Associate Director, Wealth Planning & Family Advisory

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 support WP & FA front office staff (“WP & FA FO”) in execution of day-to-day WP & FA’s task by working with relationship managers and other internal/external stakeholders (i.e. but not limit to SCTS, insurance brokers/in-house insurance specialist, bank internal operations staff, external service provides).  Key responsibilities of the staff includes:- 

Support WP & FA FO in the acquiring new fiduciary and insurance referral.  
Work closely with the trust companies and external insurance brokers/in-house insurance specialist to facilitate the WP & FA FO in the further management of existing fiduciary structures.
Support WP & FA FO in the preparation of business proposals 
Assist WP & FA FO in the preparation of documentation for the setting up of the fiduciary structures 
Work closely with external insurance brokers/ in-house insurance specialist to facilitate the insurance referral process and to handle the related insurance referral documentation (e.g. insurance referral consent letter, credit documentation on insurance lending, etc.) 
Work closely with the trust companies during the process of setting up fiduciary structures and in dealing with related documentation 
Work closely with Client Service Managers (occasionally direct with Relationship Managers) during the process of setting up of new fiduciary structures and insurance lending
Assist the WP & FA FO in the process of annual reviews of fiduciary structures and insurance cases
Assist the WP & FA FO team in routine business reporting

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 trust operations and insurance referral
Awareness of the socio-economic landscape of the ultra and high net wealth individuals of these markets.

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

This is to be accomplished while giving appropriate consideration on maintaining 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/in-house insurance specialist  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
Assist the LP team in routine business reporting

RESPONSIBILITIES

Strategy

Drive profitable growth by supporting WP & FA team in acquiring, deepening, and retaining client relationships with HNW and UHNW clients
Assist WP & FA team Hong Kong in implementing the overall WP & FA strategy for Hong Kong AC.  
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. 
The individual should develop the right skills and knowledge to support WP & FA to achieve their KPIs where needed by business.
Support WP & FA team to achieve NNM target and other KPIs including client engagements.

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.
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.
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.

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

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

Qualification
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

Role Specific Technical Competencies
Relationship Management
Market Knowledge (SIF)
Products and Processes
Strategy and Business Model (SIF)
Manage Conduct
Manage Risk