Citibank tie-up gives wealthy clients complete package

Cripps Harries Hall, of Tunbridge Wells, has set up a private banking unit with Citibank providing banking services. The move is a bid to target wealthy private clients.

The service, called Private Office, offers an integrated package to look after all matters related to personal and family wealth, including investment management, tax planning, pensions, trust administration and banking services. It will feature 24-hour banking and telephone access, plus over-the-counter, ATM and credit card services.

Simon Lough, a director in Cripps Harries Hall's London office, said it would target individuals from the City, the legal profession in general, and barristers in particular.

"Barristers are an example of people who work hard and earn lots of money and who would like to have their affairs managed under one roof," he said.

The service will be coordinated via the firm's London office. Although, Lough added: "We will carry out work at the rates which we charge out of the Tunbridge Wells office. Clients will not pay extra to have advice in London."

The service will see each client assigned a senior member of Cripps Harries Hall which analyse the client's needs and personal background.

This client manager will set up and manage a bespoke package of services on the client's behalf with all the client's legal and financial affairs being reviewed annually without extra charge. Investment performance will be reported on every six months.

Lough added that the firm was targeting individuals with either a household income of more than £150,000 a year or more than £500,000 in assets excluding their main residence.

He predicted that moving towards a coordinated legal and financial services approach would be a trend for the future.