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Experienced wealth manager is back to his primary DNA after move to Faroese banking group

After spending more than 25 years in the wealth management industry, Lasse Bargmann recently took a leap and started as Head of Investment Solutions in Faroese financial group Banknordik. He reminisces about a career that made him one of the founders of a concept that is still going strong at Nordea.

Lasse Bargmann Photo: PR / Banknordik

Which career path did you envision for yourself when you were younger?

"I was very interested in aviation and actually applied for a job as a flight controller. At the same time, I also applied for a general bank education position in Danske Bank. Back then, getting into to the general bank education was quite difficult and I was very pleased when I got admitted. I also liked that the salary was prepaid in a cheque book at day one!"

Which part of your education have you used the most in your career?

"That must have been my thesis covering discounted free cash flow valuations. I wrote about the valuation of equities combined with statistics and it took me deep in to the engine room of investments and portfolio theory. A background that has come in handy many times during my career in the asset management industry, covering both the institutional side and the (U)HNWI segments."

Which part of your resumé represents the biggest change in your career?

"When I look back, I have had three big changes in my career.

The first one was when I went from working in the retail and private banking environment to become an equity portfolio manager at a pension fund and entering the institutional world at Sampension and Nykredit. It was a great change to be on the other side of the table and very close to corporate Denmark.

The second change has in many ways impacted my career ever since. It was when I started in Wealth Management at Nordea and completed two wide roll-outs of concepts in five countries within 14 years. Firstly, I had the opportunity to develop and run a new strategic investment advice concept (SIA) for all private banking and retail advisors. Secondly, I took the experience from the advice concept and started up the Private Banking Portfolio Management (PBPM) concept from scratch. Both concepts have survived as per today! It was a period in my career where I learned an immense amount.

The third big change in my career is my most recent move to general management in a niche bank, however still with a steady wealth management focus. And now I´m back in my primary DNA in a more traditional bank but with a main focus - cross borders - on investment solutions towards both retail and corporate segments."

What's the most important skill or experience from your former job applicable to your next staff role?

"I think I have gained a lot of skills and experience during the decades I have been in the business. In an aggregated scope, I will point out my holistic approach to the engine room and towards the business model as well as how we can transform these competences into client-relevant value propositions. I always reach out and participate in client interactions in order to maintain a good sense of client needs in general.”

Which leader in the business has inspired your career the most?

“I admire Richard Branson. For decades, he has been able to demonstrate a consistent focus on employee satisfaction that leads to client satisfaction. I learned at Nordea how important it was that the employees were empowered and loved their jobs and were excited about the products we offered.

I will still argue, that the above-mentioned approach created a lot of great advisor and customer experiences for a long time."

What occupies you the most right now?

"I started in my new role at BankNordik in May and I am still getting an increasing overview of the business. The bank has 17 branches in three countries (Denmark, Faroe Islands and Greenland) and I am currently in the middle of a road trip to all branches.

I intend to build up new relations, getting to know the business and establishing a common starting point. Hopefully, this will lead to an even more logical value proposition for clients that will be in sync with the new BankNordik Customer Philosophy, which was launched recently.

The strategy is furthermore supported by our dedication to become a gibberish free bank. This journey, which started back in 2018, focuses on communicating using everyday language, and thus enabling customers to better understand the scope of their finances."

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