Wealth management in private banking is no longer limited to an annual meeting with an advisor. The European regulatory environment, the DSP2 directive on open banking, and the digitalization of tracking tools have changed the way wealthy clients manage their assets. At BNP Paribas Private Bank, these developments translate into concrete features that deserve careful examination.
Multi-bank wealth aggregation: global management through open banking
The consolidated view of wealth, including assets held outside of BNP Paribas, represents an operational lever for clients with accounts at multiple institutions.
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Thanks to APIs compliant with the European DSP2 directive, the client space aggregates current accounts, savings accounts, PEA, and life insurance contracts subscribed to at other French or European institutions. The result: an allocation by major asset classes calculated across the entire financial wealth, not just on BNP holdings.
For a client with assets spread across several banks (which is common among diversified portfolios), this consolidation changes the game. It allows for the identification of exposure duplicates, underweighting in certain asset classes, or tax inconsistencies between wrappers. Before open banking, this work required manually compiling statements from different institutions, a time-consuming and error-prone approach. To explore BNP Paribas private banking services, this aggregation feature serves as a concrete entry point.
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Digital mandate management: what MyMand@te changes daily
Mandate management has long existed in private banking. The client delegates investment decisions to a manager, within the framework of a defined risk profile. What has changed recently is the level of transparency and responsiveness offered by digital tools.
BNP Paribas Private Bank’s MyMand@te tool allows for online tracking of managed portfolios with downloadable reporting. Clients can access performance, fees charged, and unrealized gains from their personal space. Each reallocation made by the manager is notified, accompanied by its justification.
Transparency on fees and reallocations
The issue of fees remains a sensitive topic in private management. The reports generated by MyMand@te detail management fees, transaction commissions, and the total cost of the mandate over the consulted period. This granularity allows the client to objectively compare the cost of delegated management with that of advised or discretionary management.
Field feedback varies on this point: some clients appreciate the increased clarity, while others find that the multitude of notifications creates a form of noise that can lead to emotional reactions to short-term fluctuations. A detailed report benefits from being read with the perspective of an investment horizon suited to one’s risk profile.
BNP Paribas wealth engineering: structuring and transmission
Beyond financial placement, private banking intervenes in the legal and tax structuring of wealth. BNP Paribas has a wealth engineering team described as independent from the commercial teams, with more than 120 dedicated private bankers and 15 locations in France and Monaco.
The topics addressed cover a wide spectrum:
- The preparation and tax optimization of a business sale, articulating the professional and personal wealth of the manager
- The establishment of gradual or residual donations, taking into account the civil and tax framework specific to each family situation
- The use of holding structures (civil companies, wealth holdings) whose relevance depends on the volume of assets and family complexity
- Anticipating the manager’s retirement, with projections of future income via the MyWealthPlanning tool
Limits of the global approach
The support “from creation to transmission” offered by BNP Paribas implies a long-term relationship. Objectively comparing the effectiveness of this support with that of an independent management firm or a competing private bank remains complex, due to the lack of harmonized public data on net performance after fees. The awards received, such as the Euromoney award for best private bank, reflect industry recognition but do not directly measure client satisfaction or the actual return of portfolios.
MyWealthPlanning tool: wealth simulation and scenario projection
The MyWealthPlanning tool, accessible from the e-Private space, offers a three-step simulation: wealth situation, objectives, summary. The announced filling time is three minutes.
The principle is to project the evolution of wealth according to different scenarios (real estate investment, retirement preparation, business sale, transmission). The tool takes into account the financial wealth to be invested and the chosen investment horizon.
What the tool does and does not do
MyWealthPlanning provides an initial quantified snapshot, useful for structuring a discussion with a private banker. It does not replace a complete wealth analysis integrating personal taxation, matrimonial regimes, or shareholder agreements. The tool serves as a starting point, not a conclusion.
For complex wealth (assets in multiple countries, stakes in unlisted companies, property dismemberment), automated simulation quickly reaches its limits. This is precisely where the intervention of a wealth engineer takes over.
Digital or relational private banking: a hybrid model to evaluate
BNP Paribas has recently proposed a 100% digital model via e-Private, with a team of experts available six days a week. This hybrid positioning (digital for daily tracking, human for structural decisions) responds to a growing demand for autonomy among wealth clients.
The risk of this model lies in the quality of the transition between the digital interface and human advice. A client who identifies an anomaly in their MyMand@te reporting should be able to quickly reach a qualified contact, not a general customer service. Conversely, a private banker relying on real-time aggregated data can make more precise recommendations than with a wealth statement updated once a year.
The choice between 100% digital management and agency support depends less on technology than on the degree of wealth complexity. A financial portfolio concentrated on euro funds and ETFs can be effectively managed remotely. An international succession involving three tax jurisdictions requires in-depth exchanges that digital alone cannot cover.