HK
As Asia’s legions of high net worth individuals multiply, demand for junior private bankers is increasing exponentially in Singapore.
It’s good news if you want to move into the sector. “Private banking is not hard to get into at a junior level,” says Nicholas Hughes, principal banking consultant at Charterhouse Partnership in Singapore.
How do you know if you’re private banking material? Suitable candidates are personable, highly educated (to at least graduate level) with local knowledge and language skills. A junior relationship manager with less than two years’ experience can expect to earn a relatively meagre base salary of between S$50k (US$32k) and S$80k a year.
Singapore has positioned itself as a hub for private banking in Asia, tapping into the region’s 2.4m high net worth individuals (people worth $1 million-plus) owning assets totalling $7.6 trillion. Both figures are set to rise substantially over the next few years, particularly on the back of growth in China and India.
However, the real demand is apparently for experienced relationship managers with an existing portfolio and extensive contacts. “At some point the hiring bank will want the relationship manager to bring across the assets under management generated at their previous employer,” explains Hughes.
While base salaries vary, relationship managers really earn their salary from bonuses. A successful relationship manger can expect to earn – inclusive of bonus – in the region of S$500k in a good year, Hughes adds.
could someone guide me how to get into this field. currently i’m in IT but not keen to continue with it. do drop me mail to satish.nagdev@gmail.com.
thanks,
satish.
My suggestion: DO YOUR RESEARCH to make sure you really want to get into private banking. People don’t just wake up one morning and decide they are going to get into wealth management. Senior bankers spend years developing their book of business, winning the trust of their clients, constantly growing the assets under management of the firm they work for, refining their sales, financial planning and investment knowledge. Many have graduate degrees and numerous certifications and designations. In any case, there is plenty of information available on the internet on how to successfully navigate this career change.
hey you must keep in mind that PB is not everyone’s cup of tea. I recently moved from Wealth Management to Corporate Banking after spending 3 years there. You are more of a product peddler in wealth management – something most banks do (not true PB). it’s a hardcore sales role where the guilt of pushing products just doesnt let you live in peace.
to be successful you must have at least 10 years of experience post college (to empathise well with your clients),have professional qualifications such as cfa/cfp etc., have core experience in investment banking/money management etc and also have a genuine interest for global economics.
I had considered taking up positions as junior private banker in Singapore/HongKong but decided not to and instead chose to work in hardcore ‘commercial banking’ for at least the next 5-7 years.
The truth is private banker is just big name job. It is to lose money big time fro the customer. Who would pay your salary except fro m the losses of your customer’s investment through or with you.
Hi
I left corporate banking into wealth management, attracted by all the bright lights and glam of so-called wealth management.
6 months on, I am sad to report that it is nothing at all to do with wealth management. More of mismanagement if you ask me. Top performers are nothing but bonafide salesmen.
You sell what the bank tells you to….You have a sales pitch for every objection, every occasion. When the markets was at its peak mid july, you tell customers, its meant to be at such a high level, because fundamentals are sound. Then came the subprime boohoo. Markets tumbled. You tell your customer, hey its bargain time, time to load up on mutual funds etc….
I agree with Gupta, being able to earn a 5 figure salary per month is one thing, but having to live with the guilt of product pushing is another!
not really true. Some of the lower tiered PBs do that, but the higher tiered PBs are more sophiscated and cater more to individual tastes.Been in the line a year or so and I’m learning a lot of stuff. Word of advice is really think it over cos PB’s more customer service oriented. U won’t believe the kind of crap you get from clients. Besides, the real money’s in coporate and investment banking, we’re just third in terms of making a good living :D
Wondering what the approximate salary would be working for a MNC as a relationship manager. Such a broad term, but basically working a book of approx 400 high networth clients, and ensuring it’s being serviced accordingly. Refer them off to the wealth management team for their higher end needs etc. Looking around right now. Thanks.
don’t really understand where you coming from? Personally, I’ve been in Premier banking and have thots of joining the private banking as a junior private banker. Any idea how long you need to move from a junior banker to a full private banker?