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​OCBC Bank raises the bar for retail banking wealth advisors with first-of-its-kind certification programme using private banking standards

Published on: 31-Jul-2018


Singapore, 31 July 2018 – OCBC Bank is the first bank in Singapore to partner the Wealth Management Institute (WMI) of Nanyang Technological University, Singapore (NTU Singapore), Asia's centre of excellence for wealth management education and research, to launch the OCBC-WMI Wealth Advisory Programme to equip its more than 330 wealth advisors with skills generally instilled only in private bankers.

This is the first-of-its-kind programme for OCBC Bank's wealth advisors to deepen their capabilities in order to meet private banking standards. The OCBC-WMI Wealth Advisory Programme begins a process of raising standards for the entire industry by upskilling retail banking wealth advisors with strong investment advisory principles in portfolio construction and management, asset allocation, deep relationship management, and ethics and compliance. Such competencies are a dimension beyond the more product- centric approach towards financial planning that is adopted by many retail banking wealth advisors.

This unprecedented initiative fits into the industry transformation map (ITM) for the financial services industry, which envisions Singapore becoming a leading international wealth management hub. It was launched today at the OCBC Campus by Mr Ching Wei Hong, OCBC Bank's Chief Operating Officer, Mr Dennis Tan, OCBC Bank's Head of Consumer Financial Services Singapore, and Ms Foo Mee Har, Chief Executive Officer of WMI.

Mr Dennis Tan, Head of Consumer Financial Services Singapore, said: “Our ambition is to make our Premier Banking and Premier Private Client businesses the best in Singapore. As the Asian wealth market continues to surge, it is important for us to set the highest professional standards of banking, to capture even greater opportunities in the wealth market.”

He added: "We want to nurture our wealth advisors into world-class wealth management professionals, providing them with diverse learning opportunities to develop their careers with us. Our partnership with NTU's Wealth Management Institute to create a specialised certification programme for our wealth advisors will enable them to provide our clients with unparalleled service and advisory."

Ms Foo Mee Har, Chief Executive Officer of WMI, said, "Leveraging our extensive experience in providing wealth management education to 14,500 finance professionals, WMI is excited to partner OCBC to curate a set of bespoke advisory programmes that focuses strongly on upskilling their bankers with future ready competencies in investment advisory, portfolio management, asset allocation, wealth planning, digital skills, client management and ethical conduct. Together, these programmes will form a structured wealth management learning pathway for OCBC's Premier Banking and Premier Private Client advisors. The faculty for the OCBC-WMI Advisory Programme will be drawn from WMI's international network of lecturers, which include leading wealth management practitioners and NTU academics with extensive industry experience and who are well-versed with the latest trends and developments."

Two certifications to equip wealth advisors

The OCBC-WMI Wealth Advisory Programme consists of two certifications – the OCBC-WMI Premier Wealth Certification and OCBC-WMI Premier Private Client Wealth Certification – and both will be aligned to the Institute of Banking and Finance Singapore (IBF) Standards. Senior industry practitioners from WMI will lead the training programmes.

All OCBC Premier Banking relationship managers will attend the OCBC-WMI Premier Wealth Certification course. The course focuses on developing skills in providing investment advisory and excellent client management. By contrast, it is more common for wealth advisors who manage mass affluent customers to be trained primarily in understanding products. OCBC Bank's own Premier Banking investment and insurance products are employed as tools to ensure the training is realistic; using real life case studies and role- playing scenarios, the OCBC Bank wealth advisor practises portfolio construction, asset allocation, product application and deep relationship management skills.

The higher-level OCBC-WMI Premier Private Client Certification course is targeted at client advisors who serve OCBC Premier Private Client customers with assets under management (AUM) of S$1 million or more. The focus is on upskilling wealth advisors with elevated wealth advisory competencies; certification is intended to place the advisers on an industry level that is equivalent to that of private bankers.


Media Contacts:

Group Corporate Communications

Dominic Ying
Vice President
Tel: (65) 6530 5875
HP: (65) 9023 4650

Bernadette Yuen
Assistant Vice President
Tel: (65) 6530 1268
HP: (65) 9451 0545

About OCBC Bank

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world's most highly-rated banks, with an Aa1 rating from Moody's. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World's Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank's key markets are Singapore, Malaysia, Indonesia and Greater China. It has 590 branches and representative offices in 18 countries and regions. These include over 320 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and more than 100 branches and offices in Hong Kong, China and Macao under OCBC Wing Hang.

OCBC Bank's private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients' goals.

OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

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About Nanyang Technological University, Singapore 

A research-intensive public university, Nanyang Technological University, Singapore (NTU Singapore) has 33,000 undergraduate and postgraduate students in the colleges of Engineering, Business, Science, Humanities, Arts, & Social Sciences, and its Interdisciplinary Graduate School. It also has a medical school, the Lee Kong Chian School of Medicine, set up jointly with Imperial College London.

NTU is also home to world-class autonomous institutes – the National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory of Singapore, and Singapore Centre for Environmental Life Sciences Engineering – and various leading research centres such as the Nanyang Environment & Water Research Institute (NEWRI) and Energy Research Institute @ NTU (ERI@N).

Ranked 12th in the world, NTU has been placed the world’s top young university for the past five years. The University’s main campus is frequently listed among the Top 15 most beautiful university campuses in the world and it has 57 Green Mark-certified (equivalent to LEED-certified) building projects comprising more than 230 buildings, of which 95% are certified Green Mark Platinum. Apart from its main campus, NTU also has a campus in Singapore’s healthcare district.

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