By Yoon Ja-young
Staff Reporter
Expertise in funds, real estate investment and taxes is not enough ― a deep knowledge of art, wine or jewelry is a must for candidates banks are training to be private bankers (PB).
They are adopting a systematic PB training system, instead of leaving it all to the employees to make it through on their own.
PBs cater to the needs of super rich customers, providing advice on wealth management among other areas. Banks are bolstering PB services, as they estimate some 80 percent of their profits come from the top 20 percent of customers.
The positions are also gaining popularity among bank employees. ``It has been highly preferred during the past few years. PB is a professional job, which requires deep knowledge and expertise,'' said a spokesman at Kookmin Bank. The bank sends some of its candidates to Singapore for additional training.
Before, aspiring PBs had to make their own efforts, preparing for asset management licenses or building up expertise. Recently, however, banks have taken over.
Woori Bank, for example, is to open a ``PB Academy'' next month and is receiving applications from employees. It is expected to be very competitive, though it is open to only mid-manager level employees who have an Associate Financial Planner Korea (AFPK) license.
``It's going to be very tough,'' said a spokesman at Woori Bank. ``The trainees will enter the bank's training center, getting Spartan training for 10 hours a day every day for 15 weeks.''
The course will comprise education on wealth management and financial markets, as well as training on how to be comfortable accompanying super rich customers, equipped with knowledge on art, golf, wine and jewelry.
``Before they had to do this on their own. We opened the academy to systematically support them,'' the spokesman said.
Hana Bank, which is the strongest player in terms of PBs, operates a school where diverse programs are offered. It also helps the employees get a wealth management license.
Shinhan Bank, meanwhile, emphasizes education on site. Its PBs who are in charge of training candidates visit local branches, teaching employees who deal with VIP customers.