders in Finance in the run-up to the Leaders in Finance Future of Wealth event on the 7th of March. Thank you!
This is a pre-event interview in the run-up to the Leaders in Finance Future of Wealth Event on March 7, 2024.