Is it only the size of the portfolio that determines that it is time to turn to private wealth management? What do you need to know to determine if it is for you or not? Foray into this little-known universe with Mario Caron, associate vice-president at Banque Nationale Gestion privée 1859, and his client, Louis St-Laurent, CEO of Master, a distributor in heating, air conditioning, air quality and geothermal energy .
“Me, I’m not very good at financial planning: I’m an entrepreneur,” says Louis St-Laurent. The day I sold part of my business, I was at the notary and called Mario [Caron] to tell him that I was about to have a large sum of money and that I hadn’t thought about what to do with it at all. He helped me plan it all. “
“We have several clients who are entrepreneurs who are passionate about their work and who have little or no interest in their personal finances and they don’t have time for that either,” adds Mario Caron. Our role is to support them, to do everything we can to make their lives easier. “
Private management is not just a question of investment either. It really is a comprehensive solution. Lately, moreover, Louis St-Laurent was in Mexico where something happened to his credit card. “Twenty-four hours later, I had a new one,” he says. I really receive unparalleled personalized service. ”
But sometimes, private banking comes to meet more complex needs.
I had to make a will and it was a bit complicated, so I was guided, I was supported in different ways. The good thing is that we always deal with the same team at Private Banking, so she knows me. I call if I need to and there is always someone to save me. It’s like a buoy!
Louis St-Laurent, Chief Executive Officer of Master
Complex situations
For Mario Caron, it’s not just the size of the portfolio that determines whether someone should go for private banking. “It’s more a question of the complexity of the needs,” he explains. Usually, there is a trigger such as the arrival of an inheritance or the sale of a business that suddenly causes the person to see their personal finances change and find themselves with complex needs that require different. private management services. ”
For Louis St-Laurent, the path came naturally. He had been a client of the National Bank since the mid-1980s and so had his company. “I first bought the shares of the founder of the company who was a minority shareholder, then I bought the other shareholders and after ten years, when I had finished paying everyone , I started to make money, he says. At one point, I had to structure myself. Mario’s team carried out financial planning and knew how to evolve with my needs. ”
To achieve such results, the client must of course take the time at the beginning to open his books and have a good discussion with the team who will manage his estate.
“When you go to see a doctor, you have to have a health check-up and a blood test to have a diagnosis,” illustrates Mario Caron. With us, you have to do a good analysis of the financial situation of the client and his family before making a plan. It is work for the client, but after that we take care of their finances from A to Z. And there is no recipe to follow. It all depends on the needs of each family. ”