Wealth Management Institute

WMI Certificate in Private Banking. - The private banking world. Immerse in it.

As the leading provider for wealth management education over the last 10 years, WMI is proud to be the only IBF accredited external provider for private banking under the revised IBF Standards from.

Our unique best of breed approach allows you to learn from senior practitioners who are top in their fields from various leading financial institutions.

This is the most comprehensive recognised programme for individuals who are planning or have recently joined the private banking industry.

Being a IBF foundational programme, no prior private banking experience is required, making it equally suitable for individuals who want an in-depth appreciation into the world of private banking.

You will learn from the best on the various investment, insurance, credit and leverage products available. The investment advisory and portfolio management segment equips you with know-how to structure the right products to meet the client’s investment objectives. Listening and building rapport, gaining trust and other critical soft skills which are essential in private banking will be well covered.

For participants who need a refresher on basic concepts or are preparing for CACS, this programme will allow you to access WMI’s new e-learning portal which will take you through a series of lectures, notes and mock assessments.

Successful completion of this programme allows you to be eligible for the certification title "IBF Qualified (IBFQ)" in the area of "Wealth Management - Relationship Management - Private Banking" and enjoy 2 years' CACS CPD exemption.* To be eligible for the IBF-STS funding, you would need to successfully complete CACS Paper 1 & 2 and all assessments of this programme.

*Applies to Covered Persons under the Private Banking Code of Conduct.

Key Highlights

The programme tackles current pressing issues and trends in private banking such as:

Advising Clients On How Best To Navigate Near-Term Concerns Against Their Agreed Investment Horizon

Continued financial, economic and political uncertainties have made it difficult for clients to distinguish between crisis and recovery. As a result, many clients have deferred their decision making and engagement with private banks.

Learn how to re-engage your clients and help them to re-focus to meet their investment objectives through high-impact sessions on product knowledge and investment advisory using real-life case studies.

Factoring The Compliance and Regulatory Environment In Daily Client Management

Participants will experience “A Day in The Life of a Private Banker” - a practical session on compliance regulations against a backdrop of a banker’s daily responsibilities and activities.

There will be a specific focus on client acceptance and on-boarding and understanding critical risk indicators in high net worth client situations.

Incorporating Credit & Leverage to Support Investment Solutions

Beyond investment solutions for clients, participants will be taught the benefits and risks of leverage in portfolios and how to use credit for liquidity and investment opportunities, margin call requirements and collateral monitoring.

Understanding and Using Wealth Planning To Deepen Relationships

Understand how to use wealth planning to create deeper lasting relationships by uncovering clients’ needs on insurance, inter-generational wealth transfer, trust and estate planning or wealth preservation.

Using a wealth planner’s toolkit, learn about the sensitivities of practical wealth planning solutions and gain a deeper insight into your client’s needs.

Sustaining Trust Through Consistent Client Management

Trust is the cornerstone of the private banking relationship. Game changers extend and leverage existing relationships as well as create new ones. Learn the critical components to win and maintain trust with the clients in the good as well as volatile situations.

Curriculum

Products, Advisory & Compliance

Ensuring a Successful Transition across the Wealth Management Continuum
This session provides insights into the competencies and mindset change needed for a client advisor to successfully transit across various wealth management segments such as High Net Worth (HNW), Ultra High Net Worth (UHNW), etc. As the profile, expectations and needs of these segments differ, it is important for a client advisor to appreciate these differences to stay ahead of the curve.

The session will also cover an overview of the industry today and where it will move towards as younger clients of new wealth challenge the traditional approaches to wealth management. To take advantage of the rapid convergence of the wealth management continuum, a client advisor needs to continuously adapt and acquire the right competencies to transit successfully across the continuum.

Understanding ALM & the Needs of Business Owners
Key concepts of Asset Liability Management (ALM) will be covered to give an appreciation of how client advisors can differentiate themselves by managing both sides of a client’s balance sheet i.e. assets and liabilities.

As entrepreneurs and business owners make up a high percentage of the new wealth today, participants will be taught to identify the profile, concerns and needs of such clients. Business expansion, working capital and the use of commercial lending to create solutions will be covered, with a focus on flexibility and unlocking the value of assets of the small business owners. A case study will be used to illustrate how to begin a conversation to uncover some of these needs.

Optimising Fixed Income, Unit Trusts, ETFs & Equity Strategies
The transition across the wealth management continuum requires a shift from a product to a portfolio approach to managing wealth. The session focuses on the practical aspects of fixed income, funds and equity investing through the use of different types of instruments and a comparison of the various strategies for different client objectives. In equities, participants will learn to evaluate companies and distil key information from research reports. Lessons will also be drawn from the recent Global Financial and European debt crises and their impact on client portfolios.

