EXCEPTIONAL CLIENT SERVICE HANDBOOK

Account opening

After a successful pitch, this is often the client’s first significant contact point with us

Account opening shouldn’t be an ordeal for our clients
First impressions matter and will impact the client’s perception of Rothschild & Co
Our clients’ time is valuable – we must respect that and conduct the onboarding process in a way that avoids constant back and forth
See this as an investment in client satisfaction and our reputation
In a world where clients can open a bank account via a smartphone in minutes, a clunky onboarding process can sour the relationship from the off

“If you don’t appreciate your customers, someone else will.”

- Jason Langella

Preparation

Send the client a single, comprehensive email at the outset which sets out our requirements with the required paperwork

Consult the Confluence checklists to understand the specific requirements for each account type
A call with the client or their representative, with the CA and a CSE to run through the account opening process (and before sending any requests for info) can be a helpful exercise
Use this call as an opportunity to really get to Know Your Client:
- Obtain information about the client’s overall assets, liabilities, income & expenditure for internal suitability
- Confirm specific requirements e.g. tax restrictions, capital/income segregation – clarifying this can save a lot of time and effort in the future
- Manage expectations about account opening times
Confirm with the CSE team the mandate’s expected risk level – high risk accounts have more stringent requirements
For more complex situations – consider an internal meeting with relevant AML/Legal &Compliance to agree specifics

Pre-complete documentation as far as possible:
- For individuals, send the ‘Client Template’ beforehand and then pre-fill the application form in its entirety
- For other account types, pre-fill as much of the application form as you can after the account opening call
- Anything sent to the client with personal information (including PSISR) must be password protected
- The PSISR must be approved by the relevant CA before being sent to the client
Source due diligence documents ourselves where possible and easy to do so (e.g. from Companies House)
Everything being sent out to the client must always undergo a four-eyes check
Use Docusign where appropriate – but be aware that not all clients will like this and so ask before using
If sending hard copies of account opening paperwork, highlight (with sticky tabs) where any outstanding information and signatures are required

Use video calls to certify documentation where possible and be aware of our certification requirements
If client is based close to the office, consider visiting in person to take copies of passports and proof of address, etc
Our clients’ time is precious

Keep the client informed throughout and manage their expectations on timing

Once the account opening documents have been sent to the client, follow-up promptly to check that everything is clear
Confirm safe receipt of documents from the client (after a quick sanity check to ensure everything looks in order)
Continue to communicate with the client so they know where we are in the process, especially if taking longer than originally communicated

Once the account is open, communicate this to the client as soon as possible
Provide remittance details, which must be password protected. Send the client this information for all relevant currencies and explain the differences and limits between Faster Payments vs. SWIFT
Ensure the client knows the team and their roles – consider:
- including a ‘Team Sheet’ with the Welcome Letter (see Useful Resources)
- a ‘welcome call’ with the whole team (N.B. be mindful of JVs in these scenarios)
eAccess – all clients are set up with this by default
- Follow up with the client to ensure they have been able to log in successfully
- Manage expectations about functionality; offer a ‘walk through’ (ideally in person) to show where documents are saved, etc

CA to review CIS "Post Account Check" email to ensure everything is set up as expected
Consider sending a gift (e.g. wine or champagne, interests-related gift), if appropriate
Consider what regular comms clients should receive
Ensure clients are added to relevant Marketo lists and set up correctly for the information they would like to receive:
- CAs should have oversight and approve what is being sent and to whom before the send
- Consider who should be Cc'd in the send (e.g. JV CA, team email address)
- Be careful when sending factsheets and performance updates to clients whilst they are tranche-ing in
Record general communication preferences (e.g. salutation, preferred email address)
Record client preferences on JANET