We recently shared highlights from the Frank Private Banking Award conference and awards ceremony, where Evgenia Tyurikova took part in a panel discussion on the industry's new philosophy. Yesterday, Frank RG published its comprehensive event report.
According to the report, assets held by high-net-worth investors reached RUB 23.9 trillion. At the same time, the market continues to consolidate: maintaining private banking status across multiple institutions is becoming increasingly difficult, reducing the average number of private banking relationships per client to 1.6.
One of the central themes of the discussion was the industry's shift from an "experience economy" to a "trust economy." During the panel, Evgenia Tyurikova pointed out that the traditional private banking model faces a fundamental structural challenge.
Evgenia Tyurikova, Wealth iQ:
"When a bank's business model is built around selling its own products, trust is placed not in the institution itself but in an individual relationship manager who has personally chosen to act in the client's best interest. Unfortunately, that kind of trust cannot be scaled."
At Wealth iQ, we chose a different path from the very beginning. Rather than focusing on products, we help clients build a transparent wealth architecture designed to protect their family's long-term interests through our Family Office subscription model.
Read the full Frank RG report to learn more about the five key challenges shaping modern private banking and insights from other industry participants.
According to the report, assets held by high-net-worth investors reached RUB 23.9 trillion. At the same time, the market continues to consolidate: maintaining private banking status across multiple institutions is becoming increasingly difficult, reducing the average number of private banking relationships per client to 1.6.
One of the central themes of the discussion was the industry's shift from an "experience economy" to a "trust economy." During the panel, Evgenia Tyurikova pointed out that the traditional private banking model faces a fundamental structural challenge.
Evgenia Tyurikova, Wealth iQ:
"When a bank's business model is built around selling its own products, trust is placed not in the institution itself but in an individual relationship manager who has personally chosen to act in the client's best interest. Unfortunately, that kind of trust cannot be scaled."
At Wealth iQ, we chose a different path from the very beginning. Rather than focusing on products, we help clients build a transparent wealth architecture designed to protect their family's long-term interests through our Family Office subscription model.
Read the full Frank RG report to learn more about the five key challenges shaping modern private banking and insights from other industry participants.