Certain attributes particularly applicable to females have made them especially successful in private banking. Indosuez Wealth Management’s Winnie Chiu spoke to finews.asia about the gender’s position in the industry in the week of International Women’s Day.
When compared to other areas of the financial sector, there is a particularly prominent share of females employed in Asia’s private wealth industry. For example, 60 percent of regional staff at Crédit Agricole's private banking arm, Indosuez Wealth Management, are women.
«Women may be more successful [in this industry] for a variety of reasons,» said Winnie Chiu, senior director and investment advisor at Indosuez, in an interview with finews.asia.
Unique Characteristics
According to Chiu, female success can be partly attributable to characteristics that are relatively more common to the gender. This includes strong communication and interpersonal skills which help build client relationships, develop trust and loyalty and assist with understanding needs. A tendency to be detail-oriented and organized is also useful for handling complex transactions.
«In addition, women often bring different insights and approaches that can provide clients with more innovative solutions and better results for them,» she explained. «By leveraging on these strengths, women continue to make a significant impact in the private banking and wealth management world.»
Leadership Barriers
Nonetheless, Chiu said that there are still barriers such as the «persistent gender bias and lack of representation in senior leadership roles», noting that women only make up a small percentage of top positions in the industry.
«However, there are many opportunities for this generation’s young female private banking talent […] with the increasing focus on diversity and inclusion in the workplace,» she added. «Companies are actively seeking to promote gender equality and empower women to take on more senior positions. This presents a unique opportunity for young women to showcase their skills and talents.»
