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SINGAPORE: Private banks are fast realising that they need to train new talent as a fallback against poaching by rival firms, according to the latest Global Private Banking and Wealth Management Survey released by PricewaterhouseCoopers (PwC).
The survey shows that assets under management in Asia, excluding India, are expected to grow an unprecedented 33 percent every year until 2010.
And amidst this growth in the private banking sector, wealth managers have had no lack of offers.
Out of the 30 private banks in Asia which were surveyed by PwC, 15 percent risked losing more than one-third of their staff to other banks.
Nine out of ten private bankers said they have been approached by another bank during the last year.
PwC said many private banks are starting to realise the need to train new talent.
Justin Ong, Partner, Financial Services Industry Practice, PwC, said: "Most private banks, at least at the CEO level, recognise that people poaching is no longer a sustainable strategy. A lot of them have started to put a lot more emphasis in trying to train new blood and bring people from other parts of the industry."
Growth in the private banking sector is being driven by the transfer of wealth from one generation to another and the growing number of entrepreneurs in the region.
And it is estimated that the industry will need another 5,000 to 8,000 client relationship managers in the next three years.
A wealth report by Merrill Lynch and Capgemini estimates that the combined wealth of millionaires in Asia rose by 10.5 percent to S$8.4 trillion last year.
PwC said as Singapore recognises the need to train more people, it is creating the proper regulatory and information technology environment to grow the industry.
Mr Ong said: "Singapore has done a lot to try and address the people issue. There is a recognition that there is a lack of quality resources. Banks will realise that if you can't recruit more people, then you just have to be more efficient in the way you service your clients. The ability to build infrastructure that are more efficient and more focused on giving clients service becomes very important."
PwC said the industry would also need to change its mindset to grow sustainably.
It said banks still differentiate their clients by how many millions they have rather than by individual needs and lifestyles.
- CNA/so
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