Qualifying for private banking is no easy feat. Photo / Getty Images
Qualifying for private banking is no easy feat. Photo / Getty Images
Helicopter rides and late night trips to the airport or hotels are all part of the job for those who look after the money of New Zealand's wealthy.
Private banking is a small segment of the country's banking industry but those closely involved say it is growing.
Offering a personalised one on one service private banking assigns one person to a client who will take care of everything from their everyday banking needs to investing for their retirement, succession planning and more.
No more standing in a queue at the bank a private banker will come to you where ever you are and whenever you require it.
But qualifying for this exclusive style service is no easy feat.
At ASB bank you'll need an income of at least $250k, at ANZ it's higher at $300k or around $1 million in investable assets -- and no you can't include your Auckland home in that.
BNZ also requires at least $1 million in investable assets while Westpac sets the highest bar at $2 million.
In the past people with high mortgages of a million plus may have scraped in but that's no longer the case says Claire McKinnon, who has headed up ASB's private banking for the last three and a half years.
"We understand that people on that level of income are very busy."
Nicolof says she has had some amazing experiences on the job but is coy about talking too much about it.
She will admit that she was once flown by helicoptor between a man's business premises and his home in Queenstown to do her job.
It is a word of mouth referrals business. We don't advertise.
Clients come from a variety of backgrounds - some have sold businesses or farms while others are new migrants coming in to New Zealand on visas only available for the wealthy.
"We get a lot of people coming out on category three type visas," says Nicolof.
In the past those people have come from Asia but in the last year she has noticed a trend of more people from the United States.
"They are obviously wealthy people but they want a better future for their families."
The other area that a lot of clients come from is their family office.
With an aging population there are a lot business owners that are retiring and selling up that suddenly need help with managing a large sum of money.
"We have a lot of interest in that space."
A brand new Maserati Ghibli will set you back close to $400,000. Photo / Getty Images
ASB's McKinnon says it has noticed a rise in what they have colloquially termed the "puffer jacket" wealthy - sole trader plumbers and builders who have built up their businesses on the back of the booming property markets in Auckland and Queenstown. The bank has also seen more sports people in recent years.
"We have quite a lot of sports people who can have short careers.
"It's all about getting them to a position where in six years time they will not be relying on what they are earning. That's different to a CEO who may have a much longer career."
One thing that was clear from speaking to all the bankers was that New Zealand's wealthy like to pass under the radar - you won't see many of them sitting on yachts scoffing champagne or driving around in Maseratis.
Private banking is quite new to this country - these people are self made. They don't change because suddenly they come into a significant amount of money.
"A lot are low key and don't see themselves as any different. They are very under the radar about it," says McKinnon.
Nigel Scott, head of private banking at the ANZ, says many wealthy Kiwis are first generation self-made business people.
"It's not like Europe or the US families that are sixth or seventh generation."
"Private banking is quite new to this country - these people are self made. They don't change because suddenly they come into a significant amount of money."
"You could walk past them on the street and you wouldn't know."
Likewise McKinnon says many of the homes she visits are not too different to her own.
"Sometimes the house will be just like my house. Others have ostenancious properties."
What do these people get that the average Joe doesn't?
Joy Marslin, head of private wealth at Westpac says it's all about a bespoke and holistic service.
"I think the difference is we really know the clients and therefore we can support them and help them to achieve their financial objectives. That might be providing insights and thought leadership or connecting them to other experts in the bank. The difference is to be proactive for the client."
Nicolof says BNZ's private bankers can handle all of a person's financial affairs which could involve talking to their lawyer, accountant or tax specialist.
"We make it easy," she says.
Despite the view that money can make life easier Nicolof says for many it can also make life very stressful.
"It is always stressful for people. They have built their business on debt and are pretty comfortable with that. But once they have cashed up - it can be quite stressful for people."
"One couple I spoke to - a husband and wife - they said 'what should we do - help pay off our kids mortgages?' All these people were chasing them for money to invest."
