Why we don’t do wealth management

Why we don’t do wealth management

It’s a source of real pride for all of us at Hampden & Co that we only provide quality private banking. It may sound counterintuitive when most other private banks offer wealth management , but here at Hampden & Co we focus on what we know we do exceptionally well, private banking. We have deliberately chosen not to offer wealth management, and this is why:

We'd rather be best in class

The old saying, ‘jack of all trades, master of none’, definitely applies here. Rather than trying to be all things to all people, we’ve specifically chosen to focus on our strength in providing the best possible banking service for our clients. We believe in our expertise, and that’s why we prefer not to have our bankers retraining as fund managers, or performing any role other than the one in which they’ve spent many years gaining experience.

From a client perspective, a broader service provider can rarely boast having the best professionals in every department; their fund management may be outstanding, but their banking services or tax department could leave a lot to be desired. Because we only do exceptional private banking, our clients are then free to cherry-pick the very best professionals for their other financial needs.

The benefits of being boutique

A boutique banking operation like ours is sufficiently agile to make quick decisions and we employ a common-sense approach, rather than being constrained by the ‘computer says no’ policy often found in some larger organisations.

Just as importantly, our size means we can offer a truly personal, one-to-one, service from experienced bankers who are empowered to provide solutions for their clients. Having spent over 25 years in the banking industry, I’ve learned that clients’ needs are best served when bankers, rather than an invisible ‘management’ team who have little or no contact with their clients – or worse still, some form of rigid automated system, ultimately make the decisions.

A singularity of purpose

By concentrating on the provision of banking services, our clients can be assured that we aren’t trying to upsell investment funds, tax advice or legal support. We don’t have sales targets or commission structures, so you won’t find our private bankers suggesting a product you don’t need. Our client teams are driven purely by our relationship-based ethos, so they are solely motivated to keep your best interests at heart.

Relationships, not referrals

Focusing on our professional specialism frees us to respect and value the skills that other professionals can provide. Doing a great job for our clients means partnering effectively with the most appropriate advisors such as wealth managers, IFAs and solicitors to ensure a joined-up approach to managing your financial affairs. This may mean fitting in with a client’s existing relationships, or in other cases supporting them in finding the right team of experts for their needs. In these circumstances, a client can be assured that as we have no incentive-based relationships with other businesses, we only ever recommend who we firmly believe to be the best people for the job needed by them as individuals.

If you would like to find out more about the service at Hampden & Co, then please get in touch with me at caroline.primrose@hampdenandco.com