Family business: Elena von Metzler: “I thought the banking industry wasn’t for me”
Elena von Metzler has a famous name. In the podcast, she talks about her path to the family bank, explains what "metzler" means – and reveals what Otto von Bismarck has to do with it.
Bankhaus Metzler is Germany's oldest continuously family-owned private bank. Its roots go back to Benjamin Metzler, who started a cloth business in Frankfurt am Main in 1674, which later became a bank. Today, the bank employs around 800 people. Elena von Metzler, representing the 12th generation, is a shareholder and member of the supervisory board. She is also one of Capital's Top 40 under 40 .
Capital: Ms. von Metzler, your family bank is over 350 years old. When did you realize the history behind the company? ELENA VON METZLER: As children, we grew up in an open-house culture. Our parents always considered it important to invite lots of people because they believed that something can only happen if you bring people together. Many business partners, customers, and members of society were always at our house. My brother and I would dash through the crowd in our pajamas. So, of course, we learned a lot. My father also talked a lot about the bank at home—how we wanted to do business, how we viewed the economy, what our philosophy was. We always talked a lot about that.
So your path to the bank was predetermined? No, because at the same time, he said: You have to find your calling. Our parents never put any pressure on us. They always said: You have to pursue your interests and you're not forced to join the bank. You have to find what you enjoy, otherwise you'll be unhappy. So, on the one hand, we were very close to the bank, but on the other hand, we didn't feel any pressure.
Did you and your family live in the bank building? We didn't, but my father actually grew up in the bank. The family lived upstairs, and the offices were downstairs. Our grandmother continued to live in that apartment for a long time. We always went to visit her on weekends. For me, the bank was, in the beginning, my grandmother.
Did you ever want to break away as a teenager? Was there a phase of rebellion where you thought you didn't want anything to do with the bank? Did I completely reject it? No, there wasn't. I think our parents didn't put enough pressure on me. I never felt like I had to break away.
However, your personal path didn't lead directly to banking; you first worked for Nestlé. When did you realize you would join Metzler? It was a process. To be honest, at first I thought the banking industry wasn't for me. I thought it was all about numbers and you had to analyze things all the time. That didn't sound appealing to me.
Isn't that so? I only realized that when I started working with us. It's very much about people and human relationships. There's a very special appeal to that. In banking, you're also very involved with the issues out there: the economic situation and the issues surrounding it. If I can combine that with the human element, it's a very fulfilling job. But back then, I had to sort something else out for myself first.
What was that? As I said, we had this open-house culture. Our father and mother were so dedicated. I always thought, 'Oh my God, we have to continue this sometime, because it's so important to them.' At the same time, they always said, 'You have to do what you enjoy.' So I first had to figure out for myself: Am I doing this because I have this sense of responsibility? Or because I genuinely enjoy it?
How did you find out? I resolved the conflict by first looking at what else was out there. So I did various internships and spent some time in the industry. At some point, I said: Now you have to see for yourself. I joined us through a trainee program and had to find my role within the bank. I ended up in private banking, which I did for a long time.
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How do you build relationships with your clients? Getting to know each other is crucial. This involves many discussions. It's primarily about risk appetite: How much am I willing to accept in my portfolio? The worst mistake we could make is for someone to lose their nerve and want to get out of the market. You also have to differentiate between advice and asset management. In traditional advice, the client has the final say. If an investment is made in a share or a bond, you call and ask if they agree. We are pure asset managers – and we really look after the assets. That's why it's so important to know our clients' risk appetite.
How important are personal relationships in times when banking is conducted via app? How do you combine digitalization and personal contact? We have to be good at the customer front end; it has to be convenient. The generation now in charge naturally wants to see their portfolio on their mobile. On the other hand, they also strongly desire personal conversations. For this purpose, we have launched a series of events called Metzler Spots. It is aimed at young entrepreneurs. It takes place at our parents' house – true to tradition.
The term "metzlern" also stems from this tradition. Could you explain to us what it means and who coined it? Our ancestor Emma Metzler ran a political salon during Bismarck's time. People from politics, business, and society came – including Otto von Bismarck. He coined the term back then and dubbed this gathering in Emma's salon "metzlern."
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