Successful Private Banker
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










The 18 Firsts of a Wealth Manager

Getting into the financial industry is exciting.  To be able to advise clients on what to do with their money: $100,000, $1 Million or $100 Million.

But to be able to survive, sustain and do well as a Wealth Manager is not easy.

We look at the many firsts of Wealth Managers, and what may pave a road to a fruitful and long-lasting career as a Wealth Manager:



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
6th March Hong Kong | 13th March Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 6th March 2024 in Hong Kong, 13th March 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
10th April Hong Kong | 24th April Singapore

Join 100+ single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here






No. 1 The Regulatory Examinations

The very first hurdle of a Wealth Manager career: To pass numerous gruelling regulatory examinations:

Country Example of Regulatory Examinations
Hong Kong Licensing Examination for Securities and Futures Intermediaries (LE)
Singapore Capital Markets and Financial Advisory Services (CMFAS) Examinations
United States Financial Industry Regulatory Authority (FINRA)

 

No. 2 The First Cold Call

If being a successful wealth manager means passing the regulatory examinations, receiving the certifications, licensed to advise and representing prestigious financial institutions, perhaps all academics would be the best wealth managers.

Unfortunately, many Wealth Managers start their career from cold calls.  They are new.  Who would give them $100,000 or $1 Million to manage?  Would you?  New Wealth Managers start cold calling – building their own client base.

 

No. 3 The First Presentation

Getting to meet a prospect doesn’t earn their trust to manage their money.  Wealth Managers have to get ready their “presentation” about themselves, on what they know, what they can do, which financial institution they represent and many whys … …

 

No. 4 The First Sale

If everything goes smoothly, whether it is after a few presentations or after a few hundreds, the new Wealth Manager would have recorded the first sale.

It will be quite an achievement, and hopefully the start of many.

 

No. 5 The First Client

Getting a sale doesn’t means it becomes a client.  It might be a one-off transaction, and that you have no real advisory relationship with.

Having a client means you would be one of the first choice to go to for financial advice.  And obviously, they trust and take your advice (some of the time).

 

No. 6 The First Commission

$100, $1,000 or $10,000! And knowing more “will” come if you work harder.  Provided you have commissions and incentives.

 

No. 7 The First Big Sale

And if Wealth Manager stays long enough, the financial transactions (portfolio / investments / assets) just keep getting bigger.  The first $100,000 sale.  The first $250,000.  The first $500,000.  How about the first $1 Million, $10 Million or $100 Million?

Which is or will be your first big sale?

 

No. 8 The First Cancelled Sale

Just like the financial market, there are ups and there are downs. Dealing with cancelled transactions and order is highly likely, especially in the early phase.

Even after a great presentation, a great advisory process, you found the client coming back with regrets on the commitment.  Dealing with buyer’s remorse in financial advisory is an important skill to pick up.  And no better experience than to always start with the first cancelled sale.

 

No. 9 The First Signature Fault

Signing on the wrong place, differing signatures such as in cheques and banking account.  Add the the tons of legal and disclosure documentations means and increased likelihood.

We ever wonder if any Wealth Mangers had no occurrence on this at all.

 

No. 10 The First Sabotage

Going on a good run getting new clients and chalking record sales?  If only being a Wealth Manager means working alone.  Unfortunately, you are working with a team of people that includes product specialists, operations, legal and compliance.

Change of policy, shift of product deadlines, price changes on products, errors and missed submissions.  Many Wealth Managers have to go to client for the lapse – resulting in distrust in the capability in managing money and larger assets.

 

No. 11 The First Complaint

If the sabotage didn’t end up in a complaint from client, Wealth Managers will get one sooner or later.

Not picking up calls from an impatient client, poor pricing on incomplete explanation of financial products, poor advice on hindsight, quoting the wrong facts when client had done considerably research and comparison … …

 

No. 12 The First Bad Investment

If only complaints remains as complaints.  Unfortunately, Wealth Managers like Lawyers and Doctors have a success rate: Positive or Negative.

And if all investments are always positive, there wouldn’t be any risks.  In other words, there will always be bad investment, and dealing with the first bad investment is one.

 

No. 13 The First Annual Review

Completing the first full year as a Wealth Manager is special.  Thrusted into learning about investments, insurance, and thereafter advising clients on financial planning, portfolio and wealth management … … all these in one year.

It is the time of the first ever annual review: Setting up a meeting to do an annual review, ensuring everything is on track, and preparing for what to do in the following year.

 

No. 14 The First Award

Completing the first year also means you might be you might be up to receive an Award for special achievements such as “Most Promising New Advisor” award.

 

No. 15 The First Top Ranking

If you perform the best, you might just be the top ranked advisor for the month or the full year.

 

No. 16 The First Bottomed Ranking

Someone has to be the top, and someone has to be the bottom.

 

No. 17 The First Crisis

Just when everything is going smoothly.  You are hit with the first ever crisis in the economy or the financial market.  Withdrawals, cancellations or even massive markdowns in portfolio values.

 

No. 18 The First Job Change

Banking or Non-Banking? Insurance Agencies? Independent Financial Advisory? External Asset Management or Private Wealth Management?

Where do you go?  Are you looking for better places or are you being headhunted?  Welcome to your first job change.

 

Are you a Wealth Manager?  Did you go through all these?  Or have you skipped past most of them?




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    InvestorProfessionalFamily OfficeExecutive


    SubscriptionMembershipEvents


    Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights










    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleManulife and Standard Chartered (Hong Kong) to Partner with Each Other
    Next articleTop Headlines in the Last 7 Days (14th – 20th Nov 2016)
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia