Profile on.... Andy Nicholson, Private Banker
Q: How did you come to be at Fairbairn Private
Bank?
A: My last position was as an independent financial adviser (IFA)
for Alexander Forbes, specialising in international pensions.
Through social and professional circles on the island I already
knew some of the private bankers at Fairbairn Private Bank and
already had a high regard for the organisation. So when an
opportunity arose at the bank I jumped at the chance. The thing
that impressed me most about the bank is its constant drive to meet
the clients’ demands and to make sure that they are always the
number one priority. It is fair to say that the bank’s unique
selling point is its high levels of client service. But one
of the main factors that helped me make my decision was the bank’s
flagship service, Focus. As an IFA, I had been introducing my
clients to Focus and I really liked what it had to offer. I
believed in the service and was impressed by the flexibility it
offered the client.
Q: So how did you find the transition from an IFA to a
private banker?
A: I really enjoy being a private
banker! I only wish I’d pursued a career in private banking sooner!
I found that working as an IFA you could only meet a restricted
amount of the client’s proposition, but as a private banker you can
fulfil the majority of it. I was already familiar with the bank’s
range of products and services, and have enjoyed the challenge of
learning the ropes with a new organisation.
Q: What are your goals/aims at Fairbairn Private
Bank?
A: To raise the profile of the bank in the
intermediary sector within the local market on the Isle of Man.
Having the open architecture of Focus at the heart of the bank’s
operations makes it an ideal solution for intermediaries. Focus
could be massive for the introducer market: a real “low cost
solution”. Furthermore, the service is being driven by a great team
with an enormous amount of enthusiasm. It’s this enthusiasm that
makes the difference. I feel reputation and word of mouth play a
large role in raising a company’s profile.
Q: Is there anything that your clients are particularly
interested in at the moment?
A: Qualifying recognised
overseas pension schemes (QROPS) are a big talking point at the
moment. The recent approval by Her Majesty’s Revenue and Customs
(HMRC), allowing UK pension rights to be transferred to a QROPS,
has opened up a large untapped market for non-UK residents
worldwide. With recent changes in the Isle of Man pension
legislation, this has presented an excellent opportunity for Isle
of Man based businesses with the requisite licence.
Intermediaries, who have not previously used the bank, have
shown particular interest in the Focus platform as a means of
holding investments for their clients, due to the fact we are not
restricted to UK investments, and can hold virtually any listed
investment.
Q: Your top tip
A: Always treat people as
you wish to be treated yourself.
Education: Left after high school
Career: First job at the post office - Took
accountancy qualification - Joined Barclays Unicorn as fund
accountant - Barclays (IFA) - Joined Isle of Man Bank - Dean
Wood - Alexander Forbes - Fairbairn Private Bank
Likes: Cycling, golf – sports in general!
Dislikes: Smoking and dishonesty
Life ambition: I would love to cycle up Alpe
d’Huez, probably the most famous climb in the Tour de France. And
playing a game of golf at St Andrews is also high up the wish
list.
If you weren’t here now, what would you be doing?
Following a major sporting event, somewhere in the world.