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Are you really a relevant Private Banker?

This articled originally appeared on LinkedIn: “Are you really a relevant Private Banker?” [1] written by Aseem Arora [2].

Just a few years back, if you were good at schmoozing the ultra-rich, inviting them to your bank’s “cultural” fun events, drowning them in fine wines and impressing them with your bank’s smart “portfolio allocation” tools along with tips on stock picking and leveraged fixed income portfolios, you could become a successful Private Banker. Not anymore!

Why?

Because, earlier the clients were first generation wealth builders who wanted to take every investment decision personally and highly valued their relationships with the bankers. They used to love being seen with their bankers and would feel proud being acknowledged by them in public. Yes, portfolio returns were important even then but not so much as now.

Fast forward to the current decade and the wealth management market has had a seismic shift in Asia. The reason is not only the cataclysmic “GFC” (Global Financial Crisis) but a number of underlying trends. These are:

If you want to remain a relevant private banker for your clients and be a successful one at that, you need to make the shift quickly as above. If not, given the low margins, high costs, superfast technological and regulatory changes faced by private banks, you may be looking to become irrelevant sooner than you think!


About the author:

Aseem Arora is President of Silverdale Capital Pte Ltd [3], a Monetary Authority of Singapore (MAS) licensed Fund Management Company based in Singapore and offering its funds to Accredited and Institutional investors. The firm manages award-winning Silverdale Bond Fund, Silverdale Fixed Income Fund, Silverdale India Equity Fund & several Bespoke Funds. Silverdale’s primary client base consists of leading Private Banks, External Asset Managers, Family Offices, Institutional and Ultra High Net Worth Clients.

Aseem has a career spanning 25 years establishing and running Regional and Global Wealth Management/Private Banking businesses at senior levels with institutions like Citibank, Merrill Lynch and Bank of Singapore. Aseem holds a MBA degree from Heriot Watt University, Edinburgh, Scotland and is based in Singapore since 2000.

Disclaimer: This article is for information purposes only. If you would like to know more, you could contact Aseem Arora at [email protected] [4].