Private bankers and wealth managers need to establish close relationships with their customers if they are to win in a fragmented and highly competitive private banking landscape, according to a global report from Davies Hickman Partners. Today’s Private Clients – Opportunities for Innovation in Private Banking and Wealth Management was commissioned by UK telecoms giant BT; it explores the growing market for wealth management services. In particular, it aims to help identify how to gain customer trust through a better understanding of the changing lifestyles, attitudes and behaviours of high net worth individuals. The findings suggest that the most successful private banks and wealth managers will be those that recognise that changing private client trends go beyond a strong working partnership. While the ability to establish and maintain personal relationships remains critical, new clients are increasingly demanding convenience and accessibility to their finances and will actively encourage the use of new communication channels in order to meet these requirements. Marcus Hickman, managing director of Davies Hickman and author of the report, said: "The research showed that private banks need to improve communications and servicing to meet the needs of a new generation of private clients who are technology savvy, mobile and increasingly diverse in their life styles.” The report is based on 50 in-depth interviews with high net worth individuals, bankers and wealth managers in markets that include Australia, Dubai, Channel Islands, France, Germany, Gibraltar, Holland, Hong Kong, Luxembourg, Singapore, US and UK.