In-House Private Client Senior Tax Manager - Banking
Private Client Senior Tax Manager - in-house bank
25-30% bonus, 20% pension
Flexible working & autonomy
About the Company
This is an established and highly esteemed bank, based in London. The bank provides services that include loans, mortgages and savings accounts, as well as tax and estate planning services. The bank's clients typically are high-net-worth, with a customer-base in landed estates, family offices, businesses, property, entrepreneurs, executives and cultural icons. The bank boasts a generous customer base (thousands of HNWI/UHNWIs).
The Tax team is spearheaded by an experienced Head of Tax, who oversees 3 Senior Tax Managers who manage junior supports. Culturally, you can expect colleagues to hold a team-orientation, and by the very nature of the business, you will find a family-feel here. Across the bank (i.e. not just in tax), there is high-staff retention and employees generally lock into the company over a decent number of years, whether in-role or progressing upward. The compliance-focused staff are performing well and comfortable in role, though an opportunity has arisen for someone to build out the service-offering.
The Opportunity: Private Client Senior Tax Manager - in-house bank
Of the thousands of HNWI/UHNWI customers, only a handful spend on the tax offering with the Bank. Given the UHNWI client-base, the tax revenue is currently minimal, at around the equivalent generated from the interest on a loan of a £20 million to a HNWI.
The Bank holds excellent in-roads to expand the tax offering; including plenty of business relationship managers in place to cross-sell services; and supplementary artificial intelligence tools to decisively indicate those customers most likely interested in the tax offering, and more. However, following in-depth interviews with 50 customers last year, only 7 were aware a tax service existed with the bank at all.
As a result, the Head of Tax is currently seeking an ambitious, advisory and business-development focused private client professional to join the tea, and proactively build-out the tax offering. The successful candidate will take complete ownership of their function and have the autonomy to expand the tax operations in line with strategy. You will have the opportunity to keep your technical hand in compliance oversight (only if desired) and certainly advisory, though most of your efforts will be non-chargeable hours spent on driving the business forward.
Your client base will include, but not be limited to entrepreneurs, OMBs, property investors, non-residents and non-domiciled individuals. Advisory projects could include reclaim of additional SDLT; non-resident CGT; IHT planning; restructuring of property portfolios; remittance vs arising; re-basing opportunities; split year treatment; SEIS/EIS CGT deferral; profit extractions routes and business structuring; company liquidations; buyback of company shares and use of family investment companies.
The business development aspect of the role will include:
- Building and maintaining relationships with bankers and existing clients to ensure continued source of internal introductions.
- Utilising artificial intelligence resources to identify and target those customers indicated as likely to welcome the tax service offering.
- Promoting and referring other services within the bank - wills, trusts, estates, donor advised funds etc.
- Developing relationships with intermediaries to enhance the service available to tax clients e.g. insolvency practitioners (company liquidations) and the expat tax network
- Developing the bank's IFA panel for regulated advice (e.g. pension planning), which also acts as a source of external introductions for tax (and potential banking) business.
The successful candidate: Private Client Senior Tax Manager - in-house bank
- The ambition, interpersonal skill and eye for opportunity to grow a business function
- CTA & STEP qualification desirable, though not essential
- Private client background, likely from a top practice in FS or similar in-house position
- Advisory-focused with a demonstrable interest (though not necessary experience) in business development
- Exposure to trusts, doms and non-doms, non-res and operational taxes are all adavntageous
Next steps: Private Client Senior Tax Manager - in-house bank
- Submit your expression of interest to [email protected] (please attach a LinkedIn profile/CV to frame the initial conversation), prior to calling on 02072696343 for a confidential conversation
- Initial and informal coffee with the Head of Tax
- Opportunity to meet C-suite stakeholders, the wider tax team and HR
The Pro-Recruitment Group consists of five distinct brands: Pro-Tax, Pro-Legal, Pro-Finance, Pro-HR and Pro-Marketing.