Private Banking & Wealth Management: currently 580 jobs.The latest job was posted on 06 Dec 21.
Private Banking / Wealth Management
Private bankers, wealth planning advisors and asset managers assist high net worth individuals, helping them to manage their finances discreetly and efficiently. Private banking also involves tax and pensions advice, philanthropic strategy advice and next generation planning advice.
The clients of private banking services range from those with at least US$1m to invest right up to the world's wealthiest people.
Private Banking Careers
Most private banking professionals are either investment managers or relationship managers. Investment managers are specialists in a particular asset class such as fixed income or equities; they either invest the client's money directly, or provide detailed advice.
Relationship management careers in private banking can be very glamorous, but also very hard work as clients can be highly demanding. Relationship managers can expect to spend a great deal of time travelling and meeting with clients.
Private Client Broker Careers
Not all private banking professionals are employed by banks. Brokers help clients to buy and sell financial products, and offer investment advice.
Junior brokers will usually work on an advisory mandate, which involves offering advice to the client and requiring permission to actually make the investment.
More senior brokers work on discretionary mandates, which means that they have the freedom to invest the client's money as they see fit, in accordance with agreed aims and principles.
Back Office Functions
Private banks need the same variety of back office staff as any other bank, so there are openings here for PR and HR professionals, accountants, IT specialists and operations managers. Working in a back office role can be a good way to gain exposure to private banking before moving into a client-facing role.
The majority of private banking professionals come to private banking after having gained extensive experience elsewhere in the finance world. There are no specific qualifications required, although depending on the employer, a Financial Adviser License may be required in Singapore.
Personal qualities needed for a successful private banking career include discretion, excellent communication skills, diplomacy and patience.