Bankers In the hot seat

With the global economic recovery from the 2008 financial crisis stalled, wealth managers and high net worth individuals are wary of yet another credit crunch — and they would rather not make the same mistakes twice. Executive recently sat down with local and global players in the private banking industry to discuss the worldwide shift in wealth management industry dynamics and the changes in the client-private banker relationship post-2008, the unique challenges that relationship managers face in the Middle East and North Africa region, as well as the assessment and management of clients’ risk appetites in the region as a younger, more diversified generation of investors has emerged. 1 What mistakes did wealth managers, private bankers and clients make prior to the financial crisis in 2008? What lessons have they learned, if any? Jean Riachi, chairman at FFA Private Bank: The [last] three years… were only the outcome of a