This news service continues to talk to firms and individuals about the talent management landscape around the world.

This news service continues to look at talent management – a crucial area in an industry which, to use a bit of a cliché, is a “people business.” In this interview, we talk to VP Bank, the Liechtenstein-based group that operates in a number of regions around the world. Talking to Heline Lam (pictured), managing director and chief of staff for Asia, VP Bank, we intend to run more interviews in coming days. 

Where do you see particularly strong demand for talent and where have things weakened?
Asia is one of the key strategic priorities for VP bank. With exponential growth in wealth creation in this region, we stay fully committed to growing our talent pool prudently across all areas, including front and corporate functions, to support the demand and changing landscape in the market.

With inter-generational wealth transfer and the increase in family offices in Asia, we are strategically expanding our expertise to capitalise on these opportunities presented by the wealth shift. We have witnessed consolidations of banks during times of turbulence and market headwinds. Organisations are persistently confronted with talent acquisition and retention. Private banking remains a highly personalised business with tailor-made solutions and we are continuously searching for the right talent, right experience and right cultural fit to reinforce our Intermediaries and private banking services. A diverse, seasoned team is instrumental in strengthening our client offerings and solutions, and in ESG and digital transformation.

At a time when there’s lots of talk of digital change, how important today is it for RMs, bankers and others to have lots of technology skills? Is this an area where firms and other bodies need to invest in training and career development? Any comments on how AI can affect the job?
First and foremost, it is critical that we fully recognise that digital change brings about enhancements to the industry and not a replacement of [people].

Artificial intelligence could alleviate laborious processes for our relationship managers and, in turn, improve efficiency by enabling them to pay more attention and time to personalised service. In today's post-pandemic era, people yearn for human interaction and this is even more apparent in our line of business. High quality, personalised and customised service offerings and relationship cultivation help us to further distinguish ourselves in the industry.  

Digital change is here to stay; we must adapt and evolve to remain relevant to our clients and in the industry. Our teams must be equipped with the right know-how in digital capabilities, leading to enhancements in productivity and cost management. As such, we continuously invest in career development and our infrastructure to ensure that we stay ahead of the curve.

Another big theme in recent years has been that wealth management must be less “male, pale and stale.” What in your view are the challenges in bringing and retaining more women to the industry, ensuring that they can climb up the hierarchy? From your stance as an international bank senior executive, are you seeing much change on this front? What do candidates ask you about?
Globally at VP bank, our female colleagues contribute to more than 40 per cent of the total workforce as of end of 2022. And this percentage continues to climb.

Having said this, gender labels are not a consideration when we recruit talent – what matters to us includes their personality traits and attitude, work ethics, work experience, passion and drive.

Diversity and Inclusion forms the basis of our corporate value which guides our recruitment efforts. Our exemplification of notable fairness when assessing candidates also makes us an attractive employer for candidates of any gender in the industry. A gender diverse work force not only strengthens our dynamic culture, it is also instrumental in value creation and employer branding.

The pandemic also emphasised the need for flexibility in work arrangements, creating stronger work-life balance. There are many different perspectives regarding this out there; however, it is imperative to us at VP Bank to ensure that we remain committed as an employer to our people’s wellbeing, both in their professional and personal lives. We understand that, for instance, a burnt-out or highly stressed workforce or one that doesn’t feel appreciated, is never good for productivity or decision-making. 

What would you say sums up the ideal qualities of a good wealth management figure, and why?
One who is adaptable and forward-thinking, holds high integrity, passion and curiosity. Teamwork, the ability to effectively collaborate and communicate with his/her team and stakeholders to achieve the most favourable results, is also an essential attribute. These qualities form the backbone of a successful wealth management expert who can ethically stay ahead to seize opportunities.

What steps are firms taking to resist advisor attrition, improve retention, and make the sector more appealing to young adults who might think of the sector as "stuffy" or so forth?
Part of the solution to improving retention lies in an organisation’s DNA. A decisive, empathetic, passionate and progressive leadership with a strong sense of evolution and vision has become increasingly more appealing to candidates of today’s ever-changing marketplace.

With agility and innovation at VP Bank’s core, our lean management organisation focuses on swift and efficient decision-making, along with a highly integrated digital platform which enables superior client servicing. Young adults have strong aspirations and purpose in life. An organisation, like VP Bank, which has a clear vision and mission is attractive: VP Bank believes that growth, profitability and stability go hand-in-hand with a positive impact on the environment and society, and we are dedicated to these causes.