Private banking

Name: Nick Green
Degree: BA (Hons) Business Studies
University: Nottingham Business School, Nottingham Trent University

What initially attracted you to banking?

After studying finance as part of my degree I knew I wanted a career within the financial markets. I was particularly interested in wealth management as it provided the challenges of managing a portfolio of clients, advising them on their investments and wealth as well as having the responsibility to develop your portfolio. I knew that banking would provide a diverse role with the opportunity to study for professional qualifications.

What attracted you to the Royal Bank Of Scotland Group in particular?

Coutts & Co presented at my university covering the private banking proposition and the role of the private banker. The idea of working for one of the UK’s leading private banks, with its solid brand, unrivalled client base and market reputation really appealed to me.

What did you enjoy about the interview and assessment process?

I’m not sure anyone enjoys interviews or assessment centres!

The whole process went very smoothly, and I was constantly informed of what was required and what the next steps were. One of the things I found really useful was the opportunity to meet up with recent years’ graduates enabling us to get an insight into what really happens at Coutts and understand more about the graduate programme. Who better to talk to than people that have been through the process!
Coutts also had an open day, a day where candidates were able to come along to the offices at 440 Strand and attend presentations from senior members of the bank to understand more about private banking and the markets in which Coutts operates. We also had the chance to grab a sandwich with the Chief Executive!

What elements made your particular graduate programme interesting?

The Coutts graduate programme is very well structured. The first part of my programme saw me spending time in each area of the bank, developing skills and relationships that will help me in my role as a private banker. It’s great to get client contact from the start, spending time in areas such as our telephony centre, Coutts 24 and investment management. Now I’m in the Executives client group dealing with clients and attending client meetings, which I’d say is the most interesting aspect.

Describe a typical working day

The great thing about the Coutts graduate programme is that no day is the same. Currently, I am in the Executives client group and the day starts around 8-30. I check emails, post and any overnight client requests that need to be actioned. The rest of the day is spent preparing for and attending client meetings, completing any follow up work and liaising with clients on the phone. 

What are the biggest challenges you face?

Working within the Executives client group I deal predominantly with corporate executives and financial market professionals. Over the next few months I need to gain a detailed understanding of both domestic and global markets in order to be able to discuss topics with investment professionals.

What do you see as your biggest RBSG achievement to date?

Managing your time outside of work to make sure you have the time to study is a challenge, especially as its been a few years since I sat my last exams. I recently sat my IAC 1 & 2 exams, which I passed, and I’m awaiting the results of IAC3.

What words would you use to describe the culture?

Client focused, supportive, innovative and passionate.

What about your future?

Over the next 12 months I am focusing on the training and development I need to undertake to become a private banker. The accreditation process starts early next year followed by the private banker assessment centre. On successful completion I’ll become a private banker and can begin to build and develop my own portfolio of clients, something I’m really looking forward to.

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Specialist Advice

Name: Julia Ferguson
Degree: BA(Hons) & MSci Natural Sciences
University: Cambridge University

Name: Kari Mellon
Degree: BA(Hons) Business Economics, MSc Business Analysis & Finance
University: Nottingham Trent University & University of Leicester

What initially attracted you to Specialist Advice?

Julia:  I suppose I’ve always had a head for figures and as long as you can demonstrate that, it doesn’t matter what degree you studied at university or whether you know anything about tax to start with! 

I enjoy solving problems and helping clients to make decisions that will benefit them the most.  I didn’t want to work in a sales orientated environment but by working in a predominantly advisory role, I still get to meet clients and offer them the best service and advice possible.
I was also keen to acquire some professional qualifications and at present I am studying for my Association of Tax Technicians (ATT) exams.

What attracted you to The Royal Bank of Scotland Group in particular?

Kari:  I was initially attracted to Coutts following a campus presentation. I then followed this up with some research on the company. I was impressed by the size and success of RBSG in recent years, not to mention it being one of the top 10 banks in the world.

What did you enjoy about the interview and assessment process?

