Groomed for the professional look
BECOMING A relationship manager at American Express Bank these days means learning skills similar to those taught at an expensive European private finishing school.
All new employees, whatever their background, are put through a two-week induction course which includes learning social and business etiquette.
How to match a shirt, suit and tie, how to shake hands and how to dine with clients are all part of the training programme that aims to groom employees for the American Express 'professional look'.
'Financial markets change rapidly, therefore clients' portfolios need constant monitoring and re-balancing. Our clients have to trust the people that invest for them. Our philosophy is not to push products. We tell wealth managers not to 'churn' customers,' American Express Bank vice-president and head of financial advisory services Lina Cheng said.
Recruits also receive training in financial advisory services, global wealth management, compliance, product knowledge and technical skills. However, training does not stop after the first two weeks.
'Training is ongoing. It is important to be up-to-date with market movements. Every morning at 8.30 all
wealth managers receive daily market briefs and details about the latest market knowledge, and every second Tuesday all wealth managers are briefed in person by Alan Luk, American Express treasurer and head of global financial markets in North Asia,' Ms Cheng said.
Applicants for the position of wealth managers should ideally have between seven and eight years of experience in the banking industry with two years of selling to high-end customers.
There are also positions available for account executives, which would be suitable for fresh graduates and those with less experience.
After gaining experience as an account executive, exployees have the opportunity to progress to an assistant relationship manager, relationship manager and then executive relationship manager.
'The wealth management market in Hong Kong is worth US$575 billion. To perform well in this market high standards are needed. We aim to be the 'business class' of wealth management providing that extra special ingredient,' she said.
'We do not encourage speculation and have a strong belief in diversification of assets because of market cycles. We use a time-proven asset allocation model and have economists and financial experts around the world because markets move quickly.'
Established in 1919, American Express Bank has the backing of the American Express Company, which was founded in 1850 and has one of the world's most recognisable credit card brands.
The banking side of the business has 73 offices in 46 countries.
Wealth management falls under the financial advisory services arm of the bank and is a fast-growing area.
