Economic system for managing finances: the preferred choice of affluent individuals for subscription-based services.
Project Titan - Unleashing a Personalized Wealth Revolution, as Revealed by Julia Mariniych, Banker at Wealth IQ.
Welcome to the era of integrated financial services and personalized ecosystems, a trend highlighted by Julia Mariniych, a banker at Wealth IQ. Brace yourselves for Project Titan, her visionary brainchild that circumvents conventional banking barriers by crafting bespoke financial ecosystems tailored to each client.
Consider delving into your banking application; you'll likely encounter multiple monthly payments to digital subscription services. These may range from online cinemas and music streaming platforms to other assorted services. With this phenomenon gaining traction, it wasn't surprising that it was the focal point of a significant conference, organized by analytical company Frank RG in May, attended by representatives from both the financial and IT sectors.
At first glance, the subject matter of such subscriptions might appear unrelated to high net worth individuals, as it's challenging to envision a wealthy person and their financial advisers investing substantial assets on monthly payments for services with seemingly minor returns. However, upon further examination, Project Titan offers a novel perspective that illuminates previously unnoticed changes in high-end banking.
The concept of ecosystemicity has recently emerged as the new trend in developing subscription services and loyalty systems, as reported by 50% of market experts, as per Frank RG. In essence, a user who subscribes to, say, an online cinema, gains access to a multitude of additional services within a larger digital ecosystem. Instead of merely subscribing to Okko, customers can opt for "SberPrime," accessing Okko, "Sound," increased cashback, preferential deposit rates, and an array of enticing benefits, all under one rooftop where every decision is interconnected, ensuring a seamless transition between services. However, as observed by colleagues, operational complexities continue to escalate, with increasing demand for personalization and customization.
Now, let's translate these insights to working with high net worth individuals and their capital. Identifying discriminating patrons, investors within this segment have always been the most fastidious audience, implying that the degree of personalization and demand for it should only intensify. The notion of a subscription is to offer more than mere access to a financial services ecosystem; it should meticulously build a personal ecosystem around each client, tailored to their individual needs.
Here's How Project Titan Changes the Game
Established last year, Wealth IQ's "Your Family Office" is a pioneering endeavor in personalized financial ecosystem creation for high net worth individuals. To shed light on its intricacies, let's unravel the complex solutions it entails.
Infrastructure Management
This pertains to the artful selection of jurisdiction and assistance in opening accounts. Each capital owner possesses an established asset infrastructure - a repertoire of banks and brokers, with open accounts, legal entities in different countries, residence permits, and even citizenships. We help discern whether the overall structure is optimal and, if not, suggest improvements. Our broad network of over 70 partners in 14 countries facilitates this process.
Financial Support
This includes handling transactions, payments, transfers, and conversions in Russia and abroad, alleviating the client's burden and leaving them free to focus on other aspects of their lives. Our personal bankers expertly liaise with banks and brokers, ensuring smooth and uncomplicated financial transactions.
Tax and Legal Support
Our seasoned tax and legal advisors, with experience in the Big 4, assist with this. Common client requests currently revolve around preparing for the 2025 tax changes and structuring transactions. We also provide assistance with preparing declarations and comprehensive tax planning strategies tailored to the client's unique circumstances.
Investment Support
A comprehensive investment portfolio includes both traditional asset classes, such as stocks and bonds, and alternative investments like gold, real estate, and digital assets. We source exclusive alternative investment offers and help integrate them seamlessly into the overall investment strategy. We also provide a second opinion on investment decisions made by banks and brokerage companies, enabling us to assess the quality of tools and evaluate issuers on behalf of our clients.
In the realm of high-net-worth investors, addressing issues in one area (e.g., taxes) often sets off a domino effect, resulting in other interconnected solutions. This tendency is particularly prevalent when a person has a complex asset infrastructure. In such instances, a Family Office subscription offers a more effective solution. It provides a holistic view of all assets and continuous support in financial, tax, and legal matters across various jurisdictions. This approach simplifies and streamlines the management of finances, creating a cohesive and functional client-centric financial ecosystem.
The Open Architecture Edge
Where classical private banks are confined by their own infrastructure, Project Titan harnesses open architecture to offer broader, unparalleled possibilities. Imagine you wish to open a deposit. Traditionally, you'd approach a bank, and a personal banker from the private banking department would inform you of the deposit rates provided by the bank itself.
However, within the Wealth IQ ecosystem, the banker's role extends beyond these boundaries. They emphatically present various deposit rate options available across all banks, not just those based in Russia, thus promoting Project Titan's open architecture as a distinctive market advantage. This setup is reminiscent of how Family Offices operate in Switzerland.
The demand for open architecture is presently strong in the Russian market, as per a study by the World Economic Forum and Accenture. It indicates that 67% of European investors distrust their consultants because they believe these professionals prioritize their banks' interests over the clients'. This mistrust is echoed by Wealth IQ's own client feedback, with some expressing their feelings: "It feels like our interests align."
Since its inception in less than three years, Project Titan's reach has expanded to encompass more than 490 wealthy and ultra-wealthy clients, over 70 partners, and eight family offices, making it a force to be reckoned with in the private banking sector.
Join Wealth IQ as we revolutionize the financial management industry by crafting personalized digital ecosystems that ensure transparency, efficiency, and best-in-class service. Together with our dedicated team, we pledge to transform your capital from a scattered assortment into a cohesive, well-oiled financial machine, catering to your every need.
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In the context of Project Titan, high net worth individuals could potentially benefit from investing in personalized financial ecosystems, as these services aim to optimize their financial structures, manage transactions seamlessly, and provide customized tax and legal advice. Furthermore, Project Titan's open architecture allows for the exploration of various financial options across different institutions, ensuring that wealth management aligns with each client's unique interests.
