OCBC launches upskilling programme to turn mortgage specialists into wealth advisers
This is also a talent retention strategy for the bank
Sudeshna Dhar
[SINGAPORE] OCBC has launched an “intensive four-month” upskilling programme to train mortgage specialists as wealth advisers, equipping them with capabilities beyond offering home loans.
Upon graduating, candidates can adopt an “expanded role advising home loans customers on… investment and insurance products”, the bank said on Monday (Oct 6).
Mortgage specialists are currently “limited to offering home loans, while only certified financial advisers can provide wealth advisory services, including investment and insurance solutions”, OCBC noted.
It added that having individuals with both capabilities “enhances seamless service delivery… and (the deepening of) customer relationships”.
Fifteen senior mortgage specialists have been selected for the programme thus far. The first batch – comprising nine individuals with an average tenure of nine years as a mortgage specialist – graduated from the programme and started their expanded roles on Oct 1.
Sunny Quek, head of global consumer financial services at OCBC, said: “By equipping mortgage specialists so that they can support customers holistically, from home financing to long-term wealth planning, we can deepen relationships and reinforce our position in wealth management. It also supports and develops the long-term career aspirations of our senior mortgage specialists.”
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OCBC said the initiative also serves as a talent retention strategy, allowing mortgage specialists to upskill while with the bank.
Transitioning from a “mortgage-only” role to full-spectrum wealth advisory is logical, it added, as such specialists can assist affluent customers with their expertise in property, a key part of wealth portfolios.
Mortgage specialists are also often the first touchpoint for OCBC customers, with 25 per cent of new customers starting with a home loan.
How it works
The programme, covering product knowledge, fair dealing and product suitability for customers, has three components: classroom training, industry certification and on-the-job coaching.
Classroom training, adapted from OCBC’s relationship manager curriculum, combines technical and soft skills with case studies and role play, exposing mortgage specialists to wealth products, portfolio construction and fraud detection.
The industry certification component enables participants to attain the Capital Markets and Financial Advisory Services certifications administered by the Institute of Banking and Finance Singapore. OCBC said these certifications, which are required of relationship managers, will “validate their advisory capabilities” across areas such as portfolio management and asset allocation.
On-the-job coaching allows participants to receive “hands-on support from product experts” in investments, bancassurance, and foreign exchange. They will be accompanied by supervisors providing “real-time coaching on advisory conversations and engagement strategies”.
The programme’s graduates will additionally participate in annual refresher courses to stay updated on mortgage and wealth management.
One recent graduate of the programme, mortgage specialist Belle Leow, shared: “Supporting my clients through their home loan journey has given me insight into their broader financial goals. Before, many asked if I could help with financial planning, and I always wished I could do more. This programme has made that possible.”
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