Weatherbys Private Bank’s secret to success? A ‘genuine, unwavering dedication’ to its clients. Oliver Barnett, head of private clients at the seventh-generation, family-owned business, says it builds long-standing, strong relationships with clients ‘so that we can be really on the front foot to help them, whatever they may need help with’.
Whether it’s travelling to pay for petrol when a long-time client forgot their wallet or arranging a property loan within five days of meeting a new client, the bank is known for going above and beyond. Private bankers are held to a high standard, and there are key performance indicators they work towards – how quickly they answer the phone, for example (within three rings), and the overall hours spent with clients (at least 70 per cent of their working time).
‘Our model lends itself very well to putting clients first,’ Barnett says, ‘because all of our bankers are dual-qualified to provide regulated lending advice as well as regulated investment advice. And so the idea that a client can speak to the same person should they wish to either arrange a mortgage or go through some complex inheritance tax
planning is a real value-add to the clients’ lives.
[See also: Weatherbys named Private Bank of the Year – UK, in Association with Porto Montenegro]
They just have to speak to one person who’s got all the background knowledge and understanding of the client’s circumstances, and who can give advice on a wide range of
financial issues.’
Client-focused model
Clients have embraced the model: the bank’s net promoter score, which is based on how likely clients are to recommend Weatherbys, is 78 – nearly double the UK financial services industry average. The bank also undertakes an annual survey, with 98 per cent of clients saying they feel valued. But it’s not just proof in numbers. The 254-year-old bank is always evolving. Weatherbys continually invests in the automated aspects of its fraud prevention systems, layering this with a human overview. The bank is also investing in an overhaul of the digital experience for clients, giving them more tools to conduct their banking themselves, should they want to.
Click here to register for updates on the Spear’s Awards 2024
Content from our partners
‘We’ve got to make sure we’re fit for purpose and relevant for evolving client needs when it comes to things like digital experience and digital capabilities,’ Barnett says.
‘But balancing it with the ability to speak to people, to help when that makes more sense, I think is one of the secrets to our success.
‘What we try to do is take all the best bits of our heritage and our longevity; we want to be here for another seven generations. But at the same time, we do need to stay
relevant. It’s really important to balance both the good from the past and the exciting from the future.’
This feature is published in Spear’s Magazine Issue 90. Click here to subscribe
