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wealth management/ private banking job - need advise!!

Discuss about getting a well paid job or career advancement. Ask about salaries, expat packages, CPF & taxes for expatriate.

cashboy88
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wealth management/ private banking job - need advise!!

Postby cashboy88 » Mon, 19 Apr 2010 9:35 pm

Hello,

I am currently searching for wealth management/ private banking job in Singapore.

However, most banking job requires PR/ Singapore. I have tried many career site such as jobstreet, jobsdb, monster, careerjet, efinancialcareersg. Yet there is no reply from them.

I am from M'sia, degree holder with 2 yrs exp in retail banking.

Can any expert share with me how to get in wealth management area as I am very passion and interested on that industry.


nosuchthing
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Postby nosuchthing » Sun, 17 Oct 2010 6:15 pm

Hi cashboy88,

Just wondering if you managed to get a job in Singapore?
if so, how did you overcome the PR issue?

I'm in a similar situation now.

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Strong Eagle
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Postby Strong Eagle » Sun, 17 Oct 2010 6:36 pm

Wealth management? Give me a break! Why would I hand over management of my assets to someone who has less net worth than me?

You guys want to play with my money. You have no downside. You f*ck up and lose my money, and at worst, you lose your job... although I doubt that.

You make money... your commission increases.

OP and new poster: 2 years in retail banking? And you want to become a 'wealth management hash slinger"? No end of hubris here.

nosuchthing: Give me your personal track record in increasing portfolio value and maybe we can talk.

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Postby nosuchthing » Sun, 17 Oct 2010 7:16 pm

Strong Eagle: Clearly you've had some bad experiences with advisers. Not that it matters to you but I have 9 years experience in Australia as a Financial Adviser. The clients I am used to dealing with range from skilled professionals with incomes inexcess of AUD$150,000p.a. to business owners worth millions. I am also a Certified Financial
Adviser. Which means absolutely nothing to you.

So I think with my experience I would be able to apply for wealth management positions.

I don't think I need to justify my track record with you so you can feel good about yourself. If you are capable of managing your own assets, good for you.

I was asking the OP whether he was able to get his PR so that he could find employment.

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Postby Strong Eagle » Mon, 18 Oct 2010 9:45 am

nosuchthing wrote:Strong Eagle: Clearly you've had some bad experiences with advisers. Not that it matters to you but I have 9 years experience in Australia as a Financial Adviser. The clients I am used to dealing with range from skilled professionals with incomes inexcess of AUD$150,000p.a. to business owners worth millions. I am also a Certified Financial
Adviser. Which means absolutely nothing to you.

So I think with my experience I would be able to apply for wealth management positions.

I don't think I need to justify my track record with you so you can feel good about yourself. If you are capable of managing your own assets, good for you.

I was asking the OP whether he was able to get his PR so that he could find employment.


OK... I overreacted. Then again, you said, "I'm in a similar situation now", and the OP (cashboy88) has 2 years in 'retail banking', not much of a recommendation for wealth management. Easy to construe with your words that you are at a similar level of experience.

In the current climate, and according to an article in the bird cage liner that cannot be named, just half as many PR's were granted in the last year as the year before, and it will stay this way or get worse.

With the exception of the landed PR scheme (do a search here with those terms), I am unaware of anyone who got PR without first having an employment pass of some sort.

My best advice would be to contact financial planners here to see how they did or could pull it off.

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Postby nosuchthing » Mon, 18 Oct 2010 9:52 am

Hi Strong Eagle.

Appreciate your response. You are right, I can see how my post may have been construed.

My thoughts exactly with regards to obtaining PR prior to having an EP.
All my research has led me to believe you need to get EP first then work maybe 2 years and then apply.

The Landed PR scheme from what I've read doesn't seem to result in a higher success rate given that you have to pay $1500 to apply.

Cheers.

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Postby Strong Eagle » Mon, 18 Oct 2010 10:53 am

nosuchthing wrote:Hi Strong Eagle.

Appreciate your response. You are right, I can see how my post may have been construed.

My thoughts exactly with regards to obtaining PR prior to having an EP.
All my research has led me to believe you need to get EP first then work maybe 2 years and then apply.

The Landed PR scheme from what I've read doesn't seem to result in a higher success rate given that you have to pay $1500 to apply.

Cheers.


Yes, I don't think the LPR scheme actually improves your chances over the regular PR route. The only thing it would eliminate is the chicken and egg situation where you need the PR to work.

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Postby carteki » Mon, 18 Oct 2010 12:28 pm

I don't know if you've read the local papers recently or some of the other posts in the forum. There is quite a backlash against foreigners of all types at the moment and getting an employment pass is a bit of a lottery - hence the focus on pr's / citizens.

Having said that - it is also worth noting that if you have the experience that you are talking about, people are hiring. Go visit the job sites for the major banks etc and see what is being looked for. Or contact the firms that deal with expat clients direct.

One of the ways to get around the work permit requirement is to apply for a Personalised Employment Pass if you earn the equivalent of more that S$7k pm (in basic salary). It will give you approx 1 year from the time of issue to find a job - but that is it.

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Postby Girl_Next_Door » Mon, 18 Oct 2010 3:11 pm

Are you looking to work for a bank or "independent" financial planner (IFA)?

The difference is, most IFA do not get a basic salary, which will pose as a challenge in applying any employment pass that you are looking for. In addition, the so-called IFA is very different from those from Australia. The SG market is not as mature as Australia, hence extremely few IFAs charge a fee in lieu to receiving a commission.

If you are looking to work for banks, you might have a better chance. However, do note that SG regulators requires you to pass a series of CMFAS exams. Having experiences and a CFA might give you exemptions for 2 papers (M6 & M8) but you would still need to complete the other papers, without exemptions. It can take between 1-2 months to complete all the relevant exams.

I think your best bet is to apply for a priority/private banking position with an Australian bank. ANZ seems to be growing aggressively in Singapore, so they might be recruiting someone with your experience. It will also be a familiar culture & environment. The client base will also be someone whom you are familiar to dealing with. It is also likely that they will appreciate someone with your expertise & experience.

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Postby nosuchthing » Mon, 18 Oct 2010 3:34 pm

Yeah the PEP is definitely the way to go for me. I've complete my application and will be posting it to my sister in Singapore to submit for me.

I've read that its quite difficult for foreigners to get PR and EP's at the moment. Has been for a few months if I am not mistaken.

I've actually applied for jobs with both the banks and IFA's. But I feel as though I am not getting looked at because I am neither a citizen or PR or even hold an EP.

From what I've read I need to complete module 5 & 9 + health Insurance.

Anyways, I have made contact with 5 recruitment agencies in Singapore and will try to line up appointments with them when I am in Singapore in December.

I think if I'm not lucky in the short term, I may need to apply to banks that are located in both Singapore and Australia and hopefully get a job with a bank in Australia and then transfer to Singapore.


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