Director, Wealth Planning, PvB

Job Summary

Be part of the Wealth Planning and Family Advisory (WP & FA) team based in Hong Kong and the wealth advisory business for Standard Chartered’s Global Private Banking (‘PB”) in Hong Kong. The individual should be working with relationship managers, team heads and market heads to develop client relationships and conversations using the different topics and subject matters which a wealth planner and family advisor should be able to leverage. The individual should support the Head of Wealth Planning and Family Advisory in Hong Kong in driving strategy implementation, business growth, value proposition offerings, people agenda and key internal and external partnerships to help the Regional Head in Hong Kong build the overall PvB business. The individual should also provide technical support to PvB RMs based in Hong Kong with the sale and maintenance of fiduciary services and assist in making referrals of their clients who are looking for insurance offerings to third party brokers.

The individual will support Private Bank in bringing in new clients and relationships while maintaining and deepening existing clients and relationships.

Additionally, an individual who demonstrates:

• Strong language and written capabilities to support the China, Taiwan markets and other relevant markets covered by Greater China and North Asia Private Banking;
• Proficiency with the legal, tax and private client laws of China, Taiwan, and other relevant markets covered by Greater China and North Asia Private Banking; and
• Awareness of the socio-economic landscape of the ultra and high net wealth individuals of these markets.

would be well positioned to contribute to PvB’s growth and support PvB RMs.

This is to be accomplished while giving appropriate consideration on maintaining product integrity and conduct, minimising risk, avoiding litigation and achieving NNM and other business targets. The support provided to the RMs, maintenance of fiduciary services and assistance on referrals to third party insurance brokers are expected to lead to NNM and increase both AUM and revenues for the bank

The individual will also support Legacy Planning team (“LP”, a division under WP & FA) on daily operations of the team which includes:-

• Facilitate internal communication amongst RMs and support staff to enhance FO’s understanding of insurance referral process
• Liaison with insurance brokers/ in-house insurance specialist on routine client seminars/RM teach-in sessions
• Coordination and management of internal and external events for LP engagements with clients/RM and brokers
• Facilitate daily workflow of insurance referral, ensuring the entire insurance referral journey together with subsequent business opportunity are smooth and in compliant with current regulatory framework
• Manage and coordinate client insurance referrals between RMs/WPs/IS/brokers and follow up timely with the leads

Key Responsibilities

Strategy

• Drive profitable growth by acquiring, deepening, and retaining client relationships with HNW and UHNW clients
• Assist the Head of WP & FA team Hong Kong in implementing the overall WP & FA strategy for Hong Kong AC.
• WP & FA are growing areas of interest for UHNW clients. The WP should work with internal and external partners to bring competitive and comprehensive WP & FA solutions to UHNW clients.
• In line with the focus to grow our UHNW business in Private Bank, to work together with the global team of wealth planners across key locations and offer an aligned and global proposition to UHNW clients that have WP & FA needs across geographies.
• Develop WP & FA product and service offerings
• The individual should develop the right skills and knowledge to achieve WP & FA KPIs where needed by business.
• Achieve NNM target and other KPIs including client engagements.
• Work closely with the Head of WP & FA as well as Regional / Country management to promote WP & FA capabilities
• Assist with the management of key external relationships e.g. with approved Insurance brokers, trustees, accounting firms, tax advisors, immigration specialists

Business

• Designated lead to engage new business prospects for fiduciary services
• Provide technical support to RMs in relation to the sale of fiduciary solutions and referral of clients to insurance brokers.
• Support LP team on daily operations of insurance referral, ensuring the entire insurance referral journey together with subsequent business opportunity are smooth and in compliant with current regulatory framework.
• Act as a conduit between the Private Bank and SC Trust for ongoing fiduciary matters with existing clients.
• Work closely with RMs to develop their marketing and business development plans for offering fiduciary services to clients.
• Contribute to the preparation of marketing and sales materials to support the fiduciary business, ensuring that these are all approved by local Legal & Compliance.
• Work closely with SC Trust to deliver the appropriate solutions for clients.
• Assist in creating the WP & FA proposition and sales strategies for all RM teams in Hong Kong AC.
• Review the new business to be introduced to SC Trust to ensure manageable levels of fiduciary, reputational and legal risks.
• Present the new business to LCC or GCC for approval.
• Continue to monitor and assist the RMs and their clients in connection with their fiduciary structure alongside the RMs and making amendments as and when necessary, to meet any change in circumstances or needs for the clients.
• Work closely with other relevant product teams and key stakeholders in the development of new products and ongoing adherence to and monitoring of developments and changes to existing products (and related policies and processes) and preparation and presentation of exceptional cases to the LCC.
• Assist and attend client meetings with RMs in Hong Kong and outside Hong Kong with regards to the WP & FA offering.

