RESCU: What is private banking and who is eligible to get it?
Ralf Haase: Private Banking is a generally accepted term for financial services provided to High Net Worth (HNW) and Ultra High Net Worth (UHNW) individuals. There are a number of definitions, but generally speaking HNW have investable assets of more than $1 million and UHNW have investable assets of more than $10 million (definitions may vary between institutions).

These are assets available outside of the primary residence and may or may not include savings in their superannuation account. Private Banking generally prides itself on a highly personalised and trusted service provided to either the individual or his/her family, as opposed to a corporate or business.

In the context on the Australian Private Banking landscape, various financial institutions provide personalised services and trusted advice to sophisticated investors who demonstrate an intent to either ‘borrow’ or ‘invest’ at least $1 million (minimums may vary depending on the institution). ‘Borrowing’ would include items such as a loan for a residential property, or an investment property loan, credit cards, foreign exchange needs, some type of commercial lending for a smaller business; whereas ‘investing’ involves seeking advice related to managing a portfolio of shares or investments, which could be as narrow as simply domestic shares or more broadly discussing an approach of building a well-diversified investment portfolio.

RESCU: What are the top 3 benefits of moving to private banking? 
Ralf Haase: At Commonwealth Private our clients receive priority access to a range of financial opportunities and access to a team of dedicated banking and advisory specialists.
We particularly pride ourselves on the following three items:

• Personalised service with a dedicated person looking after your particular needs.
• Direct access to a Private Banker and/or Financial Adviser to seek optimal solutions for your needs, whether it is a lending need or an investment advice need.
• Understands our clients’ circumstances to support them and their immediate family directly in achieving their financial goals.

RESCU: Are there any additional fees and costs associated with private banking? 
Ralf Haase: There are a number of different fee structures and models applied across our industry. It is best to speak to a Private Banker or Financial Advisor about the specific services and products you require to determine any fees or costs associated.

RESCU: How can you approach your financial institution to request assessment for private banking? 
Ralf Haase: Typically the easiest way is often to call the institution. We also find that many clients are referred to a private banker, after speaking with a friend, colleague or family member who already enjoys the benefits of a private banking relationship.

In an initial meeting with the Commonwealth Private team we will generally try and get a sense for your objectives and what you are trying to achieve, be it a particular need to ‘borrow’ funds for a particular investment, or seek help in the management of your investment affairs. In both cases if your desire is to have a more personalized service as opposed to dialling a general help line or a call centre, private banking is a worthwhile consideration.

Once you have a qualified Private Banker or Financial Adviser on the phone, it will be relatively straight forward to assess in which part of the financial institutions your needs can best be satisfied and supported.

RESCU: What are some of the additional services offered to private banking clients? 
Ralf Haase: Services offered to private banking clients may include strategic financial advice, portfolio management, management of banking requirements, wealth protection, and brokerage and research.
Benefits of private banking include personalised service, holistic and sophisticated advice and access to a broad range of opportunities that exist.

This includes having a ‘dedicated point of contact’ – a relationship with someone who understands and proactively anticipates your financial needs, frequently and proactively contacts you, and offers a wide range of suitable products and services which are screened for relevance. Those benefits come to life as your affairs increase in complexity and you need a helping hand in terms of debating what your best options are and what the different ways are to achieving very specific outcomes.

RESCU: What are your top tips for wealth management to private clients big and small? 
Ralf Haase: Focus on ‘value’ not ‘price’, good advice and good support does cost money. Do your research, ask around, and interview a number of Private Bankers and/or Financial Advisers. You will find that most people are willing to give you time and insights into helping you find the right solution for your needs. Be open minded and not adverse to debating different views and opinions.

RESCU: What are some of the financial benefits of being a private banking client? 
Ralf Haase: For many clients the benefits of private banking lies in the access to personalised service, tailored and holistic advice, and access to a full range of opportunities that exist. In the feedback we’ve received from our clients we know this is something they truly value.

Ralf Haase was a speaker at the deLux Forum 2013

Article from Rescu.com.au

For more information, visit  www.commonwealthprivate.com.au

The vast majority of the 800 women at Harvard’s W50 Summit, remained seated. “I want to give every woman in this audience not just the permission but the encouragement to stand up the next time that question is asked,” she said.

