Coutts, a private bank under NatWest Group, offers exclusive perks to its wealthy clients. To qualify for an account, customers must have at least £3m in savings or borrow or invest at least £1m. In addition to a dedicated bank manager, Coutts provides a concierge or “lifestyle manager” to help enhance clients’ lives and create unforgettable experiences.
The concierge service has assisted clients in securing sold-out concert tickets, organizing stag parties, and arranging unique events such as weddings on Juliet’s balcony in Verona, receptions with elephants, and organ playing in Notre Dame Cathedral. Coutts’s client roster includes notable individuals like rapper Stormzy and Harry Potter star Emma Watson.
Edwin Smith, the editor-in-chief of Spear’s wealth management magazine, emphasizes that Coutts is not a regular bank but rather caters to the ultra-wealthy. Apart from special experiences, the bank offers exclusive investment opportunities, special events, and networking occasions. Networking is particularly valued, as clients enjoy connecting with like-minded individuals to share insights and experiences.
Though Coutts has been the choice bank for the British royal family since George IV, it faces increasing competition from other private banks. Weatherbys, established in 1770, organizes activities like clay pigeon shooting trips and exclusive fashion previews. C Hoare & Co, the UK’s oldest privately owned bank, holds its own exclusive events and talks.
To maintain its reputation and client base, Coutts seeks individuals who view their role as more than just a job. Alexander Hoare, former chief executive of C Hoare & Co, highlights the importance of finding people who take ownership of their responsibilities.
Other private banks offer similar perks. Citi, a US investment bank, provides its private banking clients with cultural trips to Florence and networking parties. Emirates NBD, based in Dubai, offers access to top golf courses across the UAE for its private banking clients.
These exclusive benefits and experiences distinguish private banks from high street banks and cater to the unique needs and desires of the ultra-wealthy clientele.
