Career in Wealth Management

Career in Wealth Management

Introduction

Do you know 50% of Personal Bankers quit in 9 months? That is a startling statistic to begin a career in Wealth Management in banking. Every 5 in 10 who join will quit in 9 months. And almost 80% leave the industry within 3 years.

In banking, there are more than 7,000 wealth managers and 15,000 investment professionals. There are many more doing important supporting roles to wealth managers. How do you start a wealth management career in banking?

Overview

Starting a career in Wealth Management is exciting but also perplexing to many. In Singapore, there are 14 retail banks, 47 leading private banks, 10 large insurance companies, 35 leading fund management firm and many stock brokerages & financial advisory firms.

Wealth Management Career
What does it takes to be a Wealth Manager
Apply to Wealth Management Jobs in Banking
More About jobs & prospects

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1. Wealth Management Career

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Where do you start?

Financial Advisor, Personal Banker, Priority Banker, Private Banker, Relationship Manager, Investment Advisor, Treasury Advisor, Bancassurance Specialists, Credit Specialist … … and more.

The job titles just about confuse any young graduates and even professionals in the financial industry. Learn more below:

Financial Protection Specialist OCBC Bank 005

What is …

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Industry Overview
Retail Banks vs Private Banks
Banks vs Non-Banks
Advisory vs Non-Advisory
Onshore vs Offshore
Front Office vs Middle Office
Financial Advisors
Salary
Education
Certification
Regulation

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3rd Party Sites Application
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Career Advancement

Estimated Starting Salary

DBS Bank – SGD 2800
OCBC Bank – SGD 2800
UOB Bank – SGD 2700
Citibank – SGD 3500
HSBC Bank – SGD 3200
Standard Chartered Bank – SGD 3100
ANZ Bank – SGD 2900
May Bank – SGD 2600
CIMB Bank – SGD 2500
RHB Bank – SGD 2400

Not correct? Send the latest starting salary to us and stand a chance to win $20 Takashimaya Vouchers.

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2. Be a Wealth Manager

What is a Wealth Manager?

Almost everyone wants to be the wealth manager. It is the most important role since the wealth manager is the one who manage the relationship and financial portfolio for customers. However, many give up give as soon as they realize the role of a wealth manager is more than just relationship and investments.

Perceived Work of Wealth Managers:

Relationship Management
Portfolio Management
Investment Analysis

Actual Work of Wealth Managers:

Client Acquisition
Relationship Management
Sales & Revenue
Client & Portfolio Management
Operations & Administration
Training and Learning
Regulation & Compliance

The Reality

The difference in perceived work & actual work caused many to give up, under-perform or become disgruntled with a career in wealth management. As a wealth manager, especially in banking, you would undergo many examinations and training to be certified and to be qualified as a financial advisor. This training can sometimes take 4 weeks to 8 weeks. So it is indeed wasteful that many advisors go through the training, and quit within a few months. A study conducted shows 50% of Personal Bankers quit in 9 Months. Read More

Is there any qualifying criteria to be a Wealth Manager?

Academic Qualifications: Minimum “A” Levels or Diploma
Minimum Age Requirement: 21 Years Old
Regulatory Examinations: CMFAS

For Full Details: Effective 1st February 2014 by Monetary Authority of Singapore

I want to be a Wealth Manager. Where can I apply?

Retail Banks: Many banks have personal banking associate program for fresh graduates. Banks in Singapore hire a few hundred new graduates every year. DBS, OCBC, UOB, Citibank & HSBC hire the largest number of fresh graduates every year for their Personal Banking program. Apply to the banks directly below.

Private Banks: There are also many Private Banks in Singapore and they take in a few thousand new hires every year in various front office and middle office positions. To be a Wealth Manager immediately is difficult as you would not have at the skill sets or the portfolio to managed. Banks such as UBS & Credit Suisse have annual intake for Wealth Management Graduates where they will train fresh graduates into future Wealth Managers by starting either as Assistant Private Bankers or in various front office or middle office positions.

Non-Banks: Other than the banking industry, financial service providers such as insurance companies & agencies, Independent financial advisory firms, Brokerages and fund management providers also hire many wealth managers.