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Expat Investor : March 2008
expatinvestor.com 24 EXPAT INVESTOR March 2008 FIRST PERSON Private bank customers strive for that personal touch With a large proportion of private bank customers having complex finances and both UK and overseas interests, a bespoke, personal banking service can provide clients with valuable peace of mind when it comes to managing their personal and family affairs. Increasingly, online banking and relationship management are the key drivers behind the push towards tailor-made banking services. This increased demand for a 'personal touch' supports a notable upsurge in demand for private bank solutions over the past five years. Of the respondents, almost half (47%) indicated that they had become private bank customers within the past five years, pointing towards healthy future growth prospects for the industry as a whole. Interestingly, more than one in seven (15%) of those surveyed were under the age of 45, in contrast to the traditional notion that private banking is the domain of older, more established wealthy clients. The results clearly demonstrate the changing nature of wealth and the increasing demand amongst younger clients with an entrepreneurial spirit for a bespoke personal banking service. This survey outlines Butterfield's emphasis on tailoring its services to its clients' demands. Butterfield is particularly delighted that 90% of respondents indicated that they were satisfied in their dealings with the private bank. George Bogucki, managing director, Butterfield Private Bank, comments, "These are exciting times for us, as our client-base is evolving to include a whole new generation, all of whom expect their bank to provide a 'personal touch'. Indeed, we recently set up a new entrepreneurial division to deal specifically with this growing pool of successful young businesspeople." Butterfield Private Bank currently offers its clients a wide spectrum of private banking services, including banking, pensions, specialist lending, investment management, offshore banking and trusts. Underpinning all of these services is Butterfield Private Bank's most exclusive service, its fee-based Family Office service, which supports clients in the intricate management of all their financial and lifestyle requirements. Karen Winter is the Senior Manager of the Bank's Guernsey- based Family Office. Ms Winter explains that the key financial services that Butterfield Bank Guernsey offers to Family Offices include fiduciary, custody, fund administration, lending, treasury and banking services, internet banking and investments. For more than 30 years the Bank has been working in partnership with client service providers both locally and internationally and has for much of that time been providing customised services to Family Offices. The investment team with this Bank offers general advice and provides commentary on specific sectors of the market to help clients make their investment decisions. Also on offer is a discretionary investment management service and tailor-made consultancy including the selection of managers and assistance with overlay asset allocation models. Butterfield Bank Guernsey sets out its working method when its Family Office service is first approached. Initial discussions are held to gain as full an understanding as possible of the particular family -- who is involved, where they live, what tax implications there may be and in what way the services the Bank offers can be of benefit. Following such discussions, a dedicated relationship manager is appointed who will be the family's primary point of contact. This manager will liaise on the family's behalf with the specialist technical teams within the Bank, including treasury, fiduciary, fund administration, custody and investments. The Bank encourages regular face-to-face meetings to keep the family up-to-date. Reporting requirements on the financial detail are worked out on an individual basis. This takes place during the initial consultation process and the Bank evolves a reporting strategy to suit the family's needs. The Bank sees one of its roles as that of knowledge sharing. "Our role as a key adviser to many families allows us to build a nucleus of information, both practical and technical, on structures, investment asset classes, administration and governance issues. We are committed to provide you with access to this knowledge on a regular basis where we feel this would add value." As mentioned above, this is a fee-based service. The Bank confirms that fees are tailored to what's required and are calculated and charged in a variety of ways -- based on valuation, fixed or 'time spent'. At the outset, a detailed proposal is drawn up and agreed upon. This is then reviewed on an annual basis and changed only with the agreement of both parties. Two-thirds of private banking clients cite the personalised service they receive as the main reason for selecting their private banks. Butterfield Private Bank explains more about the findings of its latest research. Fast Facts 33490 MORE INFORMATION? Enter the Fast Facts number into the Reader Reply Service coupon on page20orgoto www.expatinvestor.com "Our role as a key adviser to many families allows us to build a nucleus of information, both practical and technical, on structures, investment asset classes, administration and governance issues. " "Of the respondents, almost half (47%) indicated that they had become private bank customers within the past five years, pointing towards healthy future growth prospects for the industry as a whole. "
January February 2008