Levelling up client services: How Insead training and advisory tools are reshaping wealth management

IN A realistic virtual reality setting, senior investment advisor Joey Ng witnesses an intense negotiation between a veteran banker and his prospective employer over a pay package. The tension is palpable as each party lays out their argument in an attempt to come out on top in the back and forth.

This training session, which was held at the main campus of leading business school Insead at Fontainebleau, France, is designed to help participants get a deeper understanding of negotiation dynamics. Ng was there as part of a training programme for Standard Chartered's wealth management professionals conducted by Insead.

"The VR session transformed the whole learning experience and gave us a different perspective of how negotiations are carried out. After the session, we discussed how we should advise the employee in the negotiations and how he should devise a win-win strategy for both the employer and himself," says Ng, who has been at Standard Chartered Bank for 12 years.

In her current role as an investment advisor, she works closely with relationship managers to service Priority and Priority Private banking clients, providing specialist knowledge to help them with building up their clients' investment portfolios. Investment advisors like Ng essentially act as a liaison between the bank's Chief Investment Office and its clients, helping them understand the impact of market developments on their investments.

Comprehensive training

To help Ng and her fellow team members perform their roles more effectively, Standard Chartered has, in recent years, invested significantly in its training initiatives aimed at supporting its affluent banking business.

This programme involves collaborating with digital learning platforms and Insead to provide relevant market content and training tools.

Training stints at Insead are just one aspect of Standard Chartered's comprehensive wealth management training programme for its relationship managers and investment advisors, as well as wealth, treasury and insurance specialists.

The bank's robust learning platform, which has been enhanced over the years, is accessible round the clock and allows staff to learn at their own pace. This platform offers a wealth of content, ranging from IT skills to financial technical knowledge and interpersonal capabilities.

Ng is among the top Insead trainees in Singapore who are given the opportunity to go to the university's main French campus. She credits classes on behavioural finance and investment biases at Insead for helping her develop a more customer-centric mindset, enabling her to better align client interests to help them achieve their financial goals.

For example, she advised a client who had most of her funds invested in fixed deposits to invest in high-quality bonds that were relatively low risk, but would offer higher potential returns in the long term.

"As the client did not have the time to actively invest since she was busy shuttling between Singapore and the UK, we proposed a five-year investment grade bond that would offer regular income, and the potential to be sold for a gain after two to three years, since it is now trading below par," Ng explains.

"By taking into account the client's risk profile and financial goals, we can better understand their requirements and propose suitable solutions that match their needs at that point in time," she adds.

Harnessing technology

Ng also employs a range of innovative tools and technologies to enhance her ability to craft investment solutions for clients. One key resource is Standard Chartered's Wealth Select, the bank's advisory promise. This unique framework guides advisors in planning client portfolios with a "Today, Tomorrow, and Forever" mindset, considering immediate financial needs, future aspirations and legacy planning.

Another tool in Ng's arsenal is the MyWealth Advisor, a dynamic investment advisory tool that integrates the latest market outlooks with a range of investment solutions. This enables advisors to customise portfolios to meet their capital growth or income goals, or choose from a well-curated model portfolio. This approach empowers clients to actively shape their financial future with the bank's expert guidance.

She uses another resource, Market Analyst - an in-house tool that integrates market data, production information and CIO views - that gives her access to insights and market information, which she can use when presenting proposals to clients.

"We can easily show clients the latest performance of certain products that they may be interested in, and also do comparisons to substantiate our proposals," she explains.

Staying ahead in an evolving market

Despite the growing use of technology, Ng makes clear that a human touch is necessary in offering value beyond what any algorithm can provide. While algorithms can provide a snapshot of current financial situations, they lack the capacity to understand the nuances of a client's dreams, objectives and lifestyle aspirations.

She noted that the rise of AI-driven robo-advisors, which offer services at lower fees, has led to increased competition and changing client expectations. Rather than viewing artificial intelligence (AI) as a competitor, however, Ng sees it as a complementary tool. Case in point: Platforms like MyWealth Advisor provide a foundation upon which human advisors can build, offering tailored advice based on a client's unique needs and objectives.

In light of the changing wealth management landscape, Ng emphasises the importance of continuous learning and staying abreast of market trends to navigate the often volatile financial landscape. This mindset ensures that advisors like her remain equipped to offer relevant and timely advice in the face of market fluctuations.

Says Ng: "There's a reason why people go to doctors and not just to the pharmacy to get medicine. Doctors can understand your specific medical condition and give you the assurance of what needs to be done. Like doctors, investment advisors also take the time to understand your situation and give you the assurance you need. A robot can't do that."

For more information, visit Standard Chartered.