Watch her address and read more here.

Rachel Botsman writes and speaks on the power of collaboration and sharing through network technologies, and on how it will transform business, consumerism and the way we live.

Watch her TED talk here.

I just wanted to congratulate you on a really interesting, insightful and thoroughly luxurious retail conference held in the superb surroundings of the Art Gallery of NSW …. both Marina and I had a very positive day and we look forward to booking up for the next one! Well done …. you killed it!! – John Mutton, General Manager, Burberry Pacific Pty Ltd

I loved Emma Alberici, she is such a good journalist and author. The sessions by Tory Frame, Ralf Haase and Viola Raikhel-Bolot were excellent. Andrew McEvoy was great value. Megan Quinn was gorgeous … congratulations. – Marina De Luca, Retail Operations Manager, Burberry Pacific Pty Ltd

Thank you very much for the opportunity to be part of the inaugural forum yesterday. I thought it was a terrific event … it feels like you are onto something that can become quite significant on the yearly calendar for the luxury segment.  It was handled with professionalism, courtesy, respect and a good dose of humour, which made the entire event very pleasant and insightful. The cocktail function at the end was fabulous. – Ralf Haase, Head of Commonwealth Private Office, CBA

Warmest congratulations.  The deLux 13 Forum was a great success … thank you for including me. – Philip Corne, Chief Executive Officer, Louis Vuitton Oceania

Congratulations on the inaugural DeLux13 forum. I thought it was a very well thought out and executed program. I found many of the sessions to be incredibly informative and interesting. – Mika Bailey, Managing Director, Ferragamo Australia Pty Ltd

Please accept my heartfelt appreciation for being included in yesterday’s wonderful event. Together you have created a highly professional and genuinely interesting seminar, one that will be followed. – Suzanne Santos, Country Manager, Aesop

I wanted to wish you both very warm congratulations on the triumphant success today – which was deLux13! Again, my compliments on an exceptionally informative and seamlessly organised day … it was a privilege to be involved and a delight to see that calibre of conference in Sydney. – Viola Raikhel-Bolot, Managing Director, 1858 Ltd. Art Advisory

Well done on a great first conference, loved it all.  Everyone had a good time – it was thought provoking  … very grateful to have been part of it. – Alison Veness, Editor, 10 Magazine Australia

Ai San and I enjoyed the day and were able to gain varied insights throughout the day … congratulations on an excellent event. – Rosi Fernandez, Managing Director, La Prairie Group

I heard from Renaud and other industry peers who attended Monday’s deLux13 conference that it was a success, with many using words such as inspirational, motivational and a great networking opportunity to describe it.  Congratulations to you and your team. – Nicole Parker, Marketing Manager Australia & Oceania, Nestlé Nespresso S.A

Congratulations on such a successful forum! It was definitely an event we would attend again in the future given the high quality range of speakers you attracted. – Siobhan Lee, Senior Associate Gaming & Retail, Citi Research

Ladies – Excellent job, congratulations. I was proud to have been a part of the day and more than happy to discuss next years event whenever you’re ready…! – David Abela, Founder/Managing Director, 3DEGREES Marketing

Just wanted to say thank you for a great day yesterday and providing the opportunity for me to attend. Really great series of sessions and a strongly diverse group of professionals and presenters – look forward to hearing of the next big luxe session. – Jo Butler, Managing Director, Platinum Media & Communications Pty Ltd

Thank you both for Monday. I thought it was so well organised from the venue to the food to the staff working on the day. The speakers were all fantastic and I truly did get a lot out attending the event. – Julie Haslam, Marketing & Communications, AUDI Centre Sydney

Really enjoyed being apart of your forum.  Speakers were really good. I thought Tourism Australia was great. – Greg Dring, Executive Director, Macquarie Research Equities

Congratulations on a great event … we’d love to be a part of it for 2014 too. – Darren Jahn, Communications & Education Manager, Robert Oatley Vineyards

