Profile on... Rebecca Laforey, private banker
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Title aside, what do you actually do?
I am responsible for looking after a select portfolio of
international private clients, and work closely with both the
clients and their network of professional representatives, such as
lawyers and accountants, to provide bespoke services tailored to
meet their specific circumstances, present requirements and future
objectives. This involves dealing with all aspects of their
finances, and includes wealth management, succession and estate
planning, long-term financial planning and pensions, lending, and
banking services both on an international and day to day
basis.
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Additionally, I work with professional intermediaries such as
trust and corporate services providers, financial advisers or legal
firms, looking after a portfolio of their clients or specific
aspects of their client requirements. In most of these cases, our
daily dealings are with the financial professional who has
introduced the business and I would view the professional
intermediary as the client.
Why did you choose a career in private
banking?
My career in private banking developed from 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. During this time I also completed the Financial
Planning Certificate and, more recently, a diploma in Private
Client Investment Advice and Management (merit).
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. Private banking seemed a natural
choice and, as such, I've worked for Fairbairn Private Bank since
2004.
What do you think are the key considerations affecting
investments at the current time?
The big issue of sovereign debt, in particular with regards to
Europe, and economic data coming out of the US. The unanswered
questions from these regions are creating large shocks in markets
worldwide. The associated volatility demonstrates the importance of
having a sound understanding of clients' attitudes to investment
risk and their expected returns. As custodians and managers of our
clients' assets, it is our responsibility to safeguard our clients'
interests and ensure we are managing their money in accordance with
their specific circumstances and objectives.
What is your key-challenge work wise?
As a traditional private bank, I believe our key challenge is also
our key strength: listening to, understanding and delivering
our 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 we fully comprehend and agree on what is
expected of us and what the client wishes to achieve at the outset
of a new relationship in order to be able to deliver these
expectations. Our stated aim is to service our clients better than
any other financial services organisation, and this challenging
goal is something that we keep at the forefront of our
minds.
What motivates you?
Building successful long-term relationships of trust with my
clients. In the case of private clients, my aim is to build a
relationship such that we 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 our professional clients feel confident
enough to not only introduce their own clients, but open personal
accounts for themselves and their families.
What is the best piece of advice ever given to
you?
Don't eat yellow snow.
Outside of work, what achievements are you most proud
of?
Although no achievement of my own, I am proud of my language
skills. I was fortunate enough to be born and raised in Spain
(Barcelona) to English speaking parents who were also fluent in
Spanish, so I grew up speaking Spanish, English and Catalan. I
spent over a year in Germany, where I became fluent in German
(although it's now rusty given that I haven't really spoken it
since 2000!) and I also speak a bit of Italian.
But I guess most of all I am proud of my heritage: who wouldn't
be when you can call FC Barcelona your home town team!
Complete the sentence: I couldn't live
without...... my family, friends, a good book and a large glass of
wine!