Julia:  Well they were hard work and the assessment centre was quite rigorous but it was a new challenge for me and all the people involved were very friendly.  Coutts also hosts an open day prior to the final round, which is an excellent opportunity to meet people in the organisation and to ask questions.  I remember talking to Sarah Deaves, our Chief Executive, at our open day and also quizzing a recent graduate on all the things I didn’t want to ask a more senior member of staff!

What elements made your particular graduate programme interesting?

Kari:  The most interesting part of our graduate programme is the client contact. From very early on, you are able to attend client meetings and be a point of contact with clients. The client meetings are also an excellent way to meet people from other parts of the bank and build up a network of contacts.

You will receive your own portfolio of clients at an early stage, and this allows you to become familiar with their tax affairs and complete their annual tax returns from day one. You do get lots of hands-on experience and have direct contact with clients both on the phone and face-to-face.

What projects have you been involved in since joining and what have you learned from them?

Julia:  Graduates in specialist advice are generally based in UK Tax and so the bulk of my work has revolved around getting to grips with the UK tax regime and how that applies to the clients I look after.  Initially the work is focused on preparing tax returns and dealing with any ad hoc advisory work. As a graduate, there is also a great opportunity to attend meetings on areas such as tax efficient film finance or cross-border tax issues.  These meetings have been really useful for expanding my technical knowledge and are an excellent way to get to meet some of the private bankers.

As a graduate, it is also possible to visit other areas of the Bank.  I spent two weeks helping with investment sales and working with the team that focuses on ultra high net worth clients.  Other graduates have spent time in product marketing, change management, business development, estate planning and pensions.  This is another invaluable opportunity to make new contacts and experience different aspects of the world of banking.

Describe a typical working day.

Kari: The variety of work I am involved in makes it hard for me to describe a typical working day, but that is what I really enjoy about specialist advice.

I normally get into the office at about 8.30am. The first thing I do is check my emails to see if anything needs to be done urgently. I then spend some time completing tax returns for my clients. The post normally arrives at 10am, so I check through this and grab myself a coffee. I deal with the urgent post straight away and prioritise the remaining items. The post can include anything from client letters to correspondence from the Inland Revenue.

In addition to attending to my clients tax affairs, I normally attend a couple of meetings every week. I therefore have to prepare for them or deal with any follow up work from them. This can be particularly interesting, as you will normally have more client contact as a result.

I have also been involved in quite a few ad-hoc tax projects, ranging from analysing the results of a recent client survey to helping re-design our web page. These have been interesting and varied projects and they have allowed me to meet people in all areas of the bank.

What are the biggest challenges you face?

Julia:  When I started in the tax department, I had no prior knowledge of tax so it’s been quite a steep learning curve.  We each have a buddy who initially helped us with every piece of work that we did.  They are an invaluable reference point and still help whenever we have queries.  It’s also reassuring to know that our work is checked by a manager before it is sent out.  Each graduate is also allocated a mentor who is available to help with any problems or offer advice about your professional development.

What do you see as your biggest Royal Bank of Scotland Group Achievement to date?

Kari:  I have recently been involved in an internal competition to sign up new tax clients. I am pleased to say that my manager and I actually signed up the most new clients over the set time.

Another achievement came about after spending time with the product marketing team. Whilst there, I designed a piece of literature which has now been printed and distributed to clients.

What words would you use to describe the culture?

Julia:  Welcoming, friendly, supportive, professional & client-focused.

What about your future?

Kari:  At the end of the year I will be sitting my ATT exams, so I am really focusing on that at the moment. Assuming I pass these, I would then like to sit my Chartered Tax Adviser (CTA) exams in May 2007. I would also like to visit other parts of the bank, for example, our pensions or estate planning teams, and I am hopeful that this will happen.

What are the pleasantly surprising things you have discovered since being at The Royal Bank of Scotland Group?

Julia:  RBS is a large group and as Coutts graduates we have had several opportunities to meet graduates from other businesses within the group.  You never know when a contact elsewhere in the organisation may come in handy!

RBS also provide a lot of the professional development courses that we attend and of course, there are a few perks to belonging to such a big group.  There are a variety of ways to receive your pay (cash, vouchers etc) and many different benefits you can opt to buy with it.  The group profit share was also a welcome addition in March!

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