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Financial Planning / Wealth Management

Partnership in wealth management

by Christina Tai

Lawrence Law, general manager, retail banking department Bank of China (Hong Kong) Limited
Photo: Johnson Poon

Retail banks must innovate to meet client needs effectively

An advanced financial planning tool, known as the "Wealth MaxiWiser", has been introduced by the Bank of China (Hong Kong) Limited (BOCHK) for wealth management customers. Its purpose is to help relationship managers analyse customer needs and provide them with personalised advice on the most appropriate investment strategies.

"This means customers can benefit from high-end services and tailor-made solutions to plan their investments in an array of sophisticated and structured products," says Lawrence Law, general manager of BOCHK's retail banking department. "These services are available in a total of 67 VIP and wealth management centres."

Relationship managers receive the training necessary to explain or recommend products from the diverse range the bank has built up over the years. This extends to providing detailed account updates, timely market information, charts and commentaries. Hotline services and over-the-counter trading at designated branches offer an extra level of convenience for clients.

The bank has also launched online banking services with privileged interest rates, as well as foreign exchange and deposit services. The platform includes technological advances and is regarded as very user-friendly.


Our aim is to nurture future financial professionals for Hong Kong

Meanwhile, professional relationship managers at BOCHK are well aware that the insurance options now available allow for comprehensive wealth and personal protection, and cover not only the customer but the whole family as well. Nowadays, insurance encompasses a wide range of investment X related products. It is geared towards a needs-based selling strategy, to give the best protection, and is tailor-made to suit the individual needs of customers. This requires professional skills on the part of the relationship managers, but means they can take every concern of the client into consideration.

Looking to the future, BOCHK organised a second internship programme for financial professionals in Shanghai in June. This gave university students from Hong Kong practical working experience and a better knowledge of the mainland economy. They learned about aspects of finance and business culture, as well as about the bank's day-to-day operations. To be accepted for the programme, students had to show leadership skills, analytical ability and academic achievements. The experience gained will definitely enable interns to enhance their own job prospects when the time comes to apply for full-time positions in the months ahead.

Graduates can join BOCHK as management trainees. The recruitment process includes interviews, group discussions and other activities. Assessors are looking in particular for team spirit, leadership potential, commitment, dedication and a professional attitude.

Those selected as management recruits receive comprehensive in-house training and, when applicable, will be reimbursed for any external courses or examination "fees. Graduates can generally look forward to the chance of fast X track promotions if they perform well.

"Our aim is to nurture future financial professionals for Hong Kong, which is just one way of fulfilling our obligations as a corporate citizen," Mr Law says.


 

Taken from Career Times 08 September 2006

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