Asian private banks must up skill their staff
to regain trusted advisor status and ensure sustainable future
growth as they grapple with high costs and relatively inexperienced
staff.

These were some of the key Asia Pacific
findings from PwC’s 2011 Global Private Banking and Wealth
Management Survey.

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The biennial study of 43 companies across
eight countries in Asia found only 18% of private bankers from
Singapore and Hong Kong think that they have attained “trusted
advisor” status with 60% of more of their clients.

 

Staff skills must be
broadened

The report said relationship managers also
need to expand their knowledge beyond ‘run-of-the-mill’
capabilities.

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These skills included understanding client’s
behavioural preferences, having a more professional grasp of tax
issues, and better risk management and regulatory
accountabilities.

However private banking staff remained
relatively inexperienced with 55% of relationship managers in Asia
having less than five years of experience. Only 21% have more than
ten years of experience.

 

Clients less sticky
with RMs

PwC’s study also suggested that poaching rival
staff is an ineffective means of growing a business as the
proportion of assets under management (AUM) a relationship manager
brings into a private bank is dropping.

Currently only 25% of relationship managers in
Hong Kong and Singapore are able to bring more than 60% of their
AUM to their new employer.

The report found cost-income ratios remained
high across the region, 91% in 2010 to an expected 79% by end-in
2011.