There’s a popular misconception that private banks are only really for lords and ladies, leaders of industry, sporting superstars or fim stars.
Don’t get me wrong – we’re pleased to have clients like this – but are they a typical private banking client? At Hampden Bank, I’d have to say the answer is ‘no’.
As head of our banking team, I know our client base very well, so I can say with confidence that the profile of a typical client runs contrary to this general assumption.
There are, of course, common traits amongst people who are interested in private banking. Most are financially successful and financially active people who are short
on time, and they benefit from having someone to deal with their banking needs effectively, efficiently and on their terms.
Many are new to private banking, having found out that we can help them in ways that they were not expecting.
Others have come from other private banks and switched because their individual needs were not being met.
Relationships matter
So what service is it that our clients value most? The answer to that is one thing: access to a banker. While other banks are closing branches or directing customers online or to lengthy call queues, we find that our clients value the opportunity to talk to a banker.
They appreciate banking based on a one-to-one relationship with an experienced professional. Basically, they want to speak to an expert who understands them and their needs, and who has the knowledge and authority to make things happen.
Accessibility and quick, considered decisions
Let me give you examples of what this professional, personal level of service can offer.
A prospective client called to explain that they were having difficulty making payments from their account with their existing bank.
If they wished to make a payment of more than £25,000, they were required to attend a local branch. If they wished to make a payment of more than £100,000, they were required to travel 40 miles to the head office. Appointments could only be made for specific days giving five days’ notice.
A Hampden Bank banker drove to meet the client at their home. Following this initial meeting, account-opening papers were completed for the client, which they signed and the account was opened within two days. The client now only needs to make a telephone call to the bank for payments to be made on their behalf.
We also regularly help clients overlooked by other banks due to the complexity of their finances. A couple were seeking a loan to refinance a mortgage held with another provider, and to release equity to support the refurbishment of a property for a child.
Their wealth was tied up in their joint ownership of several businesses, which were also partially held in trust. We were able to assess affordability considering other assets, as well as their income.
This demonstrates how we can often help when a client’s income is irregular or when it would be insufficient on its own to demonstrate the affordability of a loan.
All borrowing is subject to status and is available to persons of 18 or over. Eligible deposits with Hampden Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Any deposits above the £85,000 limit are unlikely to be covered. Visit www.fscs.org.uk for more information.
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