Many banks offer a range of services including advice on investments, taxation and insurance which compete with the services offered by wealth managers and IFAs to their clients. However, the reverse of this is not true and wealth managers are not typically in the business of providing traditional ‘banking’ services to clients.

No conflict

One of the benefits of Hampden & Co’s banking model is that because we solely focus on core banking services we’re not in competition with other professionals. That means we can naturally work in partnership to provide for a client’s wider needs without any conflict of interest, a position that is particularly helpful in more complex situations where a client needs their advisers to work together.

We understand that, like us, IFAs and wealth managers build up their client relationships over years. It’s therefore vital that any third party brought into that relationship can be trusted to keep a client’s interests at heart. The service we provide at Hampden & Co is discreet, hands on and mirrors the kind of relationship a wealth manager provides in terms of a single, reliable point of contact.

Working together

We work with a wide network of wealth management professionals, from one-man specialists to the largest businesses in the sector. A lot of the time our involvement will start with an exploratory conversation – a client is looking to do ‘XYZ’, can you help? If the wealth manager likes what we’re suggesting it can very often lead to a joint meeting as the first step in building a stronger relationship with the introducer and the client – we’re very comfortable with this approach, as a joint meeting can help all parties feel comfortable with the relationship.

How we can help

We have experience of individuals who do not want to disturb longer-term investments, and but are also looking to increase their property portfolio or are planning to support the first steps on the property ladder for their children or grandchildren. These are the sorts of situations where we naturally work together with a client’s investment adviser.

We can also help when it comes to savings – for example, we can keep funds on deposit to provide liquidity, or as part of an investment model which includes cash within a diversified portfolio. Many people have a relationship with a retail bank for day-to-day banking and with a Wealth Manager for investments and financial management. We often act as a third player for larger deposits, keeping them separate and working with the wealth manager to administer these funds as part of effective financial planning.

Building a wider professional network

Overall, we believe a strong professional network is beneficial both to clients and their other professional advisers. Our singular focus on traditional banking means we can work well in partnership with accountants and solicitors as well as IFAs and wealth managers. If you want to find out more about how we can work with you and your clients, please get in touch.