Personal relationship manager

bigsaver28

Does anyone have any experience with these services? Specifically Lloyd’s or Barclays?

As the name implies I’ve always been a big saver, too risk adverse to invest.. but I’m in a position where I think I’ve done what I can to make my money work for me with regards to current accounts, regular savers, isas etc.. and I’m ready to take a next step. I must say that having a direct contact at each bank does have a comforting feel! However, I am aware that they just want to sell their services/products.

I’d like to hear other people’s experiences and have some kind of better idea as to whether these ‘premier/advance/private’ banking services are anything special?

Thanks I’m advance

Ben8282

If you need investment advice, then the advisors are probably as qualified as anybody to provide it although obviously they will want to push you to their own products.
Apart from that, no. The words 'Private Banking' (or similar) will appear on your debit card and/or cheques, but that's about it.

colsten

Never ever in a million years ask a bank for investment advice. They can only offer you their own products, and they'll push whatever is their flavour of the month.

Go to an independent financial adviser. It would be sensible to read up about investing before you do. You could start on monevator.com, and also snoop about the MSE savings and investments board.

EssexExile

I doubt they are qualified to give any investment advice. We used our "Personal Manager" at Santander once when we needed help with an executors' account. He was very good but then again he may have been very good with other people too, who knows? Other than that the "Relationship Manager", or whatever Santander call him, phones me a couple of times a year to see if he can help me. It's usually a different person, so not much of a relationship!

Marchitiello

Lloyds: always the same person, albeit in a remote location. She never offered or I ask about investment products, just general banking support

Barclays Premier: always a different person that picks up your sort of “case file”, again never used to ask nor they offered investment advice other then Mortgage information and let me know that they had their own, self service investment platform (I believe is called Barclays Investor).

HSBC Premier: te relationship manager is actually located in a fairly local branch. I can request appointments face to face there or to my nearest branch within his geographical cover. I already use their Global Investment Centre to “play” with some funds.

ratechaser

Like others have said... fancy debit card (even cheque book if still relevant), possibly a few preferential rates, higher cash withdrawal limits at ATMs, and someone on the end of the phone that might be a bit more capable of fixing issues that arise. That's what baseline private banking accounts from the high street banks get you.

But investment advice? - not in a million years would I go for that....

18cc

I believe Lloyds Bank are teaming up with schroders to offer investment advice t

there was a discussion on it's on the latest ' this is money' i will try and put the link below

the general feeling was that it might not be a bad deal you don't need to be a premier account customer though - any Lloyds customer can take advantage

https://www.google.com/amp/s/www.thisismoney.co.uk/money/saving/article-7253985/amp/Banks-revive-old-way-making-cash-Charging-advice.htmlnn

colsten

18cc wrote: »

the general feeling was that it might not be a bad deal you don't need to be a premier account customer though - any Lloyds customer can take advantage

It sounds a horrible deal to me as it is not independent advice. All they can sell you are Schroders products.

Flobberchops

I can't speak for the other banks (though I suspect that post-2008 they may all be operating along the same lines) but a Barclays Premier Manager will absolutely not give you any investment advice. They are forbidden to do this. Barclays switched to a very strictly execution-only model for investments some years ago.


The exception to this is Barclays Wealth and they'll only be interested if you have over half a million to invest.

colsten

Flobberchops wrote: »

I can't speak for the other banks (though I suspect that post-2008 they may all be operating along the same lines) but a Barclays Premier Manager will absolutely not give you any investment advice. They are forbidden to do this. Barclays switched to a very strictly execution-only model for investments some years ago.


The exception to this is Barclays Wealth and they'll only be interested if you have over half a million to invest.

They are all on their way back to offering financial advice and investments. https://www.ft.com/content/bd99a084-9c84-11e8-9702-5946bae86e6d

schiff

EssexExile wrote: »

I doubt they are qualified to give any investment advice. We used our "Personal Manager" at Santander once when we needed help with an executors' account. He was very good but then again he may have been very good with other people too, who knows? Other than that the "Relationship Manager", or whatever Santander call him, phones me a couple of times a year to see if he can help me. It's usually a different person, so not much of a relationship!

During my initial chat with my RM at Santander I found I was able to tell him things he didn't know. I doubt if a bank's RM knows as much about financial matters as the more experienced on here.