Coutts: A traditional private bank with a modern outlook
One UK’s oldest and most traditional private banks, Coutts, is strongly moving with the times.
One UK’s oldest and most traditional private banks, Coutts, is strongly moving with the times. It has a strong focus on next generation of clients and has also launched robo-advisory services to stay competitive.
With millennials being more technically aware and having access to a vast array of digital services, Coutts, the UK headquartered private bank, believes in giving these clients plenty of choice in terms of accessibility.
The bank achieves this through its robust digital channels, focusing on transparency and connectivity.
In a recent interview with Private Banker International (PBI), the CEO of Coutts said that next-generation clients see Coutts as a way to connect with other young people: “Even though we’ve talked about connectivity at the top end of investment opportunities, actually younger clients are keen to connect with each other.
“When we have an event with 300 clients, there will be 30-45 people there in their late 20s to early 30s, and you can already see that there’s a connectivity that has arisen through their relationship with Coutts.”
Coutts is a private bank that is moving ahead with the times and trends.
As other private banks start to roll out their own robo-advisory services, Coutts has also developed a similar offering.
In early April, Coutts launched Coutts Invest, an online investment platform, that allows access to a suite of five passive risk-rated portfolios. The service enables clients to invest with an initial lump sum, starting as low as £500.
Flavel revealed to PBI in the same interview: “It’s an offering that is suited to execution only, and simplified advice and for things like ISAs that people can self-execute without having to go through a full plan.”
With several private banks and wealth managers in the UK launching automated advisory services, there is certainly a growing amount of channels and access points for both young and older clients to choose from.