Processes

• Support the continuous improvement of processes to increase operational efficiency and effectiveness.
• Support the effective management of operational risks across the Business and in compliance with applicable internal policies, and external laws and regulations at a global level.
• Support the delivery of Business strategy in a safe and well-controlled manner and on an end-to-end basis.
• Ensure sales management, suitability and onboarding processes are applied appropriately

People & Talent

• Train and assist the RMs so that they better understand the fiduciary structures.
• To the best of their knowledge, monitor and keep up to date with changes in tax laws and other legislation that affect the fiduciary business and report impact on changes to regional markets.
• Assist in creating a WP & FA proposition and sales strategies for all RM teams in Hong Kong AC.

Risk Management

• To comply with the highest standards of regulatory and business conduct and practices as defined by internal and external requirements.
• Understand and ensure compliance with, in letter and spirit, all applicable laws, regulations and guidelines including those governing securities activities, company law, anti-money laundering, terrorist financing and sanctions; the Group’s policies and procedures; and the Group Code of Conduct.
• Ensure that Risk Management matters that are brought to attention are subject to direct remedial action and/or ensure adequate reporting to the relevant Risk Committees and/or line management.
• Handle customer issues, complaints, and product enquiries on timely basis in accordance with established procedures

Governance

• Responsible for assessing the effectiveness of the Group’s arrangements to deliver effective governance, oversight and controls and highlighting gaps as appropriate.
• Awareness and understanding of the regulatory framework in which the Group operates, and the regulatory requirements and expectations relevant to the role.
• Fulfil supervisory responsibilities in line with supervisory principles.
• Ensure adherence with the highest standards of ethics and compliance with relevant policies, processes, and regulations forms part of the culture.
• Participate in Local Client Committee and other relevant committees where applicable.
• Engage with all audit report findings and ensure feedback is acted upon

Regulatory & Business Conduct

• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key stakeholders

• Global Head of Wealth Planning & Family Advisory
• Head of Wealth Planning & Family Advisory, Hong Kong
• Head of SC Trust
• Lead, Legacy Planning
• Wealth Solutions Product teams in Hong Kong
• Regional Head / Market Heads
• Senior Client Partner / Team Leaders
• Head of Client Services Manager
• Client Service Managers
• Product Specialists and dedicated functional partners
• Relevant Front office colleagues
• External Tax and Legal Firms
• Market Counterparts
• External insurance brokers

Other Responsibilities

• Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures;

Skills and Experience

• Relationship Management
• Market Knowledge (SIF)
• Products and Processes
• Strategy and Business Model (SIF)
• Manage Conduct
• Manage Risk

Qualifications

• Academic or Professional Education/Qualifications -University Graduate with a Legal qualification preferred.
• Licenses and Certifications/accreditations – as required by role remit and responsibility
• Professional Memberships – Relevant STEP or ICSA and valid Qualification/ Membership (as required by role remit and responsibility)
• Bank training, i.e. mandatory & developmental
• Demonstrable and relevant experience in the Fiduciary / Private Banking industry commensurate with this remit and level of responsibility.
• Languages – fluency in business English and Mandarin/speaking other languages will be an advantage.
• Demonstrable and relevant experience in the Private Banking industry commensurate with this remit and level of responsibility
• Proven risk management capabilities
• Firm in all business guidelines and compliance issues
• Sound knowledge of financial markets and investment products
• Outstanding communication and presentation skills