A Wolf in Sheep's Clothing

What can you say about this bank and its trust services?

Might as well hire a portfolio manager instead. Oh wait....you need to know credit processes too! That means you need to know how to leverage [technical jargon for saying we need to loan you money and make another 2% in financing charges on] the trust fund's "investable assets" in order to have more cash to purchase the bank's other "wealth management products".

I truly love the mandate: "You expand the client base with emphasis on portfolio growth and profitability." How far off can the new generation of trust marketing with guaranteed returns be? Be the first to market investment-linked personal trusts!

Care to wager if any one in the organisation has ever read a case or statute on Trustee Investments? Care to bet that they are more intimate with CAPM, MPT and EMH than say Nestle, Westminister, Cowan or Scargill.

Unfortunately, it will take some new and successful remainder/capital beneficiary lawsuit against a trustee in order to shake up the industry, otherwise it's a mad "maximize wealth" world, at least in the banking sector. Blame the P&S guys.

Here's the ad:

Trust Manager
Company: A Prominent International Consumer Bank
Exp.: 5 year(s)
Salary: Negotiable

Job Description
In this role, you solicit, develop, generate and manage full service relationships with clients with investable assets. You expand the client base with emphasis on portfolio growth and profitability. You follow up on client contacts and refer the sale of Wealth Management products and services including personal trust services, portfolio management, private banking, as well as other services available across the Company.

You provide advice, counsel and high level customer service to clients in relation to asset protection, wealth management, succession and retirement. You will take responsibilities to review existing clients’ portfolio, implement various structures such as unit trusts, private discretionary trusts and companies to maximize clients’ wealth and minimize tax. You will support standards for managing net portfolio in a manner that ensures compliance with banking regulations, policies and procedures, and policy requirements.

Job Requirements
Bachelor Degree in Finance from a reputable university, MBA, CFP, PFP a plus
Minimum 5 years hands-on experience in the offshore trust industry with experience and success in marketing trust and other offshore services to high net worth individuals.
Considerable knowledge of private banking products and services, including credit processes, trust and estates, investments, etc
Ability to understand personal and business financial statements, complex tax returns and understanding of credit structures
Strong verbal and written communication skills combined with proven sales, marketing and presentation experience
Proven problem solving, conflict resolution, time management, follow-up and decision making skills required
Fluent Cantonese and English language skills, both written and spoken. Mandarin definite advantage