A most personal relationship

Outside the family, the hairdresser probably knows more about the bits and pieces of his/her client’s life than anybody else. A far second is the banker. In both cases, these professionals need to know as much about the client as they can to do a good job.

"To come up with the most attractive hairstyle for a client, I need to know her lifestyle and what makes her happy or sad," said Lucy Valiente, a popular hairdresser at the Rever Salon of the Mandarin Oriental Manila.

Valiente is equally open about her personal life but she doesn’t talk about her other clients, many of whom are well-known in business and society circles.

That sense of well-being is also the objective of a banker, particularly a personal banker who prides himself in know what is best for his client – financially anyway.

In a culture that draws comfort from relationships, the personal banker is considered a close friend and, oftentimes, an extended member of the family. In some cases, more importance is given to choosing the right personal banker than the bank to do business with.

"The choice all boils down to that person you are most comfortable doing business with. Having settled that, you hope that person is associated with the right institution. In these times, when many banks are merging or closing, you would naturally want to do business with one that will be around for some time," said an entrepreneur.

Some Chinese-Filipinos, however, draw the line on closeness and the possibility of accidental breaches in confidentiality by insisting on doing business with a personal banker who does not speak Hokkien, the Chinese dialect spoken in the Philippines, or who do not have strong ties with the Chinese-Filipino community.

Like the hairdresser, a personal banker brings many of his clients with him when he transfers to another bank.

Getting to know you

A client can, of course, walk into any bank and ask for investment advice. To save on time, however, it makes better sense to set an appointment with the personal banker of his choice or, if he does not know of any, to ask the branch manager to refer him to one.

Most foreign banks and big local commercial banks try to meet the client’s need for a personal banker. Among local banks, however, the role is often assumed by the branch manager.

"We call this relationship banking," said Citibank marketing director Cecille Fonacier. "When clients open an account with us, they are starting a relationship with one of the world’s largest financial institutions. And because we value that relationship, every client is given a high and consistent level of personalized service."

In its six branches around the country, Citibank employs account officers that serve as personal bankers to its clients. "Each account officer is trained and authorized to handle an extensive range of banking transactions. They can assist clients with inquiries on their savings and checking accounts as well as help them plan their investments," said Fonacier.

At the beginning of the relationship, the personal banker asks specific and, oftentimes, personal questions on the client’s financial status and appetite for risk to help the client crystallize his investment strategy.

At the end of the day, a client can leave the worrying to his personal banker and live life to its fullest. That’s about the smartest thing he would have done in his life.