Laith Al-Khalaf and Emma Dunkley’s report on how some private banks are using alpine circuses and aviation upgrades to attract high-net-worth clients (“Banks jostle to woo the wealthy with snow polo, honeypots and private jets”, Report, June 25) seems to capture the current private banking marketing theatre perfectly.
In my experience, the window dressing rarely matches what actually keeps a client on the books. While a private jet ride might be attractive to some, loyalty in private wealth is built on a much more pragmatic foundation, which includes excellent consistent advice and deeply rooted relationships with someone you actually like and who, hopefully, shares a sense of humour.
If a private bank fails on the fundamentals of capital growth and trust, no amount of champagne on the runway will save them. Coutts may indeed be coy about its perks, but perhaps it is right: no money, no honey.
Ronald Graham
Managing Partner (Dubai), Winston Taylor Lawyers, Dubai, United Arab Emirates
