AIA Partners to Provide Private Banking Training

Middle East

AIA Singapore is the first insurance organization to partner the Wealth Management Institute (WMI) to equip AIA Personal Wealth Managers with the same level of training as private bankers.

AIA Personal Wealth Managers (AIA PWMs) can soon get the same level of training as private bankers under Wealth Management Institute (WMI), as the institute has developed the Certified Private Banker (CPB) program, which equips an individual with the necessary competencies to serve the high net worth client segment.

«A key pillar of AIA Singapore’s comprehensive wealth management proposition – we seek to continuously provide our AIA Personal Wealth Managers with opportunities to elevate their professionalism and maintain a competitive edge. This allows them to better address the needs of our affluent customers throughout their life journey, protecting their wealth, well-being, and legacy for generations to come,» Ho Lee Yen, AIA Singapore chief customer and marketing officer, said in a media statement.

Eligibility for Certification

AIA PWMs who successfully complete the Client Advisor Competency Standards (CACS) assessment and WMI’s CPB Level 1 will be eligible for the «Wealth Management - Relationship Management – Private Banking» certification under the IBF Standards Level 1.

AIA Singapore has also worked with WMI to design two other programs for AIA PWMs to undertake before moving on to WMI CPB Level 1. In doing so, AIA Singapore has created a structured learning pathway to future-proof its tied distribution for the affluent customer segment.

Upskill for a Competitive Workforce

This initiative by AIA Singapore aims to support Singapore’s national agenda of upskilling for a more competitive financial sector workforce. By 2020, AIA Singapore targets to have 120 AIA PWMs who will graduate from this program starting with the first intake of 40 advisors in October 2019.

As the number of millionaires in Singapore continues to grow, more are also turning to insurance as a potential wealth creation and financial planning tool. AIA Singapore noted a significant increase of about 50 percent in the number of affluent cases from 2016.