AS ASIA CONTINUES to generate millionaires at a faster rate than almost anywhere in the world, private banks are clamouring to recruit top client relationship managers who can secure slices of the expanding high net-worth pie.
Financial analysts estimate that private bankers have captured US$200billion to US$300billion of the assets of wealthy Asian individuals, out of an estimated total of between US$12trillion and US$14trillion.
'There is a lot of money in Asia that private bankers would like to manage, but it also takes a lot of knowledge, time and skill to meet the demands of Asia's wealthy individuals and families,' said Timothy Lo, managing director of CIC Investor Services, which offers boutique private banking services to high net-worth individuals.
Mr Lo said private bankers and client relationship managers increasingly needed to develop a specific understanding of a client's needs. It is equally important for relationship managers to build long-term relationships. They also need the means to manage diverse client types while ensuring client individuality is respected.
To deliver services to wealthy clients who are often difficult to please, relationship managers must be well educated and forward thinking, with strong interpersonal skills and sound financial knowledge.
'It can also take time to build up trust and develop solutions that satisfy a client's needs or exceed their expectations,' said Mr Lo, who has worked in private banking for more than 20 years.