Product Advisory - Product, Sales and Market Management
About This Course
This 8-hour course will equip financial professionals in Private Banks with the skills to develop, maintain and convey detailed and specialized product knowledge as well as keep abreast of emerging product knowledge to address organization requirements.
Who Should Attend
- Relationship Managers and Team Leads in Private Banking
- Investment Counsellors
- Product Specialist/ Product Sales Specialist
Learning Outcomes
- Identify product needs
- Justify suitable solutions to address customer needs
- Support the role of a specific product in the broader end-to-end solution
- Lead the design of customised solutions and products to meet customers’ unique set of requirements
- Lead the sale of customised products to key customers by showcasing product benefits
- Explain electronic product solutions for customers and unique value propositions
- Identify relative standing of the organisation’s products with competitors’ products to propose any product enhancements
About IBF Certification
This course addresses the following Technical Skills and Competencies (TSCs) and Proficiency Level (PL):
- Product Advisory (Level 4)
Participants are encouraged to access the IBF MySkills Portfolio to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.
Find out more about IBF certification and the application process on https://www.ibf.org.sg/certification/Pages/Why-be-Certified.aspx
Key components and considerations in value demonstrations
- Bank’s credit rating
- Bank’s network and presence across the region/world
- Bank’s core values
- Bank’s range of businesses/services
- Bank’s competency
- Bank’s achievement
- Bank’s platform in research, products and statements
- Relationship manager’s experience, expertise, value-adds, trust-worthiness
- One stop --- Private banking with access to retail banking, credit cards, mortgage loans, insurance, corporate banking
- Product seminars and investment talks
- 2nd generation program
Different elements in end-to-end product solutions
- Product design
- Technology
- Business
- Solution owner --- Product manager
- Problem owner --- Client
- Client centric --- product suitability & risk profile vs product risk
- Delivery/Tracking the performance of the product
- Feedback from sales persons and clients
- Need for adjustment
Process and parameters of solution customization
- Identify the needs of client/Validate opportunities
- Design development
- Resources and Expertise
- Efficiency
- Access to clients’ feedback
- Demonstrate marketability
- Proof of concept
- Build and launch
- Measure/Deliver results --- sales & revenue expectations
- Leverage and lending value
- Monitoring product life cycle
- Handling client’s feedback
- Presentation to New Product Committee for approval
- Operations
- IT
- Legal
- Middle office
- Accounts
- Trading desk
- Sales
Proof-of-concept modelling
- Proof-of-concept --- what is it
- Narrow down on the idea (to make it a signature item)
- Customize product to suit/ Customer oriented
- Risk and reward profile
- May take time to see if you can get some buy-in (eg 1 – 2 months)
- Is there a market for it
- Can internal system able to support
- Iron out issues that may arise
- Is it feasible/practical
- Prototype
- Application flow
- Test
- Evaluate
- Improve
- Minimum viable product (MVP) --- Pilot program
- Full-fledged product
Electronic platforms, technical and system support
- On-line access/digitalization
- Ease of use
- Relevant
- Informative
- Timely
- Help desk
Information sources for identification of competitor’s products
- Feedback from clients
- Feedback from product providers
- Feedback from industry experts
- Survey
Product metrics
- Building blocks
- Equity
- Fixed Income
- Foreign Exchange
- Forwards and Futures
- Derivatives
- Private Banking/Wealth Management Products
- Asset Management
- Trusts
- Insurance
- Alternatives
- Private Equity
- Product features and risk profile
- Risks and rewards
- Product suitability for what type of markets
Example
- How the Dual Currency product was born
Assessment - Team Presentation and MCQ
Ng Jui Kheng
BBA, MSc Financial Engineering
Jui Kheng possesses 38 years of working experience in the financial industry. He started his career in 1979 as a money broker. After 6 years, he left the money broking industry to join a top American bank in the treasury department. He held various roles ranging from futures broker, treasury salesman, and derivatives trader. He traded in forward rate agreements, currency options and interest rate swaps. He is the creator of the Dual Currency product (originally known as Premium Deposit).
After 20 years in the treasury department, he switched to Private Banking as a product specialist in currency trading and fixed income. He later joined another French Private Bank as an investment counsellor and eventually became a Relationship Manager. He retired in July 2017, after 12 years in the Private Banking sector.
Jui Kheng holds a Masters in Financial Engineering degree from National University of Singapore, and a Bachelor of Business Administration from National University of Singapore. He is a recipient of the Centre for Financial Engineering Director’s Award.
IBF-STS
This programme has been accredited under the IBF Standards, and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met. Candidates are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles.
For latest development on the Funding Support for IBF-STS, please visit the IBF Standards Training Scheme site.
About the IBF Standards
The IBF Standards are a set of competency standards for financial skills. These Standards are developed in partnership with industry leaders and provide a professional development and skills roadmap for financial sector practitioners to excel in their respective job roles. They currently cover 12 industry segments in the financial sector.
About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) is the national accreditation and certification agency for financial industry competency in Singapore under the IBF Standards. Find out more on www.ibf.org.sg
Early Bird Discount
Enjoy 10% early bird discount when you register one (1) month before the course commencement date.
