In conversation: Bruno Lèbre, Societe Generale Private Banking

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The Societe Generale head of business development, private banking, discusses the dynamic role of risk intelligence in the wealth management space.

IBM: The nature of the wealth management industry has evolved dramatically in recent years. Can you share your perspective on this evolution?

Bruno Lèbre: I think that there are two major evolutions. The first is regulatory: all of the measures that have led to a much more constrained legal environment, not only on the tax side but also — and perhaps more significantly in private banking — regarding transparency. Our model is based on a high level of transparency, because we try as a business to deliver a full disclosure in order to select the best products for our clients. In private banking the practitioner is traditionally compensated based on financial products. But the trend from global regulators is to change this revenue structure: to have private banking practitioners directly compensated by their clients for the services provided, and no longer indirectly by product providers on the basis of the products subscribed. 

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