How SVB is helping clients sell wine, diamond jewelry, and wearable tech this holiday season
- SVB Private released a holiday gift guide promoting clients’ wares, from fine wine to Oura Rings.
- Anyone can access the discounts, a first for the private wealth arm of Silicon Valley Bank.
- The guide reassured some clients that the acquisition hasn’t changed SVB’s founder-first culture.
Silicon Valley Bank was well-known for going above and beyond for its tech clients, from providing easy loans to hosting ski trips to Tahoe. Now, SVB Private, the bank’s private banking arm that was acquired after the bank’s collapse in March, has introduced a new perk: promoting client products for the holiday season, often at a discount.
The most expensive item on display is a $12,900 ring with flipping onyx and diamond panels; use the code “SVB” to get 10% off.
Despite SVB Private’s affluent clientele, the holiday gift guide isn’t meant to make headlines by featuring extravagant items like the Neiman Marcus luxury wish list. Instead, the list highlights SVB clients and is organized by vendor rather than category, with quotes from each founder included. The most prominent client is Oura Ring, the wearable-tech darling who is offering a $30 discount. Wineries make up half of the 21 featured client-owned businesses.
Insider spoke with Eric Flanagan, a hedge-fund manager turned winemaker, who said the gift guide was a good omen for SVB’s new ownership.
“Post-acquisition, they can continue to do the things that differentiated themselves and made them unique and client-focused,” said the owner of Flanagan Wines, a guide participant. “They’re allowed to continue to be who they were.”
The website went live in mid-November and was distributed to over 16,000 newsletter subscribers, both current and prospective. SVB has previously compiled gift ideas for private bank employees, but this is the first time the unit has packaged them in a festive lander and made the discounts public.
Greg Gregory, SVB’s liaison to 400-plus winery clients, predicted that the guide would generate at least $500,000 in sales for the wineries featured in 60 days. Unlike many gift guide publishers, SVB and its owner, First Citizens Bank, do not receive a commission. Gregory acknowledged that it was an unusual move for a financial institution, but it benefits existing customers and may entice new ones.
“If you’re a winery that’s not banking with Silicon Valley Bank, most likely your financial institution loans you money and there’s an expectation you’re going to pay it back,” that’s what he said.
“Silicon Valley Bank lends you money but then helps drive revenue to your bottom line, which will eventually help you pay back the financial institution.” That’s a significant difference.”
For clients worried about the acquisition, the gift guide indicated SVB is still SVB
For well over a decade, SVB has been connecting clients’ wineries to clients, gifting their clients’ wares, and serving them at deal-closing dinners.
Gregory’s 400-plus winery clients were struggling during the pandemic, with restaurants closed and wine tastings prohibited. SVB began sending monthly wine promotions with discounts of up to 50% off to clients in April 2020.
SVB has also assisted clients outside of the fine wine industry. According to Jes Wolfe, founder of children’s book publisher and podcast producer Rebel Girls, the bank gave employees books about inspirational women ranging from astronaut Jeanette Epps to angel investor Aileen Lee. SVB also assisted in organizing a “Take Your Rebel to Work” day for employees and their families, which included book giveaways.
Participating in the guide was a way for loyal clients like Peter Celinski to support SVB. Milo, his startup, is featured in the guide for its “reimagined walkie-talkies” that are hands-free, don’t require Wi-Fi or cell service, and start at $249. Celinski stated that the website has gained some traction, but he declined to provide sales figures.
“They’ve been an awesome partner over the years, and I’d always be willing to give back to people who are so supportive of the community,” the nearly two-decade client said.
Flanagan has sold wine through SVB’s monthly specials and has benefited from increased brand awareness among SVB’s wealthy tech clients. However, as a client, he does not intend to use the guide when doing his holiday shopping.
“I like SVB, but I like wineries because of their wine and maybe because of the people at the winery, if I’ve met them,” he went on to say, “not because of where they borrow their money.”
