Banks Must Bring New Thinking As Wealth Transfer Surges

Rahim Daya Chief Executive Officer Switzerland & Head of Middle East Barclays Private Bank

Winner

• Foreign Private Bank

• Private Bank Leadership Team

How do awards such as this make a difference to your firm and your colleagues?

I was absolutely delighted when I learned that we had won such prestigious awards, which are highly regarded across the financial services industry. These accolades instil confidence in the wider market and are a recognition that our efforts to serve our clients are delivering meaningful change.

Perhaps my greatest joy in winning these awards, however, is that it acknowledges the hard work and dedication of my colleagues across the private bank.

Perhaps my greatest joy in winning these awards, however, is that it acknowledges the hard work and dedication of my colleagues across the private bank. Every day, I am amazed by their unwavering commitment to delivering the best of Barclays through all our products and services.

What position would you like your firm to hold in its sector in five years’ time?

When I took on my role in April 2021, growth was my main priority. In five years’ time, I’d like us to be one of the most relevant international private banks in Switzerland, serving multiple markets. We need to build the business as much as we can and have a laser focus on attracting, and supporting, new clients.

If recent geopolitical upheaval has taught us anything, it is that there will always be some degree of volatility in financial markets.

However, changing times can also bring opportunities. Firms which embrace these opportunities can thrive and influence tomorrow with confidence.

During the next five years, I’d also like us continue our collaboration with colleagues across the wider Barclays Group so that we can unleash the power of “One Barclays”.

What do you most like about the wealth management industry, and what do you like the least, and what would most like to change?

During my career, I’ve always welcomed the opportunity to work with different generations. Within the private bank, there are many examples of client relationships that have lasted for 50 or 60 years, and we hope to maintain these for at least the next 50 years!

However, I often feel that the industry does not do enough to plan for future trends and focuses too much on maintaining the status quo. There is frequently a mind-set that firms should simply retain existing clients for as long as possible. I would like to change how we do this as an industry and evolve our strategy to cater for future generations.

During the next 10 to 15 years, there will be a critical transfer of wealth to the next generation. In order to succeed, private banks will need to bring new ways of thinking to this changing landscape. Old ways of working do not yield new results and we need new results.

Finally, we cannot talk about the future without considering the climate emergency and our duty to leave a better world for future generations.