Do you know 50% of Personal Bankers quit in 9 months? That is a startling statistic to begin a career in Wealth Management in the banks. Because every 5 in 10 of you who join, will quit in 9 months. In fact, 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? We have compiled a list of useful guides to help you get started well in your career:
Learn more about Wealth Management
What does it takes to be a Wealth Manager
Learn about jobs & prospects
Apply to the banks directly
Learn about the different job titles (Personal Banker, Private Banker etc.)
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. All these financial institutions have wealth management products or services that will be marketed by Wealth Managers and related personnels. Read More: Overview of Financial Industry in Singapore
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:
Personal Banker Working Hard
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
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.
At OCBC we are constantly on the lookout for exceptional individuals to join our team. As Singapore’s longest established local bank, we have a global network of more than 450 branches and representative offices in more than 15 countries and territories. Most importantly, we invest in our people through our programmes that develop them on both professional and personal levels. If you have passion, drive and the will to succeed, rise to the challenge today!
Global Consumer Financial Services (CFS) serves almost 3 million customers across Singapore, Malaysia, Indonesia and China. In Singapore, our customer proposition caters to different life-stages and needs, ranging from Mighty Savers for children and young families, FRANK by OCBC for youths and young working adults to OCBC Premier Banking for affluent individuals. Besides being the pioneer in various banking products and services which include FRANK by OCBC, full-service Sunday Banking and our award-winning Online Banking, we are also the market leader for Bancassurance sales.
As a Financial Protection Specialist, you will be assigned to branch clusters and seated at centralised cluster hub offices. You will provide comprehensive insurance advisory services to customers through the active promotion and cross-selling of our full range of protection products that include endowments, medical and life insurance. With an emphasis on consultative selling to meet customers’ needs, you will also proactively build and manage long-term customer relationship and provide good after-sales service to them. You will also be actively involved in seminars, events and sales campaign.
As a successful Financial Protection Specialist you will have the option to take your career forward by either pursuing our Management Route, on the path of becoming a Team Manager one day, or the Sales Route, growing into a Senior Financial Protection Specialist. Plus, as a top performer, you will also expect high future earnings. Moreover, you could be invited to trips, visiting great locations across the world from Paris, Barcelona to London and many more.
Degree or Diploma
2 years of sales experience preferable
Results-orientated go-getter, who works well under pressure
Prepared to have flexible working hours that may include weekends
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