Wealth Management - Keeping up with the regulatory challenges

Recently, Singapore launches the private banking code of conduct. A set of guidelines put up by the Association of Banks in Singapore. The code of conduct seek to define a set of standard best practices in competency and market conduct when serving HNWIs (High Net-Worth Individuals). Similarly, Hong Kong regulators are looking to refine the requirements for financial institutions in gathering evidence whether a person qualifies as a high net-worth professional investor.

With the increasing regulations imposed in key wealth management centers around the world, private banks are facing rising operational and compliance costs in meeting the higher standards in regulatory standards. While organization-wide training, technology and operational changes are necessary, sales management is also an important area on how private banks can continue to grow despite the heightened regulatory environment.

Sales managers help to identify changes to the advisory processes for the relationship managers and enhanced the overall client experience. They are the middle men who worked both with the relationship managers and the products and services teams to identify new opportunities to meet the clients' needs.

This is the key to standing out in the competition.