Tier one banks set up their own learning facilities for talent growth
Wealth management is a term that many people don't really have a handle on. What exactly is wealth management? How wealthy do you have to be to have it managed? The consensus is very wealthy.
The definition of wealth management is the management of risk for high-net-worth individuals from private banks or brokerages, with services including investment advice, estate planning, advanced financial planning, trust management and philanthropy service.
And you need to have a minimum of US$1million to even consider this level of banking services.
To manage this level of wealth and provide this quality of service to the wealthy requires special skills such as strong communication aptitude because many wealthy people are in the 'new-money' category, so concepts and terms can be complex and confusing, and need careful explaining to make them clear.
According to Amy Lo, regional market manager of UBS Wealth Management, other skills needed include being analytical, results-oriented and possessing good product knowledge.
