Friday, February 22, 2008Wealth Management

Marion BlydenWe've got what it takes!

The Private Banking industry has historically provided exclusive financial services to high-value clients. However, as a result of the dramatic expansion of the High Net Worth market, it is evident that financial institutions are diverting their focus toward providing Wealth Management Services to affluent clients.
Wealth Management involves the integration of a number of financial services, and is ultimately geared towards assisting clients with the achievement of their life’s goals through the appropriate management of their financial resources.

Typically, a client with investible assets of USD 100K + may be considered an eligible Wealth Management client in the BVI. In other geographies, the threshold continues to vary tremendously.

FirstCaribbean International Bank has recognised the obvious demand for a more objective and comprehensive relationship management service amongst affluent clients, and has responded to this demand. We have enhanced our level of service through our Wealth Management Service offering.
We do recognize that the industry is rapidly growing, and most large banks and investment houses find it undeniably sanguine and this will lead to intense competition in the industry. However, we are confident that we will make our mark as a significant player in the industry, as FirstCaribbean International Bank is in possession of the key factors, which will lead to success in the industry.

If asked to identify the top four success factors in this industry, my list would include the following.

Differentiation- Banks are battling for a greater portion of clients’ wallet share, while attempting to acquire clients. Therefore, competing banks are opting to differentiate. FirstCaribbean International Bank has embarked on achieving differentiation through: mergers and acquisitions; improvement of product capabilities and talent; achievement of economies of scale; and development of IT tools.

Profitability - Wealth Managers remain optimistic about growth rates of profits and assets under management. FirstCaribbean has established the necessary infrastructure with regards to the Management Information Systems and key performance indicators to guarantee employee commitment, which could be viewed as the continual solutions for maintaining profitability in an increasingly competitive environment.

Customer acquisition and retention - Customer relationship management and the recruitment of quality employees remain critical to acquiring and retaining customers. FirstCaribbean International Bank’s Wealth Managers are of the “Best of Breed” having obtained extensive qualification in the field of Finance. They also recognize the value of ‘Know –your-customer’ (KYC) and effective relationship management skills, and use this to satisfy their customers’ needs.

FirstCaribbean International Bank’s recruiting approaches focus on securing the best talent to provide market – leading customer service. Products and Services
FirstCaribbean has developed a wide array of rich products and services aimed at satisfying and managing its diverse clients’ financial needs. Some of the products/services include, but are not limited to the following: (International Corporate and Private Banking, Investment Advisory and Discretionary Management, Wealth Structuring, Professional and dedicated Relationship Personnel, Mortgage Finance for Properties in the Caribbean, Electronic banking).

An industry so promising can only continue to grow. The Wealth Management industry, in this globalisation era will present clients with greater options, as companies in regions like the Caribbean steadily gain recognition as banking centres adeptly skilled in asset management. FirstCaribbean definitely has what it takes to compete, and become a major player in this highly coveted and sought after industry.

Oyster Publications Inc, PO box 3369, Road Town Tortola, British Virgin Islands, VG1110