corporate finance
“We can introduce businesses to an ecosystem of professionals. Sometimes, when you are starting out you aren’t sure who to talk to. We have the local connections,” said Kearney.
One distinction in the Kleinwort Hambros service offering is its willingness to lend to entrepreneurs who aren’t extracting a full salary from their business because they want to keep reinvesting in its development. Kleinwort Hambros appreciates the liquidity pressures facing entrepreneurs during the build stage of any corporate enterprise. “We take the time to understand the longer-term earnings potential of these types of entrepreneurial business owners and will consider non-standard income to demonstrate affordability,” explained Kearney.
The well-established Kleinwort Hambros Entrepreneurs’ Forum offers a popular meeting point for business owners to share ideas and experiences. “We only have entrepreneurs in the room, from younger starters to more seasoned operators,” said Kearney. “It’s a great way to bring like-minded business people together.”
Time to think about your personal finances?
If there’s one area where business and personal interests converge with the greatest difficulty, it’s probably around money. At some stage, the thoughts of every business owner or company executive are likely to turn to their personal wealth, pension planning,
Rebecca Constable and Paul Kearney
succession planning, and extracting wealth from their business.
The question is, when is the best time to progress those thoughts into action? “Sometimes, we find business owners are so focused on the growth and success of their company that they don’t have time to look at financial planning for their family,” said Constable. “A trigger point for combining private and business advice is often when there is a key event in the life of their business, such as the potential for an exit or indeed a change in personal circumstances – the two can be related.”
Kearney added: “We’re not here to just provide products; we are here to offer smart solutions and the security of your financial affairs that you would expect from a large global company.”
Traditional service in the digital age
You might think a private bank steeped in history with a culture based on personal relationships might struggle to find a place for new technology. Kleinwort Hambros enthusiastically embraces digital banking tools. Its latest smartphone banking App is designed to support rather than replace the personal touch.
Interestingly, the bank finds that many of its tech-savvy entrepreneur clients prefer personal relationships when it comes to managing their money. “It’s a question of finding the right balance for each client. Some are happy with online self- service, others don’t even like email,” said Kearney.
Advising on personal philanthropy
When you’ve earned a lot, for many it’s natural to want to give something back, whether to charity, local communities or business owners supporting their employees, perhaps through apprenticeships. “Philanthropy is nothing new, but awareness is growing about its power to make a positive difference,” said Constable, who is also Kleinwort Hambros’ head of philanthropy. “You only have to look at the charitable foundations set up by the likes of Bill Gates and Warren Buffett and the Giving Pledge.”
Kleinwort Hambros works with Global Philanthropic, a leading organisation that advises donors on effective giving and helps charities with strategic fundraising. The bank also recognises the work of local charities such as the Berkshire Community Foundation, which raises money for, and makes grants to, local charities and community groups. The bank makes introductions to Global Philanthropic on behalf of its clients, so they can consider options on effective giving, and alongside this the bank can advise on how clients structure their giving, for example, by setting up a charitable foundation or a donor-advised investment fund.
Philanthropy is particularly relevant as corporate social responsibility (CSR) is high on the agenda of most companies, and employees increasingly expect to see tangible evidence of their employer’s involvement in local communities. “There is a real crossover between financial and philanthropic ambitions at both a personal and corporate level. This is another area where Kleinwort Hambros supports its clients and its employees.”
The team in Newbury currently has three senior bankers, Roger Plummer, Daniel Way and Jeremy Hill who work with Rebecca Constable, and two assistants, and they are looking to expand.
For details about Kleinwort Hambros in the Thames Valley and Solent contact Rebecca Constable:
020 7597 3017
rebecca.constable@
kleinworthambros.com
THE BUSINESS MAGAZINE – NOVEMBER/DECEMBER 2018
businessmag.co.uk
73
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