FORMER private banker Kees Stoute, an industry veteran, describes private banking as a "beautiful" industry, marred by unhappiness among bankers and clients.
Likening the paradox to "a beautiful soccer game that no one likes", he places the blame squarely on the deficit of trust in the industry - and not just a lack of trust between clients and bankers.
"The biggest obstacle is the lack of trust. Regulators don't trust banks and bankers. Clients don't trust the intention of banks and bankers. Often, bankers sell a product without knowing what a client really needs.
"A lot of bankers don't trust themselves. We still see bankers who would rather sell a product or position themselves as an...