Why did you choose to leave horseracing for a career in banking?
There wasn’t a light bulb moment, where I thought, I want to be a banker! Although I loved working with horses, after six years as an assistant trainer, I made the decision not to become a fully-fledged trainer. It was a very difficult decision that took a long time to make but once I had, I gave Paul 12 months’ notice and started to consider other career options. Given my contacts and connections, and with Weatherbys being synonymous with racing, I thought that perhaps, I could add some value in some way. I unsuccessfully applied for a business development role at the Private Bank, but I must have made some sort of impression in my interview as I was invited to Wellingborough to meet with Roger [Weatherby] instead. It then all went quiet but a few months later I was offered a business development role at the Racing Bank.
Tom with his former boss, Paul Nicholls OBE (Photo: Tracy Roberts)
Why did you decide to move from the Racing Bank to the Private Bank?
I love meeting clients and I love asking questions – finding out about people’s backgrounds, what drives them and what sacrifices they have made is extremely interesting. My role in business development for the Racing Bank involved building trusting relationships with clients – to really get to know them before looking for opportunities that would lead to opening accounts with the Private Bank. I would spend months nurturing relationships but then I would be handing clients over to a Private Banker, and then it was “bye, bye Tom”, or that is how it felt. I came to realise how much I enjoyed the client relationship side, while I was very familiar with the Private Bank’s offerings and its bankers. There are also private banking clients that come through to the Private Bank via racing, even if they don’t work in the horseracing industry. Naturally, I understand their world and the Racing Bank, so fortunately everyone agreed a move made sense.
What does your current Private Banker role entail?
I look after a portfolio of clients who all have their day-to-day private banking with Weatherbys, but some will require lending, financial planning and investment advice too. Many of my current clients came with me from the Racing Bank but as time has progressed, my client book has broadened away from racing and bloodstock professionals. Many new clients may be racehorse owners but owning horses is no different to owning a boat. You can own a boat and do whatever job you want! Today my client list is made up of a broad spectrum of people, who come from a variety of backgrounds and have made their money in different ways. So, while I look after people whose businesses are in the horse racing industry, I also look after business owners or lawyers based say, in London – they may just happen to own racehorses too! That said, I continue to have touch points and a connection to the racing industry – I entertain clients at the races and will be on hand in our box at the Cheltenham Festival in March and Royal Ascot in June, for instance.
Tom and Paul (far right) celebrating a winner at Cheltenham(Photo: Tracy Roberts)
How would you describe the culture at Weatherbys?
It is very family-orientated. The impact of being family-owned certainly trickles down – you often see our Chairman, Roger Weatherby walking around and it’s a very friendly place to work. We are also encouraged to take ownership, take a human approach and be as helpful as we can towards our clients. The business is growing, but we continue to have short lines of communication. This means we can quickly resolve issues internally by speaking with the person you need to when you need to. It’s a reason why we provide such a good service.
Are there any horse training skills that are transferable to private banking?
Definitely. Paul Nicholls, who never rested on his laurels, taught me that in the pursuit of success, you leave no stone unturned. It is the tiny details, the one per centers to use a common sporting analogy that counts. It is the same when you are looking to provide the best service possible within banking. There are other trainers that are good and there are other banks that are good. Paul also used to say, “Many crumbs make a cake” and people at the top of their game in sports like him are always looking to improve to stay ahead. You can transfer that mentality into any part of a business if you want to be the best at something.
How do you switch off after work?
Well, my two young children take up a lot of my time but riding still plays a pretty big part of my life – my wife rides too. I’m sure that horses will be in my life forever!
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