When Justin Greiner left the boutique finance company Greenway Capital in 2008 to join ANZ Private Bank, he found a business that wasn't working. Each private banker was expected to look after 300 clients and the staff turnover rate was such that clients complained they were getting no continuity of service.Even more of a problem was that customers saw the private bank as a typical transaction-based banking operation, while ANZ was trying to present it as a wealth management service.Since then Greiner, who is director New South Wales and ACT for ANZ Private Bank, has been working on the transformation of the business into a fully fledged wealth management service.Speaking at the Private Banking and Wealth Management conference in Sydney yesterday, Greiner was not prepared to say it was mission accomplished. "We are making some progress," he said.The concept of a European-style private bank, offering investment advice, wealth protection, estate planning and tax services, as well as high-level banking services, is still an alien concept to many wealthy Australians.Greiner said: "We still have to convince clients that we can advise them on investment management."One of the changes ANZ has made is to adopt a team approach. Greiner said the bank did not have staff who could talk to wealthy customers about banking and investment with equal authority, so it has assigned a banker and an adviser to each client.In addition, it has brought in consultants from outside the bank to provide other expertise. External partners include the broker Evans & Partners and Deloitte Private.The team approach has helped overcome some of the customer dissatisfaction with churn. "Customers would have a new relationship manager every 18 months, on average. They did not like the fact that they would have to go through their financial position with the new relationship manager each time. "They didn't like the fact that their new relationship manager did not have their profile and would ring them about products and services that did not suit them."Greiner said that situation had improved. Customer satisfaction with ANZ Private Bank has gone from 70 per cent back in 2008 to 80 per cent today.The bank has also reduced the number of customers each private banker has to look after. Greiner said the business now had more segments; some teams look after 40 or 50 clients, while others look after 100 or more.Greiner said the customer experience had changed quite a lot. Instead of getting "straight into a discussion about product" private bankers start with "a values-based conversation" that goes through a long-range plan and might involve bringing in some outside experts before there is any talk about products.Remuneration has also changed from transaction-based incentives to a balanced score card, to ensure those value-based conversations do take place.Greiner said it was still a challenge to get customers to recognise that a bank can offer services across the field of wealth management. "And it can be a challenge to get them to open up to their bank," he said.