Role of private banking in generational change


Shares in family businesses have been sold in the last 10 years 300 billion euros. The study says: “Liquidity event in Italian family businesses. Analysis of the last 10 years, 2013-2022”, carried out byPictet Wealth Management and from School of Management of the Milan Polytechnicor. The generational change one of the most common reasons for change of ownership of Italian SMEs. Private banking plays a very important role in this transition. We’ve dealt with it Onofrio Mario BombacignoHead of Private Wealth Management Fideuram – Intesa Sanpaolo Private Banking.

What role does private banking play in the generation change?

Private banking plays a leading role in generational change. The private banker manages the financial assets of the affected family and knows the other components (e.g. the real estate component). But in addition it has a pdeep knowledge of the different family members, their wishes, their ambitions and expectations. It can therefore certainly be considered the ideal partner in the most complex and articulated decisions. In many cases, I would say the most successful, a private banker can help the family to carefully plan all stages of the transition, especially when it comes to corporate presence.

To what extent is private banking called upon to manage emotional and relational factors in generational change?

Before every fortune, before every company there is a family, their history and the people who contributed to the creation and development of wealth. You can only start from these elements to successfully master such a delicate phase. The analysis of the numbers, the “technical” solutions to make everything work, are an important element, but not the most important. In the first place is the human being with his ideas about life and the future. Ensuring this is the task of private banking Legacy is passed on to the full satisfaction of all involved.

What role does private banking play in supporting the real economy?

Our country has always been a country of savers: Italian families have very high financial assets. Helping savers identify investment solutions that have their investment objective in small, medium-sized, unlisted companies can represent a solution that yields two positive outcomes: for the saver a greater diversification of investments towards less volatile asset classes and potentially very attractive returns in the medium/long term; for the entrepreneur, have access to additional capital with which the company’s expansion plans can be pursued.

Do you think that the private banker has a social role and relevance? Why?

For all of the above points, the answer can only be affirmative. Transferring vital capital to the new generations and helping them support their growth trajectories and ambitions is obviously a delicate and immensely beneficial task for the community. To give specific examples, don’t help an entrepreneur properly plan the future of his business if you think about it only 13% of SMEs survive the third generation change, this not only amounts to the impoverishment of family wealth, but also has serious consequences for the employees of this company (more than 15 million people work in SMEs in Italy). And let’s think again of those families in which there is a member who has difficulties or who needs protection as a minor or disabled: it is clear that all possible attention must be paid to him to accompany his future steps. Our challenge, which we accept with a great sense of responsibility, is therefore: Help the owners of important assets to find the most appropriate solutions to face such a delicate period as correctly as possible.

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