Where can you start as a Wealth Manager in Banking?
Banking
Joining the bank is a lucrative and glamorous career after graduation. The names of JP Morgan, UBS, Citibank, HSBC Bank, DBS Bank, OCBC Bank and CIMB would set any fresh graduates heart on fire.
However, getting into some of the international banks is not easy. In fact, most would never get into banks such as JP Morgan or Goldman Sachs as a Wealth Manager. This is because most international banks do not have a retail banking license / presence in Asia such as Singapore. They operate only Private Banking services which target at high net worth clients. Thus, the number of wealth managers they require is much lesser.
Did You Know
In the United States, JP Morgan operates their retail bank under the Chase brand where they hire more wealth managers.
In Singapore, aspiring wealth managers will have more opportunities joining banks such as DBS Bank, OCBC Bank & UOB Bank which have large retail presence.
So, where can you get started as a wealth manager in banking? There are 3 banking segments new wealth managers can join.
- Personal Banking
- Priority Banking
- Private Banking
No. 1 Personal Banking
Personal Banking provides basic banking, financial & wealth management services to all clients. Wealth Managers are mostly based in retail branches offering banking, financial & wealth management advisory to all clients.
Demographics
| Target Clients | Mass Market |
| Client Types | All Profiles (Students, Working-Class, Professionals, Executives, Businessmen, Expatriates, Retirees, Housewives) |
| Coverage | Singapore |
| Client’s AUM* | < $200,000 |
AUM: Assets Under Management. Generally understood as investible assets such as cash equivalents, bonds, stocks, funds, investment-linked products, insurance.
Products
| Banking | Deposits, Loans, Mortgage, Credit Cards |
| Wealth Management | Unit Trust, Insurance-Linked Products, Structured Products, Bonds, Foreign Exchange |
Job Titles
| Wealth Manager | Personal Banker, Personal Financial Consultant, Personal Wealth Manager |
| Others | Insurance Specialist, Mortgage Specialist |
Aspiring candidates have a high chance of getting into Personal Banking. The wealth management industry takes in a few hundred new hires / fresh graduates every year. In addition, banks provide intensive training program for new wealth managers in areas such as banking, financial advisory & sales.
Learn More: Visit Career Center for more information & direct application.
Related Article
- 14 Retail Banks Wealth Managers Can Join in Singapore
- What is a Personal Banker?
- How do you become a Personal Banker?
No. 2 Priority Banking
Priority Banking provides banking, financial & wealth management services to affluent clients. Affluent clients are generally defined as having at least $200,000 or $350,000 assets under management (AUM) in the bank. Wealth Managers are mostly based in priority banking centers or selected branches. Priority Bankers offer banking, financial & wealth management advisory to a portfolio of selected clients.
Demographics
| Target Clients | Affluent |
| Client Types | Managers, Professionals, Businessmen, Senior Executives, C-Level Executives, Inheritance, Expatriates |
| Coverage | Singapore, South-East Asia, North Asia |
| Client’s AUM | $200,000 to $1.5 Million |
Products
| Banking | Deposits, Loans, Mortgage, Credit Cards |
| Wealth Management | Unit Trust, Insurance-Linked Products, Structured Products, Treasury Products, Bonds, Stocks, Foreign Exchange |
Job Titles
| Wealth Manager | Priority Banker, Premier Banker, Preferred Banker, Client Advisor |
| Others | Investment Advisor, Treasury Specialist, Insurance Specialist, Mortgage Specialist, Service Relationship Manager |
Almost 80% of Personal Bankers don’t make it to Priority Banking. This is because 50% quit in 9 months and many leave the industry within 3 years. Wealth Management in banking is high pressure due to the demands of the job.
- Why More Than 50% of Personal Bankers Quit in 9 Months?
- What Wealth Managers in Singapore Struggle with?
Although Personal Banking to Priority Banking isn’t a necessary advancement, Priority Banking offers Wealth Managers opportunities to manage affluent customers, larger sums, wider range of wealth management products and a fixed clients’ base. Priority Banking takes in candidates with early & mid-career switches as they provide diversity and different soft-skills to meet the diverse needs to clients.
Learn More: Visit Career Center for more information & application through our career partners.
No. 3 Private Banking
Private Banking provides banking, financial & wealth management services to High Net Worth Individuals (HNWI). HNWI are generally defined as having at least $1 Million assets under management (AUM) in the bank. Private Bankers are based in a single central office such as Singapore or Hong Kong. Private Bankers manages about 40 to 70 clients and Private Bankers managing Ultra-High Net Worth Individuals (UHNWI) manages about 10 to 20 clients. UHNWI are defined as having more than US$30 Million assets net worth.
Demographics
| Target Clients | High Net Worth Individuals & Ultra-High Net Worth Individuals |
| Client Types | Professionals, Businessmen, Senior Executives, C-Level Executives, Inheritance, Expatriates |
| Coverage | Singapore, South-East Asia, North Asia, Oceania, Middle-East, Europe, America |
| Client’s AUM | $1.5 Million and above |
Products
| Banking | Deposits, Loans, Mortgage, Credit Lines |
| Wealth Management | Stocks, Bonds, Foreign Exchange, Discretionary Portfolio, Unit Trust, Hedge Funds, Alternative Investments, Private Equity, Structured Products, Leveraged Products, Estate Planning, Asset Structuring. |
Job Titles
| Wealth Manager | Private Banker, Client Advisor |
| Others | Investment Advisor, Treasury Specialist, Portfolio Manager, Estate Specialist, Credit Specialist, Assistant Private Banker |
It is rare for fresh graduates to start as Private Banker. Most Private Bankers start their career as an Assistant Private Banker. Some Private Banks such as UBS and Credit Suisse have a Private Banking program where the trainee undergoes 2 – 3 years of training and graduate to become a junior Private Banker.
Private Banking takes in many mid & late career switches. This is partly due to the candidates larger network, experience and soft-skills. This will help the candidates to bring in trusted friends, contacts and eventually clients to the Private Banks. Private Bankers are usually hired through headhunters & referrals.
Learn More: Visit Career Center for more information.
So which would you start your career with? Personal Banking, Priority Banking or Private Banking?
Related Articles
- 14 Retail Banks Wealth Managers Can Join in Singapore
- 5 Types of Financial Institutions to join as a Wealth Manager
- What Wealth Managers in Singapore Struggle with?
Career Articles:
- How do you become a Personal Banker?
- How do you become a Priority Banker?
- How do you become a Private Banker?
- How do you become an Investment Advisor?
- How do you become a Treasury Specialist?
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