PRIVATE BANKING IS ABOUT HUMANS FIRST
Wealthy clients are looking for a fresh perspective and more authentic approach
The conversations aren’t just about money — they’re about values and goals, change and growth, new chapters and legacies. These conversations are even more important during uncertain times, such as the pandemic, which bring to light the importance of human connection.
Wealthy clients expect more from their financial relationships, says Sheila Jarvis, regional vice-president of National Bank Private Banking 1859. For these clients, private banking has to consider the big picture, while understanding every detail. Even within one family, there are multiple generations and dynamics to explore.
“We really get to know the client through these conversations,” says Jarvis. “[We learn] what their risk tolerance is, their values, their goals, their dreams, their cultural background. So many things go into that conversation, so that we can be a real partner and have a positive impact on the lives of each of our clients.”
AN EMERGING SOCIAL CONSCIOUSNESS
Canadian wealth management is on the verge of massive transformation, Jarvis says, and she wants her team of trusted advisors to be part of the change. Her team is seeing a shift in demographics as older generations pass their wealth on to the next generation.
“The older generation is retiring, but they may want to reinvent themselves, leave a legacy,” she says. “Many individuals in all demographic groups are reinventing themselves, they are pivoting in this current economic landscape. There is a shift in the activities of wealthy families due to generational preferences and the transfer of wealth.”
Jarvis believes this younger generation seems to be interested in philanthropy and social investment, which can tap into Private Banking 1859’s expertise. She says these values are likely to shape the landscape of personal wealth.
“I think we’re going to see young people doing really amazing things in this world,” says Jarvis. “After going through the past months and seeing how that has impacted people both mentally and physically, our world has changed dramatically. It’s not the same anymore. So what kind of legacy do they want to leave? We’ve seen that shift in people’s mindset.”
Private banking may have traditionally focused on credit and investments, but Jarvis expects new priorities will revolve around advice, tax, estate, trust, philanthropy and insurance areas.
A PASSION FOR PEOPLE
Jarvis’s journey spans more than 25 years in the industry, pivoting between corporate strategy, personal and commercial banking, consulting and HR. The bulk of her career, however, has been spent in private banking — a people-focused area she finds fascinating.
“It’s one segment I’m really passionate about,” she says. “I love learning about clients’ lives, how they built their wealth and what makes them tick.”
In 2015, Private Banking 1859 opened two offices in Western Canada: Calgary and Vancouver. Jarvis moved from Ontario to launch the Vancouver office, which was a new, niche player in a big, diverse market.
“We were definitely starting from scratch,” says Jarvis. “It was the most exciting journey — and very entrepreneurial, which I love.”
She describes Private Banking 1859 as a red-carpet banking experience in its new high-end office opened earlier this year, with an emphasis on aesthetics, privacy and human-centered, personal service. During the pandemic, the team of experts can provide you with full service remotely. Jarvis assembled a new team who build a client base from the ground up. As a full-suite, 24x7 financial firm, Private Banking 1859 uses this deeper understanding to build mutual trust and respect — and the best solutions for each client.
With the success of the Vancouver office behind her, Jarvis returned home last year to expand the presence of Private Banking 1859 in Toronto. The new office on King Street introduces the firm to a rapidly growing base of wealthy clients in the region.
“We’re definitely on a trajectory. It’s exciting; I think clients were looking for something different. And I’ve hired an amazing team of people. They care about each other and they care about the clients,” says Jarvis.
She hears from clients time and time again that they don’t want to be part of a large portfolio of clients. “They really are looking for more of a customized, niche, integrated approach to advice. I think it’s becoming more of a personal approach to private banking,” she says.
These busy individuals don’t want to describe their background to 10 different people, she adds — they want one trusted advisor who can assemble expert teams on their behalf.
“We really think about how to go beyond our client’s expectations,” says Jarvis. “How can we provide the best client experience? We’re driven by that.”
To learn more about National Bank Private Banking 1859, please visit: privatebanking1859.ca.