IPB PLAYING FIELD
6
private banking
What's NkwS Issue 5 May 1996
You can only do that if you build a
relationship with them. You can't just turit^
up and say: Give us your money.'
By its very nature, private banking is a private affair - you certainly
won't find a PB cliënt discussing the bank and its services in our
'working relations' series of customer interviews. So who do our
international private bankers actually serve? Edward Vermeer of our
Luxembourg office talks us through one very specific target group -
top sports men and women.
The crowd of
German fans
gathered outside
Amsterdam's posh
Amstel Hotel
hoping for a
glimpse of their
football team as
they leave to play
Ajax is merely a
coincidence says
Vermeer. 'We have
no clients in this
particular team,' he
laughs. 'Actually,
I'm here for a Edward Vermeer
business meeting.'
The Amstel, where the Queen stays when
she's in the Dutch capital, is the kind of
elegant setting you probably associate
with private banking - sparkling
chandeliers, impeccable service, well-
dressed guests. 'In fact,' Vermeer grins,
'although I admit there is some kind of jet
setting mystique about private banking,
I'm equally likely to meet sports clients in
a dressing room.'
WORD OF MOUTH
By 'sports clients', Vermeer means
primarily the group of sports men and
women who hold their assets
internationally. 'And I should add, that
managing these assets comes down to
hard work, not least because these clients
travel the world for most of the year and
just getting to speak with them can be a
very difficult proposition.' Vermeer's work
for sports stars began gradually. 'It all
started with one, who was a friend of a
friend that led to an introduction. Then
there were two - through word of mouth,
of course, which is really essential in this
business. Now we have quite a few more.'
NO HASSLE
The world of top sport is a small one. 'It is
also a very specific world,'
Vermeer reckons. 'The
players are young and they
don't want any hassle. All
they are interested in is
playing their sport. So they
need someone they can
trust to look after their
affairs without bothering
them all the time. On the
other hand, you're also
expected to show up at
games, to show interest in
what they do. They expect
you to understand the
mechanics of the sport. By
knowing about their
"business", you build the kind of
credibility and trust vital in our business.
For example, Tennis players on the major
circuit travel 40 weeks of the year so we
have to follow their Schedule very
carefully. I.ooking after sports people is
never a nine to five job.'
SPECIAL PEOPLE
But Vermeer is also fascinated by these
clients. 'Working with them is great fun
because they have something very special.
They've achieved success at a very young
age and that sets them apart from other
people. You can learn a lot from them -
they have great discipline and their success
requires massive input and sacrifice. I'd
say they definitely pay a price for their
achievement; they're not always in win-
win situations, even though they may be
consistent winners. As private banker,
what you try to do is make sure they
maximize this early success in financial
terms. Besides looking after their
investment portfolio, you also have to
work out estate planning for them, look at
the legal and fiscal side of their affairs.
Essentially, you have to gain a clear view
of what their circumstances are and what
they want, both now and in the future.
GETTING INTO SHOWBUSINESS
Building this kind of trust with private
banking clients does not happen
overnight. Although Vermeer already has
a number of sports customers, he is also
looking at other playing fields where he
believes the bank could attract PB clients.
'Soccer is an area where we could be
doing more,' he says. 'There are also
opportunities for us in areas like Formula
1, volleyball, cyclerace, basket and
baseball. Golf is also a field where we see
opportunities.' Many of the target clients
are Dutch nationals who live outside the
Netherlands. 'You'd be surprised how
many there are,' Vermeer confirms, 'and,
of course, we only target expatriates.
These are the people we look at from an
international private banking perspective.'
PRIVACY AND TRUST
The German football team has left the
Amstel Hotel and dinner guests have
begun arriving. We've been talking for
almost an hour when Vermeer looks at his
watch apologetically. It's 7.20 pm - 10
minutes to his business meeting and he
thinks we should stop. Asked for a hint
about who exactly he is meeting, the
private banker in Vermeer immediately
asserts itself. 1 le sntiles and shakes his
head. 'Private banking is about privacy,'
he says. 'You can't build relationships in
this business, which by definition have to
be based on trust, if you go about telling
other people who your clients are, that
wouldn't be very discrete now, would it?'
PRIVATE BANKING -
SPORTIEF ZAKEN
DOEN
Private banking klanten
blijven meestal op de achtergrond. Edward
Vermeer van Rabobank Luxemburg tilt een
tipje van de sluier op met een zeer
specifieke doelgroep: topsporters. In de
tenniswereld en een aantal andere sporten
hebben wij al een goede reputatie
opgebouwd, met name via mond tot mond
reclame. Deze groep bestaat veelal uit jonge
mensen die zich volledig op hun sport
richten. Zij verwachten dat de bank hun
belangen goed in de gaten houdt, het
vermogen beheert, een vermogens
planning opstelt en juridisch en fiscaal
advies geeft.Zij hoeven daaraan dan zelf t
niet veel aandacht meer te besteden.
Belangstelling voor hun tak van sport en het
bijwonen van wedstrijden wordt echter zeer
op prijs gesteld.
