Alan Luk, head of private banking and trust services, Hang Seng Bank shares his views with Asian Private Banker in the ‘Final Word’, a ten-part series where the industry’s leaders share their thoughts and opinions on key issues around industry trends, business performance, investment solutions, regulations and compliance, and technology.
Industry Trends | What is the state of Asia’s talent pool and did your firm pay significantly higher for new talent? What is your view on private banking talent development in Asia?
Following the recovery of asset prices after the 2008 financial crisis, many major private banking market players have set up operational bases in Asia — particularly in mainland China. As a result, there has been a significant increase in demand for talented private banking relationship managers in Asia over the past few years. The key business focus of many private banks is not just where to get new clients, but also the hiring of a sufficient number of competent and qualified RMs and how to retain talent.
While experienced private bankers and market practitioners who are already working in the private banking industry remain important sources of recruitment, many private banks have started to look for potential talent at domestic retail banks, particularly those with a large potential client base. Additional product knowledge and client servicing skills training is required to develop these retail banking wealth management RMs into private banking RMs.
Meet 2018’s industry leaders in the full round up of of Asian Private Banker‘s the Final Word 2018.