Added by David Sandercock on October 19, 2010
A UniCredit Private Bank survey on European millionaires and their current approach on European financial markets revealed that the crisis has changed their attitude to investments and banks.
Moreover, UniCredit’s study showed that a few of the interviewees had already considered pulling out from the financial market due to the crisis.
The report concluded that although the financial market system in Europe was considered to be resilient and well-functioning. After the depression hit it, changed into a casino firstly and into a minefield and skittish market thereafter.
Reuters, that managed to get a copy of UniCredit’s reports in advance before its official release on Monday, write that among the wealthy banks’ image has been put under pressure.
The rich find that back are no longer giving personalized advice, also due to the fact that financial advisers change too often, and that banks are now only interested in selling their product.
The report further concluded that in the next years everybody will begin to think differently about financial counseling, investments, money and banks.
UniCredit Private Banking’ head Andreas Woelfer stated that the report’s main conclusion was that although bank clients wanted financial advice, they were more than wary and looked for a second and third opinion since they had lost faith in banks because of the crisis.