Deconstructing FX Options, Derivatives & Structured Products
This session is a deep dive into the different uses of derivatives and the various levels of customisation of structured products for the HNW segment. Topics include the components of pricing for foreign exchange and interest rate derivatives, as well as structured products. It starts from first principles - the building blocks of options and key options strategies, the components of structured products and their role in a client's portfolio, be it for yield enhancement, capital preservation or leverage. The inherent risks and returns of these products as well as key lessons from past financial crises will be drawn upon for discussion.

Introduction to Wealth Planning and Wealth Planning Solutions Using Insurance
The first part will cover an overview of wealth planning, its benefits for HNW clients, the typical tools in wealth planning and some of the common wealth planning needs of succession and probate avoidance, divorce and business failure.

The second part focuses on how to uncover, introduce and incorporate insurance as a key component of a comprehensive approach to wealth structuring, in areas such as succession planning, asset protection and tax optimisation. In addition to the traditional use of insurance for liquidity provision, participants will learn how to address the unique requirements of a HNW client by adopting a tailored strategy that allows the client to fulfil his or her personal and business needs. Extensive use of Asian-centric case studies will reinforce the practical considerations of insurance as a wealth planning tool.

Understanding the Benefits & Risks of Credit & Leverage
A key competency for the HNW segment is the understanding and application of credit and leverage. Client advisors can differentiate themselves and add value to their relationships by combining investment solutions with appropriate credit and leverage strategies.

The use of credit by HNW clients such as cash and investment liquidity, currency and outright hedging and core satellite allocation will be discussed. Key concepts and practical considerations affecting collateral value and the risks of credit and leverage will be covered. The session will address triggers of margin calls and how to manage and monitor some of these risks proactively. There will be a practical case study on Universal Life Financing and how a client advisor can use this to benefit clients. In addition, there will be in-depth case studies to highlight some of the risks of leverage, such as amplified losses due to over-leveraging and the closing out of a margin call.

Alternative Investments: Private Equity & Hedge Funds
This session is an introduction to private equity concepts, the rationale for investing in private equity and private equity funds versus direct investing. In private equity funds, the types of funds, fund structure, importance of fund manager selection and key assessment criteria will be covered. In direct investments, participants will learn the value chain in a typical deal and deal evaluation criteria.

Participants will be introduced to the fundamentals of hedge funds structure in this session. They will gain a deeper understanding of the different types of hedge funds and strategies as well as risks and returns of hedge funds investing, investor profiles and lessons learnt from the past hedge fund crises.

Tools in a Wealth Planner's Toolbox: Trust, Tax & Estate Planning
Each life stage of a client poses unique challenges and opportunities. Understanding this is key to designing wealth planning solutions which incorporate the client’s needs and values. Participants will learn how to engage clients and their families to help them attain their long term objectives of wealth preservation, inter-generational wealth transfer and succession planning. Participants will be taught how to identify their client's latent wealth planning needs and to develop solutions through an in-depth coverage of topics such as inter-vivos gifts, wills, companies, trusts and foundations. Whatever the wealth planning solution, participants will gain relevant and practical insights on how they can be better positioned and differentiated from the competition, by adopting a more holistic approach to their clients' needs. This session makes extensive use of real life case studies focusing on Asian families, to reinforce the application of wealth planning concepts and solutions.

Discretionary & Advisory Mandates
Discretionary and advisory mandates are key services that differentiate private banking from all other wealth management platforms and the session aims to give an appreciation of this. HNW clients can choose their desired level of involvement in managing their investment portfolios. The differences between advisory and discretionary mandates, and the benefits of each will be addressed. In addition, the practical considerations of acquiring discretionary mandates and the different strategies will be discussed.

Applied Financial Markets
This is a culmination of what has been learnt in the product and investment process sessions. The aim of this session is to ensure participants get an opportunity to apply and practise their new knowledge and skills in real life situations. Through the use of specially customised case studies, participants will learn how to assess concentration risks in sample client portfolios, as well as analyse gaps and risk sensitivities. In addition, based on client views, various market environment and news, participants are also expected to develop recommendations or adjust existing client portfolios for different levels of risk and return profiles.

The Investment Process: Portfolio Management & Asset Allocation / Behavioural Finance
The session covers a critical competency and mindset that the client advisor needs to embrace and apply: that for HNW clients, an in-depth knowledge of investment advisory and portfolio management is what differentiates and distinguishes a client advisor who is moving up the wealth management continuum.

An in-depth coverage of portfolio construction and management, the asset allocation process and strategy, risk management and knowing the client's needs and constraints will enable participants to master and implement a disciplined investment process. In addition, participants will work on a case study to construct an investment portfolio based on different client objectives and constraints.

In Behavioural Finance, participants will be given a deeper appreciation of the psychology of investors and the subsequent effect on financial markets. Common behavioural patterns such as framing, mental mistakes, anchoring, representativeness, saliency and overconfidence can give rise to irrational decision making.

