Everyone wants a piece of the action, and banks are finding themselves at the hub of an extremely competitive business. Gone are the days when banks dealt only in deposits, mortgages and the occasional overdraft; today, banks must be at the cutting edge of the financial products industry, and stay a step ahead by creating products of their own.

'The banking industry has become much more sophisticated and competitive than it once was,' said S.C. Lau, head of retail services and sales at Hang Seng Bank. 'Working in a bank used to be an easy job. But now it's getting more and more difficult because of the competition and the wide range of banking products we offer.'

Eager to capitalise on a new and sure stream of income, Hang Seng Bank started to introduce financial products to the mass market in 1998.

These days, customers expect to be able to walk into the local branch of any large bank and talk to an adviser about tax planning, equity funds, estate planning, insurance products, bonds and education funds.

But what exactly are the banks offering? Broadly, customers are given a chance to use their finances to reshape their lives and enhance their lifestyle.

Factors under consideration include the type of schools they could send their children to, the homes and vehicles they could own, and the arrangements they would make for the family's welfare after their deaths.

It is the job of the sales staff to study the clients' profiles, understand their goals in life, assess the extent to which they are prepared to take risks with their money, and recommend appropriate financial tools.

'It's just like managing the financial position of a company,' Mr Lau said. 'To manage the wealth of the customer is to manage the balance of the two sides - assets and liabilities. Managing assets depends on the stage of life of the customer.

'Young people tend to be aggressive, while older people tend to be conservative. It also depends on their financial position. When we look after the finances of our customers, we ask them a lot of questions.'

As a senior business development manager, Wendy Yuen plays a key role in Hang Seng's wealth management business. Her task is to develop the financial products offered by the sales staff and to design marketing programmes accordingly. She joined the bank nine years ago as a graduate trainee.

'We have to respond very fast to the market,' she said. 'And sometimes not just in response but in advance of the market.'

Ms Yuen said the wealth manager or financial planner should have certain qualities to succeed in the industry. They must make it their business to know who the customers are, why they need certain types of products, and what exactly it is they are looking for.

They should be professionals, possess a sound knowledge of the financial world, and be able to respond to market changes. And, of course, they must have a thorough understanding of the complex and sophisticated products on the market.

They must also be sensitive to the client's needs and the market.

'The rules and regulations are changing very fast, especially in Hong Kong,' Ms Yuen said. 'You have to protect your customers. You must act in good faith, and you must have a certain sensitivity in order to do the job well.'

Should you fit the bill, you can be sure of finding an exciting career in wealth management. 'It is a challenging and interesting business, and all retail banks are focusing on it,' she said.

'It is also a very fast-growing area, with very keen competition. Also, the job is fulfilling. I can help people build their wealth, shape their future and get the returns they want. That is the most satisfying thing about my job.'

got what it takes?

Commitment to the customer

Professional approach

Responsive to change

Compliance sensitive

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