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C. Hoare and Co., a British banking dynasty in business for more than 300 years

bloomberg.com

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Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#71

Post by throwaway981238 »

forgotmysn wrote: post #69
throwaway981238 wrote: post #51

I'm a customer of Hoare's. AMA.

any specific disadvantages to Hoare, or are there things that you miss that you enjoyed with a more trad bank?

I think Hoare's is probably as "traditional" a bank as you can get! :)

Joking aside, the only shortcoming I can think of is that, if I instruct a Faster Payment (i.e. a bank transfer) over the weekend, it doesn't get processed until Monday morning. Newer "challenger" banks like Starling and Monzo process Faster Payments 24x7.

Other than that, it's a full-service bank.

Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#72

Post by frenchman_in_ny »

nabla9 wrote: post #64
colechristensen wrote: post #20

Earlier quoted context omitted.

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.

Hoare is unilimited liability company. Partners are responsible with their personal assets. They are more risk averse than normal bank, they trade growth to stability.

Brown Brothers Harriman still is (or used to be that way -- my info is dated) in the US, too.

Random story - I worked with one of the Hoares many moons ago, in the banking industry. Funny to read this on HN.

Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#74

Post by HeyLaughingBoy »

gerikson wrote: post #57
zarathustraa wrote: post #26

Earlier quoted context omitted.

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.

I believe the term of art is "you pimp a Rolls-Royce" :-)

Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#77

Post by frereubu »

If you're ever in the south west of England, you can visit Stourhead, their incredible country estate with huge landscaped gardens surrounding a lake, dotted with Palladian follies. It's now one of the flagship properties of the National Trust: https://www.nationaltrust.org.uk/stourhead

Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#78

Post by barrkel »

charlesdm wrote: post #48
myrandomcomment wrote: post #46

Earlier quoted context omitted.

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…

^ very true. Larger banks also do this, but you need someone high up the totem pole to connect with. Most lower level employees cannot approve these things and just input things into the system (which has a risk model that spits out a yes/no answer).

Well, this is one reason to use a mortgage broker who has the contacts and can work the system for your circumstances.

(My mortgage broker, whom I've never met, has sorted out something similar for someone who was self-employed. I got his number by word of mouth.)

Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#79

Post by throwaway981238 »

fredsted wrote: post #66
throwaway981238 wrote: post #51

I'm a customer of Hoare's. AMA.

What do they provide you that's worth the extra fees?

Peace of mind.

I know that they're not going to kneejerk shut my account just because I received a bank transfer from a cryptocurrency exchange. I trust them more than I trust the regular high street banks to not try to screw me with hidden or unfair fees. If anything ever happens to me, I feel like they'll be helpful to my wife and family, whereas a regular bank would just shrug and say "Sorry, can't help!"

By the way regarding the "extra fees", the standard account fee (£60 per month) is waived if you keep at least £25,000 in your account, and normal day-to-day online personal banking transactions are free so I don't actually pay any more fees than I would with a normal bank.

Re: C. Hoare and Co., a British banking dynasty in business for more than 300 years

#80

Post by unexpected »

bediger4000 wrote: post #76

So given the comparison to Rothschilds dynasty in the article, why isn't the Hoare family the target of numerous, vague conspiracy theories and Ben Garrison cartoons? Better PR agents? Luck?

1) They're old, but they're not that big - book value is "only" 370 million pounds. 2) They're not Jewish. A lot of the diatribes directed at the Rothschilds are anti-semitic in origin.
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