There’s a popular misconception that private banks are only really for the Lords and Ladies, leaders of industry or sporting superstars. Don’t get me wrong – we’re pleased to have clients like this – but are they a typical private banking client? At Hampden & Co, 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 some 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 & Co 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 requires 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, and the couple’s income appeared insufficient to support the repayment of the loan. We were able to confirm affordability based on our evaluation of their businesses, as well as their income. This demonstrates how we can often help when a client’s wealth is tied up, when their income is irregular or when it would be insufficient on its own to demonstrate the affordability of a loan.

Mark is Head of Banking for Scotland at Hampden & Co

More about Mark

Please remember that all borrowing is subject to status and is available to persons of 18 or over. Security might be required for borrowing in the form of a charge or standard security over land, or other forms of security over your investments or other assets. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

*Your eligible deposits with Hampden & Co plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. The FSCS is governed by specific rules on compensation which determines your eligibility. An information sheet and a list of exclusions from the Scheme will be provided to clients annually. Any deposits you hold above the £85,000 limit are unlikely to be covered. Visit www.fscs.org.uk for more information.