Building and maximizing wealth requires vision and a well-executed plan
When crisis strikes, investors' top priorities are staying calm and having a solid wealth management plan suited to their risk tolerance. From there, it’s about seeing opportunities that may arise.
And there are always opportunities, says Éric Bujold, president of National Bank’s Private Banking 1859, a bank that caters to a high-net-worth (HNW) clientele.
“This is a crisis,” Mr. Bujold says of the COVID-19 pandemic that has wreaked global havoc the past few months. “This is where, if you do it well, you will create opportunities and you’ll be able to make positive moves for you and your family.”
There will always be difficult periods that will test your wealth management plans, Mr. Bujold says. The question for investors is whether their current plan still allows them to sleep at night during a crisis. If it doesn’t, he says it may be time to review their investment strategy.
“This is why you need a great plan to support your vision and most importantly a team that can execute it,” Mr. Bujold says.
That’s where Private Banking 1859 comes in.
An established bank with a startup mentality
Private Banking 1859, named after the founding of National Bank in 1859, was created a decade ago and maintains a startup mindset with 150 years of history and experience behind it.
“We don’t want to be the biggest. We want to be the best,” Mr. Bujold says. “We want to keep that agility and that entrepreneurial spirit.”
About half of its clientele are successful entrepreneurs and business owners, while the rest are C-suite executives, celebrity athletes and inheritors of family fortunes, to name a few.
“People are not coming to us to become wealthy. They’re coming to us because they’re already wealthy and want to maximize it,” Mr. Bujold says.
From investment advice to financial and estate planning, to banking and lending, to philanthropy, Private Banking 1859 offers every aspect of wealth management customized for each client with an authentic approach.
“When we created 1859, we had a vision: completely understanding the needs of the clientele while establishing ourselves as a trusted partner in all aspects of their wealth,” he says.
Mr. Bujold’s focus in establishing the division was to recruit the top talent for any situation or scenario that HNW clients might need.
“That is what is different about private banking. It’s our responsibility to make sure we have all the right experts at the table,” Mr. Bujold says.
Putting people first during a pandemic
Since the pandemic began, Private Banking 1859 has continued to offer around-the-clock service to clients, uninterrupted.
First, the executive team made sure all employees were safe and had the ability to support clients. Then, digital tools the division already had in place allowed clients to stay informed as the situation unfolded. The entire 1859 team quickly adjusted to working from home and more tools were added as clients embraced digital options.
In the first weeks, daily communications and video updates kept clients apprised of the virus and its impact on the economy. Clients' top priority was the health and safety of their families and communities, Mr. Bujold says.
The next priority was protecting wealth: The private bank’s team connected with its clients to examine their existing plans.
“We revisited with the clients to make sure that they’re still comfortable with the level of risk on their current portfolio, because you need to be comfortable. When you’re calm, then you see and analyze opportunities objectively,” he says.
Building and maintaining wealth for generations
Now, Private Banking 1859 is looking to the future for itself and its clients.
“This is where we have spent a lot of time, looking forward,” Mr. Bujold says.
He says Private Banking 1859 provides its clients with all of the services and advice they need to take care of their wealth and their families today and well into the future.
“Our clients are all people who were successful because of their values and their vision, and they want to make sure those values will continue for generations to come,” he says. “We have the right experts to support these families in realizing their goals.”
Advertising feature produced by Globe Content Studio. The Globe’s editorial department was not involved.