The wealth industry in Singapore are welcoming proposals of the City and State’s monetary authority to shore-up subsidies and to include a range of training programs to foster and growing need for talented private bank managers for Asia’s most important financial hubs.  As a Singapore private bank has concluded, the atmosphere of today’s financial market has gone beyond product and financial knowledge. Managers must now learn how keep a relationships with individual clients and learn how to build up trust and articulate, amidst the clamoring of the market, clear and precise information to individual clients.

Understanding and finding solutions for the different needs of each client is the key aspect to most of the training programs. The managers find this to be extremely challenging, but they need to understand that some private banks in Singapore are currently in the process of implementing and making sure that they do exactly this, to know each client personally. Managers are now becoming focused on helping their clients preserve their wealth.

Focusing on a product driven approach to a relationship and focus on an advisory-driven approach will need a heavy investment in staff recruitment and getting rid of staff not willing to invest time into their clients. Private banks are also beginning to increase efforts to train all front-line employees to do exactly the same as their managers. Get to know each client personally. So, it is imperative for all Singapore private banks to emphasis and hone in on front-line training programs that enable employees to build and continue to build up a one to one relationship with clients.

A long term view must be clear that the business of private banks will always continue to make fundamental investments in people. This can only be sustained with exacting training programs and bringing in new recruitment’s and develop a concrete understanding that this is the key to the continues success and future of any bank, be it public or private. Private banks do have a jump on this mission, but not all have bought into the importance of this new model of understanding, this steadfast thinking of not needing to understand each and every clients needs, will leave that bank in the dust and might even jeopardize its future.