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Standard Chartered Private Bank – Passing on the Torch
THE next generation of movers and shakers in Asia – as well as the wealth advisers serving them – are getting a boost from two flagship programmes developed by Standard Chartered Private Bank. The programmes picked up gold awards at the inaugural BENCHMARK Private Wealth Awards, which honour best practices in the wealth management industry.
The first offering, called the Future Global Leaders’ Programme, is targeted at the sons and daughters of the bank’s clients, typically aged 20-35.
The week-long programme aims to help participants hone their skills in five areas: leadership, entrepreneurship, philanthropy, sustainability and communication.
It includes seminars and workshops designed to prepare the next generation for future leadership positions in family businesses. Participants also get the opportunity to network and connect with like-minded individuals and a range of distinguished global influencers.
The programme, now in its fourth year, is hosted in Britain in partnership with the University of Cambridge Institute of Sustainability, and includes leadership training at the Royal Military Sandhurst, a leading military officer training unit.
The bank introduced regional editions of the programme in 2017, with courses held in New Delhi, Singapore and Cape Town. These three-day regional programmes focused on leadership, philanthropy and communications.
Annual trips are organised for programme alumni – the 2017 trip was to Seattle, where participants met with philanthropists and Silicon Valley corporate leaders.
The second programme which received an award – the Standard Chartered Private Banking Academy – aims to develop the next generation of wealth advisors.
The bank partnered training and professional development firm Fitch Learning, as well as leading business school INSEAD, to create a bespoke training programme for its global front-line staff.
Fitch Learning designed a customised programme to build the sales skills and product knowledge of front-line staff. Selected high performers also have the opportunity to attend an executive programme designed by INSEAD that aims to help them adapt to the fast-evolving and increasingly digital future of private banking.
The Private Banking Academy offers a progressive training roadmap – from client service managers to senior relationship managers and team leaders.
The programme includes training sessions conducted by both internal and external parties, so staff are well- versed in both the bank’s internal processes as well as best practices in the market.
Training is conducted in a variety of ways, from classroom workshops and eLearning, to role playing and on-the-job coaching.
The bank said diversity and inclusion are also key priorities when it comes to developing staff. Just over half of the relationship managers in its private bank are female. The Private Banking Academy is open to all front-line staff across roles, geographies and seniority.
“Our Private Banking Academy delivers a forward- thinking curriculum to equip our people to offer excellent service and relevant wealth management advice to clients in an ever-changing market environment. The Academy is a core part of our commitment to developing all of our employees, and we believe it is setting a new industry benchmark,” said Didier von Daeniken, Standard Chartered’s global head of private banking and wealth management.