A Personal Service Can Help Maximise Assets; John McGrath, Head of Private Banking for Allied Irish Bank (GB) Midlands Region, Explains Why in the Midst of the Global Financial Meltdown, Private Banking Is More Important Than Ever
Byline: John McGrath
Private banking is often wrongly envisaged as being only required by the very wealthy and whilst we provide a first class service to those clients, Allied Irish Bank (GB) recommends that all clients with an income of pounds 150,000 upwards would benefit, to ensure they are maximising their assets.
Having worked in the banking sector for over 20 years, I have never experienced such strong client demand as I have over the past few months.
At all hours of the day and night, clients have been seeking advice on every movement in markets here and overseas.
To some, this may sound like a nightmare; for me, it was the strongest endorsement that my dedication to ensuring I fully understand each of my clients' needs has resulted in a relationship whereby I am their closest adviser on highly-personal financial decisions.
Of course, this kind of relationship does not happen overnight. It is a long and complex process and one which I am reminded is working when that phone call comes over the weekend from a client who has lost his credit cards in Australia. Forty-eight hours later, when the client has new cards and cash in his pockets, I'm confident the value of our personal service is fully appreciated.
Private banking with Allied IrishBank (GB) begins with meeting a client, talking through their finances and gaining a thoroughh understanding of where they are and where they want to be five, ten and even 20 years down the line.
From there, I believe it is crucial to get these objectives in order, advise on the key macro-financial decisions and ensure each client is introduced to specialists for other financial elements such as investment management, tax planning and inheritance so we can create a sound plan of action going forward.
Of course, these objectives will change due to external influences and changes in clients' personal lives and this is where private banking really comes into its own. …