UBS: Diverse Client Base Require a Diverse Workforce
Women are becoming increasingly prominent owners of wealth. UBS’ Amy Lo and Jin Yee Young spoke to finews.asia about the need to create a workforce that reflects such diversity in the bank’s client base.
A growing amount of wealth is being held in the hands of women. According to the UBS Billionaire Ambitions Report 2024, the number of female billionaires increased 81 percent to 344 between 2015 and 2024. During the same period, this segment's assets grew 153 percent to $1.7 trillion. In addition to self-creation, wealth transfer will also contribute to growth. In UBS’ Gender Lens Report launched this March, an estimated $9 trillion is expected to be shifted from spouses over the next 20-25 years.
«The 2020s are set to be transformational for women’s wealth. In Asia, women in finance have a tremendous opportunity for growth,» said Jin Yee Young, co-head UBS Global Wealth Management (GWM) APAC, in a conversation with finews.asia. «Monitoring these trends enables financial institutions to better cater to the unique needs of our diverse client groups so that everyone can contribute to the growth of our society and economy.»
Female Priorities
According to Young, the bank’s creation of a diverse workforce with a variety of skills, experiences, and backgrounds allows it to best serve a correspondingly diverse client base.
«I often uncover unique perspectives and needs from my conversations with our diverse client groups. When it comes to my conversations with female clients, I noticed that as mothers or daughters, they prioritize long-term financial security, impact investing and philanthropy,» observed Amy Lo, chair and co-head of GWM APAC.
«They frequently seek holistic advice and services that align with their family values. They are also passionate about giving back and preserving family legacy, are often entrusted with managing these legacies, including philanthropic or impactful initiatives.»
Inclusion by Leadership
Not unlike its competitors, UBS has numerous initiatives designed to support various employee needs and talent development to create this diverse workforce. For example, it has a Male Allies Program in Singapore which engages the opposite gender to support inclusion in the organization and provide opportunities for exchange. But the bank underlined leadership participation as perhaps one of the most important driving factors.
«I often see our senior leaders lead by example, respecting an environment where all our employees are treated fairly and are able to reach their potential,» Young said.
«When I speak to my fellow leaders, one common passion among us is nurturing our talents,» Lo added. «To pay it forward, and similar to many of my peers, I have mentored a variety of talents, both women and men, including those in the early phases of their professional careers, sharing my experience in wealth management and providing them with advice on long term career decisions and how to navigate more effectively in the workplace.»
