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www.efinancialcareers.com/students | Careers in Financial Markets 2014


47 career insight


Cindy loudenslager


Managing director, Asset & wealth management, Deutsche Bank in New York


It’s a lot to juggle, but you need to do so in a way that makes each client feel that they are priority.


Cindy graduated from Otterbein University with a degree in business administration, and has an MBA from Columbia Business School. She joined Deutsche Bank in 1986.


Relationships are critical in wealth management. In order to succeed you need both a passion for the financial markets and the ability to continually build your network.


My job is primarily about overseeing a very diverse base of clients. On the one hand, you need to be proactive – this means presenting new product ideas to clients, keeping in regular contact, and


putting together a virtual team of specialists to interact with each client.


However, you also need to be responsive to the demands of clients, which involves providing solutions, answering questions and solving problems. It’s a lot to juggle, but you need to do so in a way that makes each client feel that they are priority. You represent both the client and the bank, and both are equally as important.


Much of my day is spent meeting with clients to discuss their immediate and long-term financial goals, and liaising with our product specialists on the new investment opportunities available to my clients.


This may sound simple, but it’s incredibly varied. For instance, today I had a conference call with a client and a portfolio manager in our team regarding their asset allocation and potential changes to recommend.


I also coordinated with our markets coverage group on a new brokerage account opening and had an investment conversation with a client who had just wired additional funds to their Deutsche Bank account.


Success in wealth management requires hard work, dedication and the willingness to accept the next big challenge.


In order to advise my key clients successfully, it also requires excellent communication skills and a deep understanding of the current market trends in financial services.


You also need to be an effective navigator in order to find the right solutions within the bank or elsewhere and bring them to your client. To remain competitive you should be up to date on world events and the financial markets.


Pay and bonuses


Singapore has been labelled the ‘new Switzerland’ because of the rapid growth of the wealth management industry there. Relationship managers start on S$80-120k ($63- 95k), according to recruiters Robert Walters, rising to S$220-320k+ ($173-250k+) at the senior end. In Hong Kong, junior relationship managers earn HK$300-540k ($39-70k), rising to HK$600- 720k ($77-93k) for those with more than eight years’ experience.


In the US, the mean wage for a financial adviser is $91.2k, according to figures from the Bureau of Labor Statistics.


Switzerland remains a hub for wealth management, and relationship managers earn CHF100-160k ($108-170k) after five to seven years, according to Robert Walters, rising to CHF160-260k ($172-280k) in the senior ranks. In the UK, a senior private client investment adviser should expect at least £90k ($138k), while junior positions typically pay £40-60k ($61-92k).


Skills sought


In an industry built on relationships, it’s not surprising that one of the key attributes wealth managers look for is ‘emotional intelligence’, according to Joanna Thornell, managing director and head of banking services at Coutts in the UK.


“Personality is a key factor behind the success of a private banker or wealth manager, given the importance of chemistry in building and sustaining trusted relationships with wealthy individuals, their families and their advisers,” she says.


Knowledge of financial products within your specialism is important, which means good numeracy skills and a keen interest in financial markets, but a good private banker must always present their advice to clients in a way they can easily understand.


“We are looking for people with a strong curiosity and active interest not just in investments and the financial markets, but across every aspect of an individual’s wealth planning,” says Kam Shing Kwang, managing director and head of Hong Kong at J.P.Morgan Private Bank.


In the fiercely competitive market of wealth management, private bankers need technical expertise to get ahead of the herd. Most firms will teach their juniors what they need to know, but a natural “inbuilt curiosity and ability to connect with people” is what will set a good private banker apart, says Thornell.


“Candidates must also be confident and demonstrate a willingness to learn and ability to adapt, as markets or the environment in which they work continually change,” she says. “Communication skills are also important given that the clients they will be dealing with are typically highly intelligent, successful and demanding individuals who are often very short on time.”


“Private banking is a long-term career, so the ability to build solid and real relationships over time, as well as to gain the trust of the most successful people in the world, is another trait of a client adviser,” adds Kwang.


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