CaixaBank Private Banking is launching a new service, “unique” in Spain, that reportedly aims to combine “agility” in portfolio construction with “maximum” personalization in advisory.
CaixaBank Private Banking presented its service, Advisory GPS (Global Portfolio Strategy), which is said to bring together agility and efficiency in portfolio construction with the personalization of advisory, creating an innovative service in Spain.
This service will be available to all private banking clients, including Independent Advisory and Wealth clients, who asked for it.
They are now able to choose the portion of their portfolio to adhere to the service, with an “explicit fee and clean share class access” for non-independent advisory customers, while independent advisory customers will “have the service included in their existing fees.”
The Advisory GPS service offers access to a variety of investment options, allowing customers to choose between funds, ETFs and securities.
Irrespective of the actual instrument, clients may decide the level of risk they want to assume, the type of bias they want to give to that segment, and depending on the assets to be allocated, they can “diversify into alternative assets. Customers will regularly receive investment proposals from their manager to align that portfolio with the entity’s strategic positioning.”
Each investment proposal will now reportedly include the rationale behind suggested changes, “strengthening the value for money of the advisory services, improving managers’ proactivity, and ensuring optimal portfolio construction.”
With Advisory GPS, CaixaBank Private Banking expands its offering, generating added value efficiently by using tech and “creating a new relationship framework with clients.”
This service is part of a platform change for all private banking managers called GPS (Global Portfolio Strategy), which combines CaixaBank’s private banking capabilities and technological “advancements with the strengths of Aladdin Wealth, investment management technology from BlackRock that drives portfolio transparency and efficiency for advisors to deliver personalized solutions to clients.”
This platform is the “first” collab between CaixaBank and Aladdin Wealth and has been customized for several months for its application in CaixaBank’s Wealth Management area, “creating a unique and pioneering ecosystem in the sector in Spain.”
The GPS platform will be integrated into CaixaBank’s private banking managers’ operating systems, allowing them to have “control of their clients’ positions – both independent and non-independent advisory services -, analyze their portfolios, generate investment proposals adapted to their preferences and objectives, and communicate them.”
Via a graphical interface, GPS offers advantages over other solutions such as an aggregated view of the manager’s client portfolio “by asset distribution, risk, and profitability; greater capacity to perform in-depth position analysis through filters and scenarios; and enrichment of investment proposals and client follow-up reports.”
Thus, GPS allows control of the portfolio risks by simulating their behavior under different scenarios, through indicators and metrics that translate into alerts to the manager, “facilitating day-to-day portfolio control, reducing reaction time, and speeding up decision-making.”
CaixaBank’s private banking business consists of a team of more than 1,100 highly qualified and specialised managers, with an “average experience of 15 years, servicing 75 exclusive private banking centres and 11 exclusive Wealth centres, ensuring its customers are always provided with close support.”
The commitment made by CaixaBank Private Banking towards its digital transformation has been conceded in multiple occasions.
These distinctions consolidate CaixaBank as Spain’s referent in the private banking sector as a result of its model, which is based on advising and accompanying its customers “through its range of exclusive and innovative products and services so as to best meet their ever-changing needs.”
CaixaBank Private Banking’s value proposition offers service models to adapt to each customer’s needs and preferences, ranging from those who demand independent and “not so” independent advisory services to those who operate at their own initiative in the “management of their assets using a platform with global capabilities for investment in securities, funds, saving plans and other management products.”