Ethics, Compliance & Risks / Client Onboarding
This session covers major legal, regulatory and ethical issues in the wealth management industry. Participants will gain a deeper understanding of the different types of risks that client advisors face. These include cross border, market misconduct, Anti-Money Laundering / Counter-Financing of Terrorists (AML/CFT), information security, suitability and operational risks. Participants will also learn to identify the 'red flags' and to mitigate such risks.

With increased regulatory changes, client advisors need to demonstrate an understanding of the intent and implications of onboarding procedures. This session will focus on Know Your Client / Anti-Money Laundering (KYC/AML) procedures for client acceptance, as well as variations based on client situations including red flags such as politically exposed persons and other high risk clients. Variations based on different types of account structures will also be covered. Participants will be taken through “A Day in the Life of an RM” as the trainer goes through a typical day of a client advisor and the different ethical and situational dilemmas which he or she is confronted with.

Relationship Management

Advanced Skills for Client Acquisition: Prospecting, Building Credibility & Developing Your Unique Value Proposition
An understanding of client segmentation and how to use various approaches to target the different needs of these groups is the key to effective client acquisition. Identifying prospective clients and finding ways of building rapport and credibility is the cornerstone of any new relationship. This session will provide participants with a series of tools and techniques for projecting credibility and establishing trust with prospective HNW clients to uncover their needs. Participants will be guided on how to prepare for an initial client meeting through an understanding of their own unique value proposition.

Advanced Skills for Client Servicing: Uncovering Needs, Presenting Solutions, Gaining Commitment & Objections Handling
This session introduces a consultative approach to sales and account management. Participants will learn relationship management skills and examine communication blind spots to avoid derailing client relationships. This includes skills in identifying the needs of clients, devising effective sales strategies, techniques for influencing and developing a strong client-centric solution as well as the art of securing commitment and forging long-term relationships. Role plays will also be used to reinforce their knowledge on the sales advisory process.

Building a Sustainable Portfolio through Effective Account Management
The client advisor needs to manage his or her portfolio of clients to ensure it is sustainable. What percentage of the portfolio generates recurring versus effort based revenue? Is the client advisor recommending a diversified range of products and investment solutions versus a narrow range of similar products?

Critical account management skills such as developing an account plan, setting client KPIs, developing strategies for effective client coverage and managing opportunities will be shared, including strategies for deepening relationships and how to grow and build a mutually rewarding and sustainable trust-based relationship.

Dealing with Difficult Client Conversations
Whether it is issues relating to the performance of clients’ portfolios, the reputation of financial institutions, stability and security of assets placed with banks or pressures and restrictions imposed by regulatory authorities, all those responsible for managing client relationships are faced with the task of having difficult client conversations on a daily basis. The session will share the positive value which can be realised when a client advisor initiates and manages difficult client conversations well. Participants will be given techniques and examples on how this can be successfully done.

Programme Assessment

Participants will be assessed on their proficiency to ensure they achieve the required learning outcomes. Upon successful completion of the programme and passing of all assessments, participants will be:

  • eligible for the "IBF Qualified" certification status in the area of "Wealth Management - Relationship Management - Private Banking" under the IBF Standards and 2 years' exemption of CACS CPD hours for Covered Persons
  • eligible for CPD hours
  • awarded the "WMI Private Banking Wealth Management Programme (IBF Level 1)" Certificate
  • awarded Statements of Attainment (SOAs)

Who Should Apply

Professionals in the following positions:

  • Relationship Managers and Assistant Relationship Managers with less than 3 years of experience in private banking
  • Relationship Managers and Service Relationship Managers in priority banking or private client handling high net worth clients
  • Financial Advisors and Independent Financial Advisors handling high net worth clients
  • Product Managers / Specialists and Investment Advisors in wealth management

Professionals from non-financial industries, mid-career professionals interested in a career switch as well as fresh graduates who have a keen interest in the private banking industry are encouraged to attend this programme.

This programme is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to participants meeting all eligibility criteria and successfully completing CACS Papers 1 and 2.

Apply Now

Intake 4 is tentatively scheduled to commence in July 2017.

Early application is strongly encouraged.

To apply, please send in your completed application form together with all relevant supporting documents and a non-refundable application fee of S$85.00 by mail to:

Wealth Management Institute Pte Ltd
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891

Self-sponsored applicants will be notified and invited for interview.

Financial institutions that are keen to sponsor candidates for the programme, please contact us.

Related Information

The WMI Private Banking Wealth Management Programme is the cornerstone of our training for new entrants to the relationship manager role. It is comprehensive, rigorous and a perfect induction for aspiring wealth managers.

Kwong Kin Mun
Managing Director, Head of Private Wealth Management, South East Asia, Deutsche Bank AG