What makes females successful in private banking? In celebration of International Women’s Day this week, finews.asia spoke to Pictet’s Scarlett Ma on her view on gender's prominence in the industry.
Especially relative to other sectors, women have been particularly prominent in Asia’s private banking industry. At Pictet, for example, over half the relationship managers in its wealth unit in the region are female.
But what is it about the gender that makes them particularly capable in this industry? Scarlett Ma, market head at Pictet Wealth Management, shares her view with finews.asia about the top six female attributes that are driving their success.
1. Relationship Building
Perhaps the most critical characteristic in private banking is in the name of the key front office role: relationship. More than just financial know-how, the top prerequisite of success in private banking is for relationship managers to develop connections to acquire new clients.
«Women often excel in building strong and lasting relationships with clients, which is crucial in private banking where trust and personal connections are paramount,» Ma said. «Their ability to empathize, communicate effectively, and understand clients' needs can set them apart.»
2. Cultural Sensitivity
Compared to other regions, Asia is truly diverse with arguably no singular driving force that unites the different cultures, be it language, customs, religion, values or any other markers.
«In Asia, where cultural nuances play a significant role in business interactions, women who are culturally sensitive and adaptable can navigate diverse client backgrounds more effectively,» Ma explained. «Understanding and respecting cultural differences can enhance client relationships and business outcomes.»
3. Attention to Detail
More than just a stereotype, academic research has suggested that women do indeed have greater attention to detail compared to men. According to studies based on eye tracking data, females have higher processing capability for detailed information.
«Private banking requires meticulous attention to detail, especially when managing complex financial portfolios and compliance requirements. Women who demonstrate a high level of attention to detail and organizational skills can excel in ensuring accuracy and compliance for their clients,» Ma noted.
4. Empowerment and Collaboration
When picturing a lone wolf, many may naturally think of a man. In contrast, one may think of the image of a woman as an individual operating in a pack.
«Successful women in private banking often empower and collaborate with their teams, fostering a supportive and inclusive work environment. By leveraging diverse perspectives and skills within their teams, they can deliver comprehensive solutions and exceptional service to clients,» said Ma.
5. Adaptability and Resilience
According to Ma, the private banking landscape is constantly evolving, with «changing market conditions, regulatory frameworks, and client preferences.»
«Women who are adaptable, resilient, and proactive in staying abreast of industry trends and developments can thrive in navigating uncertainties and seizing opportunities,» she added.
6. Ethical Integrity
Private banks have occasionally been accused of product-pushing, mis-selling and other misbehaviors that jeopardize client wealth. A high level of ethical integrity, especially when there are market headwinds, is key to healthy longevity in the industry.
«Maintaining ethical integrity and professionalism is essential in private banking, where clients entrust their financial well-being to their advisors. Women who uphold high ethical standards and prioritize their clients' best interests can build trust and credibility, fostering long-term client relationships,» Ma commented.
