Private bankers are in high demand right now, especially in Asia where millionaire and billionaire wealth is surging. But relationship managers still face a gruelling interview process in a sector where it’s difficult to move change jobs without your clients supporting the move.
Here’s what the experts suggest is necessary to make it through a private banking interview.
Prepare your business plan first
During the final interview rounds you will have to present a business plan on how you intend to build assets under management (AUM) and develop new clients, says Josie Ling, a private banking consultant at search firm Eban. But it’s best to complete this plan before your first meeting at the bank, because its content will help you to structure your early-round interview replies.
And pack in plenty of information
The more detailed your business plan, the more authentic it will appear. “Interviewer don’t always fully believe business plans as they suspect the figures may be inflated,” says Liu San Li, a former Coutts private banker, now client director in private wealth management at headhunters EMA Partners. “So your plan should show you’ve done adequate homework on your clients – for example, their current estimated bankable assets and the time you’ve known them for.”
Estimate your level of candidate support
Never walk into the first round of a private banking interview without knowing the approximate percentage of clients you can bring to the new bank. “You should also work out the percentage of transferable assets for each individual client – from 100% for clients who are like family, down to about 20% for the ones who you can’t guarantee,” says Abimanu Jeyakumar, Hong Kong head of Carlton Senior Appointments.
Prepare for compliance and risk questions
“With increasing focus on risk management and compliance nowadays – especially with the highly publicised closures of BSI and Falcon Private Bank in Singapore – candidates must expect governance-related questions,” says Sean Kang, director of wealth management at consultancy McLagan. “For example, you might be asked about your plan of action if you are being put in delicate situations, or about how you balance business development with risk management.”
Get your presentation right from the first round
“During the first interview, the manager will be constantly assessing how you’d come across when meeting the bank’s millionaire clients,” says Jeyakumar. “So if you stumble over your answers, aren’t well presented or there’s something wrong with your body language, they’d assume you’d act the same in front of clients. You need to treat the interview as a business meeting.”
Look for ‘common threads’ in the following rounds
Your first interview will be with the hiring manager and/or HR and then you will move up the ranks to meet the market head. “In larger firms you’ll also speak to the heads of product and investment advisors, while in boutiques you’ll often get to meet the head of the private bank or the CEO,” says Ling from Eban. “So meeting five or six people is quite common. Pay particular attention to any common threads in what they say that point to the real culture of the bank – this will help you decide whether you’re a good fit and whether you want to move there.”
Keep confident in a private banking interview
“In a private banking interview ‘confidence’ is the key word,” says Liu from EMA Partners. “There’s no room for error or ambiguity when presenting your business plan and convincing people of your ability to bring in new clients. Avoid using the term ‘I think’ and present your points with conviction, logic and substantiation.”
But remain realistic
Not all your clients will move banks with you, so don’t fall into the common trap of letting your confidence run away with you. “Be positive and realistic about asset transferability – otherwise it will come back to bite you. Remember that the interviewers were in your shoes once – they can often sense when you’re over-hyping things,” says Jeyakumar from Carlton.
Explain how the move benefits your clients
Banks like hiring private bankers who are focused on their clients’ best interests rather than their own careers, says Jeyakumar. “So as well as talking about how many clients you can bring over, explain why the new bank’s platform would benefit them.”
Be prepared for product-related questions
“You’ll be asked about the products and banking facilities that your clients need,” says Liu. “Do your homework about the new product suite, and any cross-platform facilities available under the bank’s umbrella such as investment banking, corporate banking and direct access to securities trading.”
But don’t be a product-pusher
Come across as a trusted client advisor, not a pushy salesperson. “If convince the interviewers that you have strong relationships with your clients, don’t sabotage your credibility when asked how you will move them to the new bank by replying, ‘using attractive rates’,” says Liu.
Don’t name your clients
While you will be grilled about your clients’ assets and the strength of your relationships, client confidentiality and banking secrecy means you won’t have to name them.
Be discreet in a private banking interview
As in all interviews, it’s important to provide on-the-job examples to prove your points, but don’t say anything that your clients would prefer you didn’t mention, even without naming them. “Illustrate with some story-telling, but keep this short and to the point and be mindful that private banking is a discreet business,” advises Ling.
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