Interview from Rathbones employee (“Ask the Experts”):


  1. What is the split in gender percentages across Rathbones company as a whole? With Rathbones entire company there would be approximately a 10% female and 90% male split.
  2. What about with Greenbank Investments?Greenbank is definitely more female probably around 35%. This may be because they are more empathic, more caring and more philanthropic, but this may be a generalization. There are also a lot of cases where the male in the relationship is the main income source and their wives will have an account with us too, to invest in what they feel is the most valued to them.
  3. What are the average ages of your clients?  On Average 55/60/65 and upwards, our eldest client 89
  4. Are there any anomalies to this? Occasionally there will be family investments where the parents will have handed down portfolios to their children in their mid-late 20s. Lots of family wealth. We also have tv personalities, actors and actresses who fall into the younger age bracket 20-35.
  5. What is the general martial status of  Rathbone Clients? The majority are married. Usually the male is the most wealthy in terms of who earns more. Quite often there are  divorced women, on average they have around 1.5mil a year to invest.
  6. Education – 75 % have a degree or higher (PhDs or Dr)
  7. What are the most common professions your clients have?Corporate Lawyer, Lawyer, Banker, Investment Bankers, Finance, Company owner, CEO, Senior Management, Doctor, Tv Personalities, Actors, Insurance, Housewives.
  8. Employment statusMost want someone to look after their money because their profession is too busy. Usually retired or coming to retirement, no schools fees, no house or mortgage to pay off.
  9. Avergage Household income – Average 150-200k a year/ they have a good background with parents giving them money or family money/ They have investable assets (i.e not property e.g. ISA, shares, pension or cash) but not much income 50k
  10. What are your clients mobile phone abilies like? Stereotypically they are technophobic – they love the hand sign letters, the face to face aspect of coming to see us. However, our clients who are 50-55 are more likely to use the desktop login. Our clients who are 70+ prefer the hand written aspect.
  11. What other banks do your clients bank with?Most don’t invest with other banks, 20-25% have other money invested elsewhere. Most of our clients have a bank for every spending – there isnt a specific one – most likely HSBC, Santander, Natwest
  12. What other applications (if any) would your typical client use? Our typical client would most likely use news apps, weather, camera, messaging, calendar and organisational applications, possibly google maps
  13. How do your clients normally access their investment profile? Usually they dont access their portfolios, we will send them letters or emails or they will come for a meeting in the office. If they do want to they can access it online through the log in client section. However, they can see different information than we can.
  14. What information would they be able to access? How well their portfolio is doing, bench marked against FTSE, economy information – effecting markets, good or bad and why? Sales or purchases, future of the economy, more or less? Ethical profile changes, most ethical companies to invest in
  15. What is your clients preferred method of banking Face to face is the most preferred, we are dealing with alot of their wealth so they like to see us. Every 3 years as a minimum face to face. We have to call our clients up too – or they can call you as you are their advisor. We like to see the older clients once a year.
  16. What would be your clients reasons for not using a banking app? They prefer a personal service and face to face meetings. We’re an old trustworthy name and to change this wouldn’y flow with our clients.
  17. What incentives would be appealing to switch to app based banking? I don’t think our clients would benefit from app based banking, the reasons we do so well is our reliable customer service, especially with older clients. We wouldn’t want to jepodise our reputation. A reason for an additional app may be a beneficial rate, or access to other benefits. With Green bankers, they like to understand and are empathetic towards environmental cases.
  18. What incentives would be appealing to switch to ethical banking? Dedicated team for clients who want 100% ethical and sustainable investment, Greenbank only manages ethical and socially responsible investment portfolios, Support issues the client cares about, Values and financial goals can be combined without compromise.
  19. Most popular service on the site? Most people like to research us before committing, we’ll contact them about coming in for a meeting. Nothing is confirmed over the website.
  20. What is your most popular service, not on your site? Advisors – most popular service – everyone has their own personal advisor.
  21. What information would a client need access to on their portfolio? On client login, value of their portfolio. Their holdings, gains and losses, taking an income, if they are losing money.
  22. What are their concerns and fears? Our clients biggest fear is the loss of money or assets. Not being able to be a stable provider for their families. Greenbank customers would be concerned about environmental and social aspects of their lives. Status would be important.
  23. What are their hobbies? High brow activities, art shows, galleries, opera, cricket games, charity events, gardening, reading, sports (tennis)
  24. A day in the life of your clients? Really busy, dont have the time to do their portfolio, working people lots of money, high brow and run in wealthy circles
  25. What type of person? Do they give to charity? Family first. They will most likely attend multiple charities events a year, or even organise their own. They will give to charities environmentally based.
  26. What are the most common locations your clients live? West london and home counties, South West London, Richmond, Chelsea, Mayfair, Fulham. Always have another homes, or multiple homes. Most have a flat in london, a home abroad & country home.
  27. Where do they holiday? Italy, France, Skiing, Dubai.
  28. What is their biggest hope? To preseve their money for their future family, have a safe retirement and keep up their standard of living. To have a status within the environmental world.


Take away from this interview

  • Maybe instead of facetime meeting > Access to benefits and high class events – Inital thoughts of using a facetime style application have completely changed. They would not benefit from this.
  • Once every 3 years > isnt enough and they like a face to face meeting >  dont take this away from Rathbones.
  • Keep everything very simple, no burger menu, navigation listed, taxonomy simple – aimed for the older generation
  • Focus on good companies and positive stories
  • Very busy people – they don’t have time to invest, they may like an overview
  • The app is not an investment app but an extras app to showcase the green nature as an add on product to offer to customers
  • Run in high circles – want to know about all the companies and show off
  • Most likely dont talk about money but will show off with holidays, meals, Personas base on meal?
  • Think about what these people see and go through in every day life, how do they travel around? What do they do before work, after work, when do they use their phones? When would they use this app? Ideology, religion?

Identifying problems: Not being ethical aware enough, fees being too high, worried about the environment, being represented in this world, removing friction through usability, increasing motivation through psychology, want to volunteer more and give more time to charity, worried about childrens future and their assets, want their money to go to a good cause – have a strong sense of philanthropy.