. Coutts (UK). The UK bank Coutts has a Sports & entertainment division, established in 1999. Dylan William: "We have bankers who are specialists in this field as it is important that they have a full understanding of the sector, the lifecycle of the individuals, and are able to work with a network of advisers to deliver for both UK and foreign players". Harry Keogh has been at the helm of this client group for the last 14 months, and currently heads up 13 bankers, specialising in this area. "The name Sports & Entertainment isn’t strictly representative," explains Harry, "especially since our clients are from a wide range of fields, including the music business, the arts, fashion, publishing, sports, film and television, and other media.
"Coutts private bankers are very aware of the fields in which all our clients work and particularly the nuances surrounding them. My dedicated private bankers build expertise and knowledge of the unique world in which our Sports & Entertainment clients move. For example, take footballers. These are young people who earn huge amounts of money in a very short space of time. Therefore, their banker needs to be aware of their requirements so that their earnings can be invested for the long term, as most football careers tend to end around the ages of 33 – 34 and sometimes a lot earlier than that," he adds. Private bankers pride themselves on being ‘in their clients’ worlds’.
They spend a large amount of their time getting to know their clients and understanding their needs, expectations and dreams for the future. The team also has long associations with many professional bodies like the Football Association and the British Association for Film and Television, so is constantly aware of the issues affecting its clients. And because the majority of Sports & Entertainment clients don’t work standard 9 – 5 hours, they expect a private banking service that works around their availability.
Harry continues, "These clients are incredibly busy people, so bankers will often go and see them on a television set or at a music studio where they are working. It’s the perfect place to understand exactly what their world looks like." Also, the client doesn’t just receive the services of their banker only, as Harry explains, "The banker is the conductor who brings everything together for the client to ensure they have all the information they need at their fingertips. This includes working with investment specialists, financial planners, philanthropic and tax experts and much more."
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. Elizabeth Olson: "Dream Team Helps Manage New Wealth : Credit Suisse Wins Gold With Plan for Athletes", New York Times, 27 July 2000.
According to Olivier Jaquet, Credit Suisse Private Banking, sharing a sports background was key to figuring out what package fit each athlete. "To have $600,000 at age 18 is very nice but very dangerous," he said. "Many of these athletes have only five to 10 years when they can make the money for the rest of their lives, and for some it will be difficult to start a second career." [NOTE: A VERY PECULIAR LIFE-CYCLE INDEED].
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. Sun Trust: cross-selling to athletes. Matt Ackermann: "Sun Trust expands wealth coaching to pro
athletes", On Wall Street, 8 January 2010.
Analysts said that other banking companies, including State Street Corp. in Boston and City National Corp. in Beverley Hills, Calif., have introduced business units to target athletes and musicians over the past five years because these clients present a lot of cross-selling opportunities. Carroll said SunTrust cross-sell lending, mortgage, banking and insurance services to its clients that are athletes and musicians. "This business has grown in terms of loans, deposits and assets under management even in a difficult market environment in the past two years,” he said. “Based upon the contracts that our clients have we expect strong growth to continue".
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