Private Banking
Specialist advice
Name: Nick
Degree: BA (Hons) Business Studies
University: Nottingham Business School, Nottingham Trent University
What initially attracted you to banking?
I worked for JP Morgan prior to joining Coutts so I was already in a financial environment. I was attracted to Private Client Wealth Management because it provided an environment of challenge. Each client is different with different requirements and objectives which keeps you on your toes, you need to be versatile as you never know what clients may ask.
What attracted you to the Royal Bank Of Scotland Group in particular
To be honest, I hadn't realised that Coutts was part of the Royal Bank Of Scotland until I started the recruitment process so it was more the Coutts brand that attracted me. Coutts had presented at my university and the day in the life of a private banker appealed. Coutts has won many awards and at the time had been named as the number 1 UK Private Bank, so in my opinion, if you are going to do something you should do it with the best!
What did you enjoy about the interview and assessment process?
Interviews are never enjoyable, especially when getting through is important to you. The Coutts process, however, was different to other banks, there was no huge application form to complete at the start and at each stage we were kept in formed of our progress.
What elements made your particular graduate programme interesting?
Moving around the areas of the bank provides for an interesting introduction to the world of Private Banking, I particularly enjoyed the 2 month placement with the investment department. It gave me the opportunity to meet the investment teams, work on projects with them and get a clear understanding of what the bankers are able to deliver to their clients.
Name: Dele
Degree: BSc (Hons) Economic History
University: London School of Economics, London
Describe a typical working day
The Graduate Scheme offers a wide variety of responsibilities and pleasingly there isn’t a prescriptive definition of a typical working day.
On the whole I’m in the office by 8.30. I spend the first part of my morning checking email and prioritising what needs attention during the day.
I often spend the majority of the day before lunchtime, attending client meetings with Private Bankers. This means that I am able to spend the afternoon completing any paperwork that has come out of the earlier meetings. This includes handling calls, typing up meeting notes and drafting investment recommendation letters for a Banker to review.
What are the biggest challenges you face?
There are many facets to the role of a successful Private Banker. The Graduate Scheme is well respected internally and externally for standing the graduates in good stead with significant investment, training, and mentoring. Nevertheless, the challenge facing us all is to be extremely self motivated to take maximum advantage of the Graduate Scheme’s resources. This requires sitting exams whilst working full time and proactively seeking the advise and expertise of Bankers, Managers and Product Specialists to gain a deeper understanding of the products and services that Coutts provide and what it takes to build lasting, profitable client relationships.
What do you see as your biggest RBSG achievement to date?
One of my biggest achievements to date came about when I volunteered for an interdepartmental project investigating ways to enhance one of the banks sales processes and empower our Private bankers with the overriding aim to serve our clients even better. I had a month in which to complete the investigation and this required prioritising my own time, gathering relevant information, understanding the underlying issues and the symptoms and above all else, collaborating with Senior Officials from other departments within Coutts and RBS Manufacture. The report culminated in me presenting the findings to Coutts Management Committee and the Director of Coutts Private Banking. It was well received, many of my recommendations have been taken forward and proved a fantastic opportunity to contribute to the success of our business and build my own networks across the bank.
What about your future?
I am looking forward to managing and growing a portfolio of high value clients. I intend to grow the profitability year on year and display acumen for acquiring new pro Coutts clients by building deep and lasting client relationships.
The sheer size and variety of roles which contribute to the success of Coutts & Co and the wider RBS group, provides the opportunity for a rewarding and fulfilling career. I hope to make the most of this opportunity by putting all of the Graduate Scheme training and development into practice.
Name: Shahid
Education:BSc (Hons)Economics & Economic History, The London School of Economics; MSc Comparative Social Policy, Oxford University
What initially attracted you to banking?
The constant challenges, intellectual stimulation and the opportunity to apply analytical skills on a daily basis, attracted me to a career in banking. My passion for finance and strong interest in financial products was undoubtedly fuelled by my previous experience working in the City. Such experiences highlighted the fact that I wanted to excel in a career that was results driven and centred on forming strong productive relationships with clients. This, combined with the fact that exciting and challenging times lay ahead within the industry- signified by Coutts ambitious growth targets, made Private Banking particularly alluring.
What attracted you to RBS in particular?
The prestige of the Coutts brand is unrivalled within the Private Banking arena and was a motivational driver in applying to the graduate scheme. Coutts is undoubtedly a unique institution. Its distinct three hundred year old heritage is intertwined with a dynamic and innovative corporate culture. It is also able to leverage the strength of one of the world’s largest and most successful financial institutions-RBS. The fact that Coutts provides the full range of wealth management solutions, in my opinion, makes it the archetypal private bank. I am proud to work for a business that has an unrivalled client base, strategic vision and identity.
What did you enjoy about the interview and assessment process?
A central strength of Coutts is its people. This was exemplified throughout the assessment process. Having interviewed at a number of companies, a key differentiating factor that made Coutts stand out was the professionalism, expertise and approachability of its people. Since joining the company I have been impressed with the family-like culture that exists here. The support network across all levels of the bank is phenomenal.
What elements made your particular graduate programme interesting?
Since joining in September 2007 I have already had direct exposure to senior management across different areas of the business. Gaining unique insights into the challenges and opportunities the bank faces has facilitated my ability to think strategically.
I am currently aligned to the international client group where clients are usually multi-jurisdictional in nature and often have complex financial requirements. I have attended a number of client meetings as well as networking events within the capacity of supporting the Private Bankers on my team, as well as the cross border tax advisory specialists. I am of the belief that I would not have gained this level of client exposure so early on in my career with another bank.
Although the training at Coutts is comprehensive, it is not rigid. You are fully supported in completing the external investment management qualifications as well as the internal private banking training. However, if there is an opportunity you wish to pursue, there is ample scope to take control of your own personal development. For example, I have recently been able to utilise the experiences I gained from a finance internship I completed in Africa whilst an MSc student, by contributing to the development of the Coutts microfinance initiative for effective philanthropic giving.
Name: Julia
Degree: BA(Hons) & MSci Natural Sciences
University: Cambridge University
Describe a typical working day
I joined Coutts in 2004 on the Specialist Advice graduate scheme. From day one, I have had my own allocation of clients whose tax returns I prepare and whom I have advised on various topics such as setting up as a self-employed consultant, the capital gains tax implications of selling some shares or leaving the UK for an overseas employment. I am the first point of contact for almost all of my clients (and have been since early on) and I have a lot of autonomy in dealing with them.
What are the biggest challenges you face?
My days are very varied and are mainly determined by communications from clients - whether in my post, via email, a telephone call or a meeting. We are a busy department and one of my main challenges is to prioritise work and make sure that I continue to meet and exceed client expectations.
What do you see as your biggest RBSG achievement to date?
As part of the graduate scheme, and in order to progress in the department, I have studied for my Association of Tax Technicians (ATT) and Chartered Tax Adviser (CTA) exams since joining Coutts. I was delighted to win prizes for my performance in both sets of exams and that is definitely by biggest achievement whilst working for the RBS group.
What about your future?
As for the future, I'm not certain what I'll be doing in 5 years time but there are plenty of opportunities and in the shorter term, I am aiming to become a manager in the department. This will hopefully provide lots of new challenges and the opportunity to learn some new people management skills.