Congratulations to you both on your incredible inaugural ‘deLux13′ forum yesterday!  We thought Tory Frame was brilliant, as was Emma Alberici as moderator extraordinaire. Also found the balance of keynote presentations, Q&A and panels very refreshing – in fact, beyond expectation.  We found deLux13 thought-provoking, inspiring and a real forum / crucible for new ideas and exchange of information. Thank you for such a finely-picked, carefully curated ‘degustation’ of top-calibre speakers and experts in the luxury market. It was great to hear different perspectives – from financial to strategic to practical, ‘hands-on’. – Claire Montgomery & Ian Kortlang

Thanks for inviting me to be part of deLux13.  I really enjoyed the event … it was great to be on the panel with Megan and Karin. – Jo-Ann Hicks, Director of Fashion, eBay Australia & New Zealand

Congratulations on putting together such a stellar event yesterday.  I got so much useful information from each of the high-calibre speakers. – Susie Stenmark, Creative Director, STENMARK

I had an informative and intuitive experience. I also had the opportunity to network … It’s very rare to have almost all the main players in the luxury industry all in one room and to this accolade I congratulate you, Melinda and everyone involved on a successful event. – Patrick Esangga, Marketing, Public Relations & CRM Manager, Ermenegildo Zegna Australia

Congratulations ladies on a spectacular day filled with so many influential brand leaders and unquestionable business insight into the diversity of the global luxury sector. – Tracy Harris, National Advertising Manager, The Messenger Group

Congratulations to you and your team … I enjoyed the forum looking forward to ’14. – Barry Freedman, Barry Lorna Freedman

I hope you enjoyed your day as much as everyone else did. It was a seamless, fabulous event. You chose your speakers well. – Megan Quinn, Q&CO.

Congratulations on today … an absolutely amazing event that was enjoyed by all … so impressive on every level. Well done to you both. – Bahar Etminan, Editor and Founder, Rescu.com.au

Thank you so much for an excellent day yesterday at the deLux13 forum. Congratulations … the quality and extent of the speakers was just fantastic and it was a great pleasure to meet so many new and exciting people. – Kim Knudsen
, General Manager, Stedmans Hospitality, Promotions & Q Talent

Congrats on a great day. Really enjoyed the breadth of speakers, beautiful venue, and great mix of attendees. – Lucinda Pitt, Vice President, Communication & Strategy, Napoleon Perdis

Post by av at 10magazine.

Greg Dring, Executive Director Macquarie Research Equities joined the company 24 years ago. As an industry expert Greg authors, commentates and presents on industries and stocks under his coverage to a broad audience including investors, industry participants and listed corporates.

One of his areas of expertise is the retail industry. The world, not just Australia has seen a dramatic change in the retail landscape. Businesses have had to think out of the square when it comes to landing sales, with the internet becoming their no.1 competitor. Some retail businesses have sunk, whilst others are forging ahead… so it’s imperative that retail changes its way of thinking.  Remember, keep your competitors close!

No doubt Dring’s thoughts and conversation will create debate at the deLux13 Forum. He will discuss the online phenomenon in how we shop and if it is about simply growing the retail pie or cannibalising the existing.

Are retailers employing pro-active or reactive strategies? Join the debate at the deLux13 Forum on the 18 March at the Art Gallery NSW, where Dring will gauge the audience in a conversation that is both a large, and quite possibly, a survival topic for some to ensure relevance today.

Macquarie Bank started in 1969 as merchant bank Hill Samuel Australia (HSA), a subsidiary of Hill Samuel & Co. Limited, London. It opened its doors in Sydney in January 1970 with just three staff. The Australian bank is not just a bank though as today it also offers financial, advisory, investment and funds management services from more than 70 offices around the world.

By Cassandra Murnieks

When you think of American Express,  you think global, credit cards and travellers cheques. Amex cards account for approximately 24 per cent of the total dollar volume of credit card transactions in the US, showing the power of the brand. Businessweek Magazine ranked American Express as the 22nd most valuable brand in the world, estimating the brand to be worth US$14.97 billion and Fortune Magazine has listed the American company as one of the top 20 Most Admired Companies in the World.

deLux13 Forum welcomes Trena Blair as one of its keynote speakers. Trena is General Manager/Vice President for American Express Business Travel for Australia and New Zealand with responsibility for developing and delivering the Business Travel strategy.

After moving to the USA in 2008, Trena joined American Express Business Travel where she was appointed as Vice President, Product & Marketing for The Americas.  In 2010, Trena was transferred to Australia to assume the position at American Express as Vice President, Product and Marketing. Prior to working for American Express, she worked for Westpac.

