Closeness to clients and focus on clients’ needs distinguishes the LLB Group. This applies in particular to our team of experts who take care of fiduciaries, lawyers, external asset managers and public institutions in Liechtenstein and Switzerland. In recent years it has been shown that financial intermediaries prefer medium-sized financial institutions, which offer their clients individual solutions and have short decision-making channels. In Liechtenstein we have in place our own dense client network, in the highly competitive Swiss market we see potential that we intend to exploit in the next few years. We are focusing on preferred partners and their networks in order to enhance our competitiveness and improve efficiency.
Financial intermediaries expect a high level of service quality and knowledge in the provision of investment advice, prompt information on regulatory and investment issues, open and continuous communication, and a direct personal contact partner. In 2015, we continued the intensive advanced training of our experienced client advisers. We plan to introduce certification of our advisers in 2016. At the same time, in 2016 and 2017, we shall intensify our advisory services in Switzerland by holding round-table events and recruiting new client advisers.
The transfer of knowledge and a dense network of external partners are important for intermediaries. Our “LLB Xpert Views” online portal and our exclusive round-table discussions have become established as regularly used platforms. In 2015, we were able, among other things, to support our intermediary partners in implementing the US Foreign Account Tax Compliance Act (FATCA), which obligates financial institutions throughout the world to identify their US clients and to disclose their assets and earnings to the US federal tax authorities.
A further highly relevant subject in 2016 will be the automatic exchange of tax information (AIA). As an EEA state, Liechtenstein is among the group of early adopters of this provision (see chapter “Regulatory framework and developments”).
Investments in innovation
In 2015, we refined and restructured our care concept for intermediaries and put the finishing touches to a comprehensive service package. Our goal is to increase our market share in line with the new StepUp2020 strategy. In 2016 we shall expand our product and service offering, increase pricing flexibility and intensify communication. In a parallel step we shall also extend our dialogue platforms and adapt our products and services to suit current market conditions. Our client services are to become more personal and holistic so that we can develop solutions for end users together with our institutional clients.
Another part of our new B2B package offer includes a tool, which provides an individually coordinated, continual monitoring of portfolio risks for the end client. Accordingly, they also benefit from the LLB Group’s innovative investment advisory solution (see chapter “Private banking”).