In the latest instalment of our series looking into the motivations and passions driving heads of leading private banks, we talk to Guy Healey, head of private banking at Brown Shipley on why private banks have 'nothing to fear from AI and robotics'.
Why did you choose to go into private banking?
I started my career within Lloyds Bank’s corporate banking division, working with entrepreneurial clients in a relationship banking role. Therefore, it was a natural progression to move into private banking 15 years ago when I got the opportunity to work at an international private bank in Switzerland.
What do you love most about your job?
I love the people I work with and the variety of wealth creators that we have as clients, as well as the challenge of working in such a diverse environment.
What is the next big thing in private banking?
Getting the balance right between technology and human interaction. The very best relationship-led private banks have nothing to fear from AI and robotics provided they are able to maintain their best talent. Wealthy individuals and families will always value a trusted adviser, be they a professional private banker, lawyer or accountant.
Ultimately, private banking is – and will always be – about excellence, agility and responsiveness.
Banker or tanker – which asset classes or investment vehicles do you see as the ones to watch and the ones to avoid?
Banker: Sustainable investing is the future.
Tanker: Synthetic currencies remain the realm of the speculator in our view.
How or where are you finding new ways to generate your clients’ risk-adjusted returns over traditional equities, bonds and passives?
We have a strong team of research analysts and investment professionals backed by our KBL Group team in Europe.
We build investment portfolios for our clients on a multi-asset class and global basis, looking at the full spectrum of equities, bonds, cash, absolute return funds, structured products, commodities, property funds, and hedge funds in order to seek out value in the UK and internationally.
Our investment philosophy comprises the three Rs – resilience, responsive and reliable, and we build portfolios that reflect this approach, investing in themes we believe in for the long term.
How can a private banker work in harmony with a financial planner or investment manager?
Simply by working as a physical team with aligned goals centred around the client.
At Brown Shipley there are three pillars to our service – wealth planning, investment management and lending – where we work as one team to offer a fully integrated solution to our clients.
We are currently achieving very encouraging levels of organic net new money growth by pitching as one team. An example of this is our recent win of a £10 million investment account through the initial offer of a modest loan delivered at short notice, followed by a comprehensive financial plan. As a result of the speed and quality of this combined service offering the client had the confidence to invest their £10 million with the business.
'Wealthy individuals and families will always value a trusted adviser... Ultimately, private banking is – and will always be – about excellence, agility and responsiveness'