Spanish banking group Caixabank has launched Caixabank Wealth, a new independent advisory service composed of seven experts in wealth management and aimed at the entity’s private banking clients.
The big difference of Caixabank Wealth compared to other similar services already existing is that advisory under the independent seal requires absolute neutrality – as ruled by the Spanish National Securities Market Commission (CNMV).
Caixabank – already offering third-party investment products through its private banking service with dependent advisory – widens now its products offer, adding products from its direct rivals as long as they meet quality requirements.
The minimum price of the service is €30,000 per year and, in return, clients will have access to an extensive range of products of the highest quality and without commission of commercialization.
“The organizational structure is separated and an explicit collection of the advisory service is made so that the client can know in advance the cost associated with maximum transparency. In addition, the client will have at his disposal a more extensive range of products and services giving access to passive management and classes without commission of commercialization in the different financial instruments,” the entity said.
The number of CaixaBank’s private banking clients amounts to 57,800 with a total equity of 64,431 million.