Private bankers should regard family offices as opportunities to win more business rather than as a threat, Reinhard Krafft, head of private banking at German bank Sal Oppenheim, told the Reuters Wealth Management Summit. "Family offices are very close to our heart," he said. "It's about taking care of family finances and being as neutral as possible about selecting the right products and right managers. We have to prove we can give independent advice. If we don't, the client might leave us." He also warned that the increasing importance of the family office practice might lead to some price pressures. "The family office as clients is a very institutional business," said Mr Krafft. "They obviously will put pressure on prices where they can." Paolo Molesini, head of private banking at Italian bank Intesa Sanpaolo, said family offices might end up being customers of private banks. "Family offices are growing but you know, we can serve a family office. We serve the family office so it's just another intermediary, but at least ... the family office needs always a bank to serve the client. Family offices are good clients for us," he said.