Blair will engage the audience at deLux13 Forum in Sydney on the evolution of American Express in the Australian market and the shifts in customer spending patterns and how their premium customers use the concierge service in different ways. Today, consumers are after much more and of course they have more choice…. it’s about more bang for your buck and VIP benefits and how Amex have managed to introduce and deliver this successfully in a largely egalitarian society.

To understand how  Australians are taking advantage of these benefits, take advantage in getting to know more about one of the most well recognised and admired brands in the world at the deLux13 Forum at Art Gallery NSW on the 18 March.

By Cassandra Murnieks

RESCU: How did you get your start in the Luxury Sector?
Megan Quinn: Both my private banker and my partner would attest that it’s very unfortunate that I have innately expensive taste. I have since a very young age. My mother has impeccable taste, and she and I enjoyed discussing interiors and fashion as I grew up. Being brought up in Brisbane, it was frustrating that all of the stockists listed in the back of Vogue were to be found in either Sydney or Melbourne. (This was obviously a motivator with Net-a-porter, to provide accessibility to designer fashion, no matter where you lived.)

I remember the frisson of opening my fourteenth birthday present. I think it was a Peter Weiss white linen top and brown linen goucho pants (!!) which had been featured in a Vogue editorial story. I was incredibly fortunate to be put on the Mirage Resorts campaign not long after I graduated. As an art director, I would have to source jewellery and other props for the shoots. Consistently I would choose the most expensive items in the store, even if they were the smallest and least assuming.

I think that’s why I was considered a luxury expert, even in London. One can’t be taught taste levels. It’s an intuitive, innate way of thinking and appreciation of provenance, design and craftsmanship.

RESCU: You are a pioneer in the online retail industry, what opportunities do you see arising in the future for online businesses? 
Megan Quinn: The opportunity is to seize innovations and to make them work for your business. So many people ask me, “what’s next?” I have no idea, but nor do you need to. What I am certain about is that businesses need to be flexible and agile enough to seize opportunities as they present themselves. They need to be decisive about the plethora of innovations that are available, and choose which ones suit their business and could serve their customers well. There is absolutely no doubt that mobile apps and m-commerce are essential for every business. There are over 10 million smartphone users in Australia. In the UK last year, 9 billion GBP was spent by smartphone users as they passed shops, according to the Future Laboratory. Fundamentally, if a business isn’t smartphone enabled they’re ignoring their customers, and losing opportunities for commerce and connection.

To me, that “connectivity” is the key for not only online business, but also bricks and mortar. Customers are now looking for an authentic relationship with and around the brands they buy. This calls for an essential dedication to an empathetic experience. For far too long the focus has been on short-term goals, efficiencies and returns on investment at all costs. The customer has spoken. I’m excited for what this means for business in Australia. There are enormous opportunities to make the product and destination (be it online or offline) enticing and rewarding for both customer and the bottom line. There needs to be an urgent shift of focus from the transactional to experiential, emotional and personal.
I could go on for hours about this. Don’t even get me started on discounting!!

RESCU: From advertising and publishing to retail, airlines and hotels, it seems you’ve explored all areas of the luxury sector. What’s your biggest achievement to date? 
Megan Quinn: My father has diabolical handwriting, and as a teen, he would ask me to write quotes that resonated with him so that he could carry them in his wallet. One was The If Man, but Rudyard Kipling. There are so many lines in that poem that inform the way I try to live my life. Of course the most well known two lines, “If you can meet with Triumph and Disaster
, And treat those two impostors just the same” are most pertinent here. To that end, I would just as happily talk about my many disasters as I would my perceived successes. Obviously, co-founding Net-a-porter would be one.

No-one is really that interested in Partners in Grime, the cleaning company I started in London during the recession in the early ‘90’s. While I concede that it’s not that sexy a story, and it didn’t enjoy the same levels of global success that NAP has, I hold it equally dear in my heart.

Actually, without a doubt, my greatest achievement has been the people I’ve surrounded myself by. I was fortunate to have some exceptional roles models in the CEO’s and Chairmen I worked for. I’ve learnt from and been supported by some incredible colleagues and staff.

