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Career profile on... Rebecca Laforey, private banker

Rebecca Laforey

1. What was your first job?
When I was about 13, I tutored younger students in mathematics after school.  However, this was only on an informal basis. My first "real" job was teaching business English to senior executives of large multinationals, particularly bankers, in Barcelona and Frankfurt. Teaching them was an eye opener and I soon realised that I was far more interested in understanding more about banking and investments, than I was in explaining the difference between the past and present perfect tenses!  I moved from Barcelona to the Isle of Man in 2002 to pursue a career in banking and study at the Isle of Man Business School. My career in private banking developed from there and I've worked for Fairbairn Private Bank since 2004. 

2. What did you want to be when you were at school?
I wanted to be a zoo keeper. Not unusually for a little girl, I loved animals but, perhaps unusually, I particularly liked crocodiles! You couldn't drag me away from the reptile enclosure, I was fascinated by them. Only in hindsight do I realise this was a slightly bizarre fascination!

3. What Qualifications/Training do you need for your job?
The current minimum qualification necessary is the Financial Planning Certificate.  However, this certificate is a "level 3" qualification and, as from 2012, the UK (and the Isle of Man thereafter) will require a minimum level 4 qualification. To prepare for this, I recently completed a diploma in Private Client Investment Advice and Management, which is a level 6 exam, and I achieved a merit in this.

But I'd say that, as with most jobs, experience is just as important as formal qualifications.

4. What is the best thing about your job?
Delivering a truly personal service to a small number of clients and really getting to know them and their specific requirements has always been important to me and my job fully delivers this. In the case of private clients, my aim is to build a relationship such that I ultimately end up working not only with them but also with their children and their children's children in future. In the case of companies or professional intermediaries, the ultimate accolade is when my professional clients feel confident enough to not only introduce their own clients, but open personal accounts for themselves and their families.  The job satisfaction I get from this is very rewarding.

5. What is the most difficult thing about it?
I believe the most difficult thing about my job is also one of Fairbairn Private Bank's key strengths: listening to, understanding and delivering clients' specific and unique requirements. This applies whether the client is a private individual, a trustee, a professional representative or a company. It is imperative that I fully comprehend and agree on what is expected of me and what the client wishes to achieve at the outset of a new relationship in order to be able to deliver these expectations. The bank's stated aim is to service its clients better than any other financial services organisation and this challenging goal is something that I keep at the forefront of my mind. 

6. What are the most important qualities you need in your role?
It's crucial to be able to listen to clients' requirements and formulate a plan to meet their goals, given unique circumstances, objectives, tax position and constraints. Managing successful relationships with clients and their professional counterparties is at the core of private banking and effective listening and communication skills are essential. A hearty dose of common sense also helps!

One also needs to maintain a keen interest in business and investment markets and other financial or political developments worldwide, which may impact either directly or indirectly on clients' portfolios, banking requirements, tax position or estate planning needs.

7. What advice would you give to someone who wants to get in to the same industry?
The most successful client relationships are based on trust, which is difficult to earn and easy to loose. Ensure you do not overpromise, that you agree on realistic objectives and that you communicate regularly with your clients, to keep up to date with their changing objectives and requirements.