Ultra-rich clients of private banks are often spoiling for a fight – and their wealth managers need to be ready to give them one, ex-hostage negotiator Matthias Schranner tells finews.asia-TV.
With wealth managers increasingly going after the ultra-wealthy, the advisers who can deal with those with more than $50 million in assets are in hot demand. What distinguishes these clients, and how can private bankers command their attention?
«These guys, they love conflicts. They are very successful because they never avoided a conflict,» negotiation expert Matthias Schranner tellsfinews.asia-TV in an interview.
«Based on our experience, these guys want a partner to spar with, come up with their own demands, and to challenge the clients,» Schranner says.
Schranner is a former German policeman who trained as a hostage negotiator with the U.S. Federal Bureau of Investigation (FBI). The 54-year-old German now advises political parties, the United Nations, and corporations such as wealth managers in negotiations.
«If a client is challenging you, then you shouldn’t avoid a conflict. You want a fight? Be my guest – you will get one,» said Schranner, who also advises in Asia and Switzerland.
«Our understanding of hardball negotiations is just that you have demands, you know what you want, and that you are ready to compete, ready to state your demand, offering no cooperation at the beginning and that you don’t avoid this power struggle.»
Click here to see how Schranner recommends private bankers navigate the delicacies of fights in ultra-rich families, and how to go from conflict to negotiation.