RESCU: Net-a-Porter was an extremely innovative and unique business, did you have an ‘aha’ moment when you knew it was going to work? 
Megan Quinn: There were several “aha” moments – which is why we felt so strongly that it would survive. Natalie (Massenet) who was a former fashion editor, wanted the site to be like reading Vogue, but with the ability to click and buy…truly nirvana for any woman who was interested in fashion. Mark (Quinn-Newall) another co-founder, had the idea of creating a unique DDP system (taxes and duties paid) which was to be a world first and meant that the customer was fully aware of all costs and didn’t receive any nasty surprises a few days after receiving her goods.

As creative director, my role was to create a site that was appealing and intuitive to our customers and to create a level of service and experience that was akin to shopping in Prada, Gucci or Chanel. Back in 1999 and 2000 websites looked very different to what they do today. They all seemed to be designed by skate-boarding male teens. They weren’t “talking” to me. I wanted this to be the best website in the world. Natalie and I wanted it to be a chic new way of shopping. The site needed to be designed by women for women.

The other “aha” moment for me, was with the packaging. We were asking women to take a leap of faith, shopping with us via a computer in lieu of the entire in-store experience they would otherwise enjoy. We were also asking the brands to trust that we would be worthy brand ambassadors for them. I realized that the packaging was the only literal touch point in the entire process. I was abundantly aware of everything we needed to replicate (a doorman at Gucci, champagne in the Prada changing room….), but also that this was an opportunity for our customers to feel familiar with something, have something that they could relate to and literally hang on to. Hence the inspiration for the packaging was a bell-hop walking down Fifth Avenue with a tumbling pile of boxes. I wanted the packaging to be very traditional and VERY high-end. Each box was rigid and hand-made and covered in a product called balacron. We had beautiful ribbon from Mokuba, a traditional Japanese ribbon making house. We had hand-made Petersham bows for the right hand edge of every box, and hand-made rosettes for every bag that was hand delivered within three hours of orders made in London.

The feedback we’d receive from customers about all of the facets of what we were offering was incredible.

RESCU: Can you give us your top three tips for anyone looking to work in the luxury sector?
Megan Quinn: 1: You have to intuitively love, celebrate and appreciate quality, craftsmanship and the provenance of a product.

2: You have to have exacting standards.

3: Concentrate on minutiae. Absolute dedication to detail is imperative.

RESCU: You’re speaking at the deLux13 global luxury brand forum amongst a bevy of influential corporate leaders, what is the most important lesson you’ve learnt as a leader in the industry? 
Megan Quinn: I’m now consulting and speaking to businesses around Australia, and I’m finding myself increasingly talking about the crucial balance of the right and left hand side of the brain at executive level. The focus has for too long been on the analytical to the absolute detriment of an intuitive and emotional engagement with customers and clients.

At Net-a-porter the central tenet was to exceed the expectations of our customers, the brands, and our investors. We nurtured and appreciated our staff. Really, by being respectful of all of the stakeholders, everyone wins. That in my mind is good business.

Discover more info about the Delux13 Global Luxury Brand Forum.

Article from Rescu.com.au , photo credit to The Australian.

World leaders turn to the company when they want enduring results and statistics on an issue that is worth talking about.

With 48 offices around the globe, the group works with management in helping them make better decisions and then converting those decisions into actions.

Bain & Company’s most recent reports when it comes to the luxury industry concentrated on China, which is a big topic in itself, and how the luxury markets will fare in the future.

Tory Frame, London-based partner and head of Bain’s UK & Ireland Consumer Products Practice comes to Sydney to provide the delegates at the deLux 13 forum with an insight into the luxury industry and where it sits globally.

Frame’s speciality is commercial strategy, advising companies on how to achieve profitable growth. Spreading her knowledge over several industries, she now focuses on “pleasure and leisure” consumer goods and services, which epitomises the luxury industry.

The first speaker of the day, Frame will discuss the future of the luxury industry, where the growth is and is forecast to be and where does Australia sit when it comes to the luxury landscape.

To join the debate, start the conversation and perhaps ask a question or two of Tory, it is encouraged that you get along to the Art Gallery NSW on the 18 March for the deLux13 Forum.

By Cassandra Murnieks