In times of uncertainty, it is even more crucial to invest in the human connection that is at the heart of private banking, said Stéphane Pardini, CEO of Wealth Management at Quintet Luxembourg, in an interview with Investment Officer.
Amid geopolitical tensions, economic volatility and crises, unease and unpredictability have quickly become a defining feature of the current investment landscape and are increasingly influencing client behaviour across the wealth management sector.
“Geopolitical uncertainty tends to make clients more cautious,” said
Pardini, adding that this is evident across all markets in which Quintet operates. “It doesn’t necessarily mean clients directly want to change direction, but it does heighten their desire to understand what’s happening. They ask more questions, need more reassurance and the demand for high-quality services has increased.”
Pick up the phone
In periods of uncertainty, maintaining the human connection—the core of private banking—is even more crucial, said Pardini. “I tell my bankers: call your clients! Explain the situation and reduce stress levels. If you talk to clients, it’s easier to reassure them, to explain the situation, what is happening, what the risks are, if the portfolio is well-invested to face the situation. It’s very, very important to interact with the client.”
“When markets are volatile, we communicate proactively with clients before headlines drive sentiment,” he explained. “Reassurance then starts with listening, acknowledging individual concerns and recognising that unease driven by negative news is entirely natural. From there, our focus shifts to the client’s own situation, not the noise. Revisiting objectives, walking through the portfolio in concrete terms, and explaining clearly how our asset allocation strategy helps reduce risk and protect capital over the long term. Clients need to know we are accessible, disciplined and fully engaged. It is this combination of empathy, clarity and proactive communication that gives clients confidence that their portfolio was built for moments like these and is being actively managed with intent, not merely weathering the storm.”
Picking up the phone is not only crucial to maintaining the personal relationship between banker and client; it also serves a clear commercial purpose in an increasingly competitive market. Pardini: “I put a lot of pressure on my bankers to explain this. Call your clients, otherwise a competitor will.”
Long-term vision
Private banks must “take care” of and reassure their clients during these periods of instability, underscoring the increasingly important role of the banker. It is essential to “stay calm, stick to your investment goals, and help clients avoid emotional decisions or reactions,” said Pardini. “Our role is not to predict the future, but to help clients navigate through these situations.”
The geopolitical landscape is in constant flux, inflation and oil prices fluctuate, and markets remain turbulent, but maintaining a long-term vision remains essential in preserving and growing clients’ wealth.
Quintet’s approach focuses on diversification, portfolio quality, risk management, and a long-term investment horizon. The bank conducts regular stress tests on portfolios to ensure their robustness and reviews risk exposure. “It’s very important to have a clear understanding of clients’ needs and investment strategies,” said Pardini. “At the end of the day, it’s: protect first, then grow, in a disciplined way. It’s important to build the right portfolio for the right client,” and this is especially true in times of heightened volatility.
Maintaining momentum
Pardini, who became Quintet Luxembourg’s CEO for wealth management in November 2024 after serving as managing director at Bank J. Safra Sarasin and deputy CEO at Edmond de Rothschild, has emphasised his focus on growth. Total client assets stood at 105.1 billion euros at the end of 2025, up from 100.6 billion at the end of 2024. “We are seeing good momentum in Luxembourg, and, in fact, we are growing in two ways. The first is by winning new clients; it’s very important for us to show this dynamic. The second is by doing more with existing clients. It’s not only about bringing in new clients or new names, it’s also about increasing trust and share of wallet with clients we already have,” he said. “A satisfied client will bring new clients.”
Quintet has also strengthened its local team, hiring nine new bankers in 2025. “If you want sustainable growth, you need the right people to address the right clients,” said Pardini. The idea is to match the “right client” with the “right offer,” and vice versa. “Growth is a priority for me and for the bank—but profitable and disciplined growth, not growth at any price,” he underlined. “In our industry, what matters is not just volume, but quality growth.”
Currently present in six countries, Quintet intends to strengthen its position in its existing markets. “Geographic expansion is not off the table, but it’s not the main focus today.”