There’s a popular misconception that private banks are only really for the landed gentry, captains of industry or sporting superstars. Now 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 those interested in private banking. Most are financially successful and financially active people who are short on time and need someone to deal with their banking needs effectively, efficiently, and on their terms.

While some have come from other private banks and switched because their individual needs weren’t being met, many are new to private banking, having found out that we can help them in ways that they were not expecting.

Relationships matter

So what service is it that our clients value? The answer to that is about one thing, and one thing only – relationships. We find that our clients value the opportunity to talk, and 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.

Quick, considered decisions

To give you an example of what this professional, personal level of service can offer, a retired couple were planning to refinance their existing mortgage to raise additional funds to help their son with a deposit for a property purchase. When they went to their existing bank, they found them unsympathetic, despite the fact they were longstanding customers. Essentially, their bank’s decision-making process was too formulaic and inflexible to take account of the client’s age and income in retirement.

They approached Hampden & Co, and after a thorough but swift review of their financial situation, we were able to offer a loan within four days. For me, that's a great example of where we can help clients who are being let down by other providers, and who may not have initially realised that a private banking was right for them.

Mark is Head of Banking at Hampden & Co

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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.