"The introducers I work with who spend a lot of time working with HNW clients are always very in-tune with the private banking market and able to package a case very well."
FR: What does your job as a BDM at Investec Private Bank entail? How is the role different to other lenders?
As a BDM my job is primarily focused on meeting with my network of professional introducers and running through new cases with them. The majority of these introducers are mortgage brokers and IFAs, and I am responsible for informing them about our appetite for certain client profiles and assets, as well as new product updates to our mortgage offering.
I have not worked at another bank before, so can’t point out the differences with any certainty, but at Investec Private Bank we try to remain as involved as possible throughout the deal process as opposed to only at the initial enquiry stage. Given the bespoke nature of our proposition we work very closely with the bankers and credit team on understanding affordability, structures and credit risk so that we can effectively convey our proposition to our network.
FR: Investec was recently named as the first private bank on the Sesame panel. What can a private bank add to a network that other lenders can’t?
The underwriting we offer is bespoke and we can make considerations that the high street cannot. Although our clients should all meet our high net worth criteria, their income and asset base are often complex and nuanced, as are their requirements for borrowing.
It could be that we need to consider numerous and varied assets, LTIP vesting schedules, retained profits or complicated borrowing structures, and we are able to understand and include all of these factors by working through each case with a methodical approach and applying our extensive knowledge and expertise.
FR: What does a typical Investec Private Bank client look like?
Our clients occupy a wide spectrum of the HNW space, with a particularly strong focus on finance professionals, entrepreneurs, international and professional clients whose income can often be complex, including foreign currency. Of course, we also have a team that works closely with introducers, and this is the team I sit in.
Using broad strokes, our clients are typically invested in their own trajectory, be it in a business or fund, or even in their own education and development, and are very successful in their respective fields.
FR: What can brokers do to attract more HNW clients?
It’s about knowing your onions, so to speak, and also demonstrating added value with industry expertise and commentary. The introducers I work with who spend a lot of time working with HNW clients are always very in-tune with the private banking market and able to package a case very well. Providing the bank with a clear and informative case enquiry will mean a quicker response and thus a shorter wait time for the end client. It also strengthens a broker’s rapport with the BDMs and bankers and enables the introducer to find the best solution quicker. Referrals usually follow when service is top notch and the adviser is well-informed.
FR: If you could see one headline in 2020, what would it be?
'Property taxes abolished!' or 'Brexit reignites the property market to an all-time high'.
