Private banker income

I just threw away an Business Times article that I had cut about a year ago. This article states that a bank expects to earn about 1% of its assets under private banking management. Therefore, if you have clients with assets of $100m. the bank hopes to earn $1m. Of this, about 15-30% will be used to pay the private bankers's salary.

On another point, my wife is complaining about her relationship managers (RMs)with a major local bank. She says that they are so new and make mistakes with simple transactions. Often, the attending clerks know more than them. The problem as mentioned is that there is such a high turnover.

Treasures is actually not bad, they did not lose so much for me. Only got caught in Aussie.
The worse I heard from my friends is an Australian bank CBA that morphed in something called Schroders (British) now.
They have got not even a basic equity linked product or fixed income to buy.
They kept trying to sell and charge 4% of their so called in house portfolio which they say is down 10-15%. Kept saying that that they performed better than others!
I find the service at Julius Baer not bad.
I am just a USD3mln guy, small.

Meh. DBS Treasures stopped their airport limousine service already. Just found out today. Pissed off lah. Time to shop around...

Vexed ,
What type of account do you have in Julius Baer?
And what is the AUM charge?

Thinking of shifting out of CS & UBS into other..but every other big name out there have been losing terrible amount of money.. I also donno where is a safe place to keep money anymore..

wealthjourney, which currencies do you keep your wealth in? I am conflicted. Thinking of shifting some to AUD (mostly mine is in SGD now).

CS is doing a lot better than UBS though, I can say that much...

Guys let me give you an inside STORY on how pte banks in Spore works. Firstly im not a pte banker but a product specialist.

First of all, u might be surprised, Spore is the 2nd largest pte wealth centre in the world as @ 30.06.09 and we are contributing ~6-8% of the world’s offshore pte wealth. CHF tops @ ~16-18%.

N most Sporeans’ a/cs here are are not the “elite” type… mostly just ikan bilis for the pte banks. i have seen ten digit figures from middle eastern, latin americans n Indonesians. Infact, our govt is also trying very hard to become the CHF in Asia, safe, fun (f1, casino, universal studios etc) n even creative tax breaks. The last 10yrs have been growing like crazy… up untill last yr’s crisis. Look at jim rogers or even jet li etc.

Now, would you really make $ via pte banking a/cs? Most likely not as your PB has a big target to meet… so most pro. u would be trading more than u actually need so conflict of interests. So not making $$ then why pte banking a/cs… its becuz in Spore this industry has not mature yet. Infact in CHF, ~80% of the wealth there is still held in small boutique private banks so im reckoning these small local boutique family office kind of shop would be set up in the future where the rich would have the ultimate personalized service with $$ being managed as what the money mangers would do for their own $$.

Consistence returns yr on yr with good financial planning is the key to grow REAL wealth!!!

Cheers

Hi 6 yrs in Pte Banking, I’m from bank too. Would like to find out more about Pte Banking from you. Don’t mind emailing me at [email protected]?
Thanks alot.

Hello. I'm a new hire into Private Banking trust administration. I've been wondering if there is a certain career path/courses I could take to get to my ultimate goal of becoming a Private Banker?

Originally Posted by Unregistered

Hello. I'm a new hire into Private Banking trust administration. I've been wondering if there is a certain career path/courses I could take to get to my ultimate goal of becoming a Private Banker?

Trust admin seems to be quite good leh. I have friends in Citi Trust they get sent overseas for training, also take the STEP certification (Singapore Trust Estate Practitioner?) etc. Pay also quite high and many private banks fighting to hire them due to the limited trust experienced adminstrators.

I was just thinking that being in the Trust side of things does mean that I'm not supposed to be involved in the Investment side. Being a RM would enable me to deal with both Trust & Investments, and the job would be more heavily skewed towards maintaining relationships with clients. The Trust side would be more administrative in nature am I right?