Wirtschaftsforum: Mr. Henk, after a history spanning over 160 years, Liechtensteinische Landesbank has decided as of January 1, 2024, to expand beyond its home country, Austria, and Switzerland to also engage in Germany - with what scope of services are you currently entering this new market?

Thomas Henk: As the oldest bank in Liechtenstein, our institution was the primary provider of banking services to the population in our home market for many decades, until it evolved into an international private bank in the classical sense by the middle of the last century, and in the 1990s eventually went public as LLB in its current form. Unlike in Liechtenstein, Austria, and Switzerland, where we operate as a full-service bank offering a comprehensive range of banking services from real estate financing to consulting and implementing complex investment solutions, we are now starting in Germany with a very focused business model, centered on comprehensive wealth advisory and management.

Wirtschaftsforum: What specific customer spectrum do you aim to address?

Thomas Henk: Indeed, Liechtensteinische Landesbank is probably the first bank I work for where I can confidently say that I do not need to turn away any customers – because we have everything from fixed deposits for a few thousand EUR to structured asset management worth over 25 million EUR, ready for everyone. However, those who want to invest 20,000 EUR fixed for two years will probably feel very well taken care of on our online platform, with competitive interest rates and a seamless user experience. On the other hand, those managing assets worth half a million EUR or more face a completely different set of challenges and are likely to appreciate a competent and experienced advisor by their side to support their goals with appropriate measures.

Wirtschaftsforum: How should one imagine your comprehensive advisory approach?

Thomas Henk: We look at a client's financial situation not from the perspective of individual investment vehicles, which often have complex interconnections anyway, but from the perspective of individual client requirements and needs. Many of our wealthy private clients are, for example, medium-sized entrepreneurs, whose professional situation cannot sensibly be covered with a one-size-fits-all financial product. Consider, for instance, an independent carpenter who wants to secure both his business and his family, and often has other assets beyond his immediate freelance activities, such as additional illiquid company investments, precious metals, or securities portfolios. We aim to consider these three spheres – family, business, and additional assets – in their entirety. Here, we focus on our multiple award-winning core competency in wealth management and investment advice and rely on a competent network of specialists wherever necessary.

Wirtschaftsforum: What are the main concerns currently driving the entrepreneurs you deal with in your business?

Thomas Henk: The issue of business succession is certainly one of the most crucial, touching all of the wealth spheres mentioned. If those involved do not discuss it openly in time and find a viable solution in which everyone can sustainably identify themselves, it can tear entire families apart and even lead to the liquidation of the company. To reliably avert such catastrophic developments, sufficient awareness must first be created for the multiple pitfalls before we can then contribute to effective solutions. Particularly in this context, our heterogeneous employee structure pays off – as often different generations of a family business look at their business from different perspectives and may have different priorities: Many younger entrepreneurs, for example, are particularly interested in Impact Investing. In contrast, the middle generation often opts for classic growth paths, while an older, perhaps more conservative generation is sometimes characterized by a stronger risk aversion. We repeatedly experience how good it is for members of family businesses to speak openly and on equal footing with our advisors, who belong to the same generation and therefore can fully understand their attitudes and perspectives. In this way, a resilient trust relationship can grow in the long term – because in the end, trust is composed of the sum of positive experiences.

Wirtschaftsforum: What does the future hold for Liechtensteinische Landesbank in Germany?

Thomas Henk: Comprehensive wealth management will remain our core business in Germany in the future as well. With a holistic advisory approach that includes not only classic wealth management and investment management but also topics such as wealth accumulation, generational management, and optimal asset structuring, we offer tailored solutions as well as much personal and understanding advice on equal terms. At the same time, we also plan to gradually expand our range of services. Additionally, we are making our digital interfaces more user-friendly in order to provide an optimal customer experience across all channels.