I'm a customer of Hoare's. AMA.
C. Hoare and Co., a British banking dynasty in business for more than 300 years
51–60 of 98 posts
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#52It seems to me like there is a space to become the Gucci/Rolls Royce/Hermes/... of banking. The place where famous Instagrammers bank. Expensive, authentic, exclusive, heritage,
I think you're right, and that this applies to many areas (not just banks).
'#influencer'ism seems, most unfortunately, not only here to stay but on the rise and increasingly recognised.
https://www.newstatesman.com/science-tech/social-media/2019/...
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#53Earlier quoted context omitted.
I'm well aware. The Bentley of banks is not for UHNW, just like mass luxury products are neither. The Bentley of banks is for people like this: https://twitter.com/FloydMayweather/status/11469115382272368...
So you're thinking somewhere between the Magnises card by Billy McFarland (Fyre Festival dude), Soho House, and upper-tier retail banking...that's all 100% instagramable? I think you're on to something. I wouldn't be surprised if Soho House or other private clubs work with retail banks towards something like this. One time, long ago, I had money once, and I was a member of HSBC Premier. It allowed to me to cut lines…
That’s basically what Amex Platinum offers. Last I heard they had created an entire team to focus on wooing the millennial crowd.
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#54Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#55My bankers are Hoares , one of the recurrent puns in Jack Aubrey novels.
Beat me to the punch...
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#56The article keeps saying their advantage is their ability to "find solutions other banks can't". I don't know what that means. Exotic loan terms? Collateralizing difficult-to-value assets?
Perhaps without duties to investors or depositors they aren't hung up on rules and risk mitigations, specifically a banker being able to make decisions based only on their own judgement.
They have depositors but you're right that they don't have investors, and decisions are made by people (i.e. the partners who own the bank) exercising their judgment instead of "Computer Says No!", like at most banks.
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#57Earlier quoted context omitted.
There are many existing banks that cater to rich people.
Name one bank that the average person on the street recognizes as an exclusive bank that only rich people can afford to use, like they do with Ferarri or Rolls Royce.
The fact that ordinary people don't recognize the name is the point.
You flaunt a R-R, you don't flaunt your bank.
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#58The article keeps saying their advantage is their ability to "find solutions other banks can't". I don't know what that means. Exotic loan terms? Collateralizing difficult-to-value assets?
So banking is a complex mess of years and years of regulation that seem to change when the government does or there is an event. An example for me personally was trying to buy a house after the crash. (This bit is simplified vs the details of rules). They changed the loan laws to put incoming as the key limit on what you could write a loan against. I had made a nice chuck of money on my last startup and was very luck…
What bank did you use?
Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#59Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years
#60I'm a customer of Hoare's. AMA.
What're some surprising facts about it that are unexpected to an outsider?