Take Your Cue: Asian Bankers Richer than Swiss Counterparts

by Christine C. Bitoon

Top Singapore bankers are expected to earn twice more than the salaries of their Swiss counterparts. As millionaires in the Asia Pacific region continue to increase, the demand for competent private bankers and wealth managers reach new heights. Being a finance expert now has brand new sophistication.

How will you respond then? Do you gasp, lose your composure and make an email blast with your resume and portfolio? In the world of the wealthy, keeping your cool is one of the things that will get you a client. Breathe deeply and brace yourself for the best finance season the country has ever been, yet.     

The stage

More millionaires in Asia, particularly in the Asia Pacific region, are requiring the services of wealth managers. As their ability to spend strengthens, the price tags on first-rate finance jobs soar as well. These wealthy individuals are willing to spend hundreds of thousands of dollars for bottles of wine, club memberships and lavish banquets. You can count on it that they are willing to spend on good bankers.

The actors

The need for wealth managers in Asia Pacific is expected to rise by around 25 percent in the coming years, the highest increase among all the other finance industries in the world. This is already manifested in today’s environment, as the salaries of Singaporean bankers soar to amounts that may become damaging to banks. If you are already within the $300,000 to $400,000 range, you should prove your worth and bring more revenue. If the bank’s spend on you is much less than the money that you bring back, you might have to take a pay cut or worse, you may be let go. As a result, more banks all across the region are putting a premium on hiring new wealth managers, offering competitive compensation packages that are 20 to 30 percent more than their base salary.    

The conflict

Both seasoned and new wealth managers are faced with the challenge to live up to the demands of the industry today. How can you rise to the occasion and prove that you are worth the value dictated by the Singapore recruitment platform today?

Be proactive. Even though you may be in a good position right now, there is nothing to lose and everything to gain if you expand your territory. Meet different people – prospective clients, colleagues in the industry – and impress them with what you can do. A good banker should have at least one or two offers from other interested clients. This gives you a safety net, along with an opportunity to increase your market value. Just make sure that you follow through with your outputs and performance.

The conclusion

These events should be beneficial for the banks, the clients, and for the Singapore job market as a whole. It is safe to say that the rise in millionaires in the country is a result of collaborative efforts made in the finance and banking industry.

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