Coutts reshaping offering for UHNW clients

Yves Le Marquand
By Yves Le Marquand January 27, 2021 12:09

Coutts reshaping offering for UHNW clients

Coutts is redeveloping its Private Office offering under the name of Coutts Family Office (CFO). The new-look service offer combines strategic partnerships from within NatWest Group (NWG) and relationships with external providers into one team. This means domestic and international family office and UHNW clients have access to more services than ever before, according to the private bank.

CFO gives the bank’s wealthiest clients the ability to facilitate their philanthropic ambitions, access to investment opportunities and tax and inheritance planning. Part of the new service includes asset finance advice on marine, aviation and automotive commodities through Lombard, and access to a HR support service for families called Family Office at Home – powered by NatWest Mentor.

Warren Thompson, head of Family Office & UHNW, told Superyacht Investor: “Global UHNW families haven’t been as globally mobile in 2020 and 2021 due to the pandemic. There may well be a greater shift towards flexibility and privacy of travelling private or spending time afloat, we have such brilliant expertise in NWG, so bringing that to Coutts UHNW families is timely and relevant.”

‘Privacy of travelling private’

The reshape was due for 2020 as, pre-Covid-19, the engagement would have been face-to-face. Thompson added: “Despite all the headwinds last year was hugely successful, so to bring on line the new brand, the refreshed offer would position us more strongly to delight our existing clients, welcome new families to Coutts and as the world returns to ‘normal ’we are better positioned to support than ever before.”

CFO, which currently manages around £5bn of assets in total is looking to grow that figure through investing in partnerships. New relationships include BlackRock, the world’s largest asset manager, and fintech company Flagstone. The London-based fintech is the developer of the UK’s largest cash deposit platform, meaning Coutts’ Family Office clients now have access to interest rates from a range of term deposit products provided by third party banks.

The world’s largest asset manager

Thompson said: “It is vital that we continue to analyse and invest in the best possible ways of managing our clients’ money. The new partnership with Flagstone means that clients will benefit significantly from even greater variety.

The decision to reshape was prompted by feedback from clients, according to Thompson, and the realisation that Coutts are already operating as a Multi-Family Office within the firm.

“While we completely understand where clients perhaps prefer the independence of an MFO [Multi Family Offices], or have the scale to set up their own SFO [Single Family Office], so have independence and control. The reality is for other families the desire is to have an organisation that has done this for centuries, has the strength of a significant banking group such as NatWest, all under one roof.” said Thompson.

Peter Flavel, Coutts CEO, said: “We’re renowned for the personal touch and the enduring relationships we have with our clients. But it’s our unrivalled ability to challenge and thought provoke in matters of family wealth, coupled with our extensive range of solutions and deep connections, that sets Coutts Family Office apart.”

Yves Le Marquand
By Yves Le Marquand January 27, 2021 12:09

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