Belgian private bank Puilaetco, a unit of Luxembourg-headquartered Quintet, is integrating fintech Abbove’s technology solution into its wealth advice service offering.
The bank’s clients will now be able to use the Richer Life Plan service, giving them a broader view of their wealth planning, said Puilaetco’s Country CEO Ludivine Pilate (photo) and Abbove’s CEO Guillaume Desclée.
With the Abbove tool, Puilaetco says it wants to present its clients’ wealth planning more comprehensively, both online and offline. Clients with an investment mandate with the bank can organise and monitor the management of their assets through a personalised and secure digital platform.
Wealth advisors have noticed that clients wish to estimate more exactly what they will leave to their heirs. Even rarer are those who have already involved their children and grandchildren in structuring the family wealth. This is evident from feedback from private bankers.
Family wealth
“To allow our clients to finalise these matters at their leisure, Puilaetco offers them the Richer Life Plan,” Pilate said. “It is a tool that allows clients, with the help of their adviser, to draw up a complete asset inventory and identify who will be involved in planning the future transfer of their assets.”
“We want to market ourselves as a holistic wealth advisor. We want to talk not only about his investments, but also about asset structuring, credit, and so on. We already give a lot of advice on his wealth and how he can transfer it to the next generation. We had been looking for several years for a professional tool to map all this in an intuitive way. We studied several competitors, but they were too technical and not user-friendly enough.”
Puilaetco wanted to market itself first and foremost as an asset manager, presenting the reports and interactions with the client in a professional manner. “At that time, Abbove had exclusivity with BNP and we could not enter into the relationship. Last year, that exclusivity expired. We chose Abbove because it is a Belgian startup with an entrepreneurial spirit. We also find customer-centricity very important.”
The tool can also integrate all asset classes, ranging from equities, bonds, to real estate. It can also load portfolios from other banks and asset managers.
This article originally appeared on Investment Officer Belgium.