Three things to watch out for when changing jobs in private banking
2017 has been a year of consolidation. Lots of smaller banks have either shut down or have sold their businesses and moved back to their country of origin.
I have been speaking to many head of businesses (CEO & MD level Private Bankers) to obtain their opinions. They are of the view that this consolidation was waiting to happen & is for the betterment of the private banking industry.
1. Hedge your bets
Most of the stalwarts in the market believe that you should not put all your eggs in one basket. You need to build your business across different geographies. Relying solely on one market could lead to stagnation and hamstring your ability to further build your AUM and client base. SEA still remains the key region though North Asia seems to be outshining the other markets.
2. Open sky platform
This is related to the earlier point; in today's market all the bigger banks are quite strict with the market segmentation. However smaller and medium sized banks give you the luxury of travelling to/ prospecting in more than one market. This will help you hedge your bets and ensure longevity in a shrinking and consolidating market.
3. Capital control & CRS
With capital control & CRS affecting the markets it's very important to now focus on institutional wealth rather than just focusing on UHNIs. It's also important to join an organization that supports you in terms of platform to structure these kind of deals as well as recognize your efforts in terms of revenue.
If you like to learn more about the ever evolving private banking market & are keen to have an open discussion before your next move, feel free to give me a call or drop me an email and we could schedule a coffee.