To achieve scale, many companies take a mass-market approach which can lead to a degradation of client service. First Republic has taken a different approach that is unique in banking and beyond. We aim to provide a differentiated service experience that leads clients to do more with us and to refer their friends, family and colleagues. While this is not a novel approach, the delivery of such service requires great care, commitment and consistency from our colleagues.
We have created an environment for our colleagues that empowers them to be their best and work collaboratively as one team serving our clients. For example, we operate without departmental silos and organizational charts. In fact, we reward our colleagues for working collaboratively, across teams, to bring the full Bank to our clients. Our colleagues are not restricted in which colleagues they can partner with to serve clients. Instead, they choose the most appropriate partners for each individual client.
This approach differs from other banks where clients are passed among divisions that can feel like different companies altogether. Poor communication and bureaucracy are incredibly frustrating for clients who want their bank to understand their full financial picture.
Client longevity is a key part of the Bank’s growth with more than half of our business each year coming from existing clients. To promote longevity, we keep clients with their Relationship Manager for the duration of their relationship with First Republic. This is possible because we do not tier clients by value, but rather treat all clients with the same, high level of care. As clients grow, or even move regions, their Relationship Managers continue to serve them. Similarly, as bankers’ careers progress, they may take on management responsibilities, but they do not stop serving their clients. Instead, they grow their support teams.
We deliver our exceptional service through a single-point-of-contact model. Each client benefits from having a dedicated Relationship Manager who acts as the primary point of contact for all their financial needs. While we do have a client service telephone number, we encourage clients to contact their Relationship Manager directly for assistance.
Our Relationship Managers assemble a team of experts across private banking, private business banking and private wealth management who work collaboratively to deliver thoughtful, holistic solutions to our clients.