We talk to one of Julius Baer's senior figures, in Singapore, about the approach the bank takes to talent management.

This publication recently spoke to Chin Lit Yee, the market head for Southeast Asia at Julius Baer, about talent management – a topic that endures in all market conditions – not surprising considering that private banking is a "people business." (See our recent coverage on the views of headhunters, for example.) Julius Baer, like its rivals, faces the task of acquiring and building talent to meet demand.

WealthBriefingAsia: How would you broadly describe the talent management policy of the Julius Baer operation in the region and how much is based on building home-grown talent in-house, and how much from outside? 
Yee: Our talent management strategy is our growth engine in Southeast Asia. We focus on empowering both client-facing teams and support functions.  

Over the past decade, our approach has evolved from a reliance on external hires to a more balanced mix; a blend of nurturing home-grown talent with attracting top talent from the market. Initially, we prioritised rapid capability building through external recruitment. Now, we place greater emphasis on internal development to ensure continuity and foster deep regional expertise. Our 130+ years of heritage and strong reputation enable us to attract and retain high-quality relationship managers.
 
In Asia, we have made significant investments in hiring initiatives and building robust candidate pipelines, resulting in impressive growth and several senior appointments across Greater China and Southeast Asia. Looking ahead, we anticipate a continued mix of external recruitment and internal talent, with a growing emphasis on developing in-house expertise to meet regional needs and ensure sustainable growth. The key is recognising that the training and grooming of each person requires substantial focus and effort; a one-size fits-all approach does not work.
 
WBA: Finding bankers and other wealth professionals is difficult, and Singapore is an expensive place. How does Julius Baer go about working out how much it can afford to spend on bringing in or developing RMs and others? What sort of return on the investment in new staff does it aim at in terms of revenues, net new assets? 
Yee: Operating in two key hubs – Singapore and Hong Kong – since 2006, about a quarter of our workforce is based in these locations. We carefully balance costs and benefits in our talent strategy. We focus on client-handling skills over traditional wealth management expertise, seeking RMs who align with our goals and ethos. 

Our recruitment strategy is not confined to seeking out wealth management veterans; we actively approach talent from investment, commercial, and corporate banking backgrounds, enhancing our diversity. We prioritise client management acumen and leveraging robust network connections, ensuring that our RMs can effectively communicate and manage client needs. Nearly 90 per cent of our RMs are at director level or above, providing top-tier client service. 

This strategy maximises our return on investment by focusing on talent that drives growth, client satisfaction, and long-term value. We continuously evaluate the impact of our investments in new staff in terms of revenues, net new assets, and client satisfaction. But we also recognise that this is not entirely a numbers game, and we embrace the idea that “it takes a village to raise a child.”  Across all levels of hiring, our supervisors are committed to coaching and mentoring, emphasising a collaborative team approach.
 
WBA: In developing home-grown talent, what sort of work does Julius Baer do in working with universities, colleges, training programmes, MBA programmes, etc? How has this evolved?
Yee: Recognising the bustling demand for private banking talent in Hong Kong and Singapore, Julius Baer has crafted a space for new and recent graduates. Our graduate recruitment programme plays a significant role and allows graduates to experience job rotations across our hubs in Zurich, Singapore, and Hong Kong, providing a holistic view of private banking. 

We invest heavily in training and development, offering hands-on mentorship, continuous professional development, and exposure to international best practices through our Julius Baer Academy. 

Our Associate Relationship Manager Programme combines practical and theoretical training over three years, integrating real-world experiences to prepare participants for the dynamic role of an RM. A key highlight is achieving the Certified Wealth Management Advisor (CWMA) qualification. 

WBA: What is the remuneration model for private bankers/wealth managers at Julius Baer in the region and in what ways has it changed in light of the financial environment? 
Yee: Our RMs are compensated through a transparent performance-based model. This includes direct participation in profits from client assets and non-financial factors. The remuneration structure is designed to align individual performance with the bank’s strategic goals, ensuring that our RMs are motivated by both individual and company success. This model incentivises high performance and promotes a culture of accountability and excellence. We have also balanced our reliance on bonuses, incorporating a more stable salary structure to ensure long-term commitment from our team members.
 
WBA: As far as how RMs, bankers and others operate, are clients assigned a named individual as their main point of contact, with a team to draw on, or is there more of an encounter with a team from the start when a client has been onboarded?
Yee: Clients are assigned a dedicated RM as their main point of contact from the start. This RM is supported by a team of specialists who provide expertise tailored to the client’s needs. This approach ensures personalised service while leveraging the full capabilities of our team. 

By having a named individual as the primary contact, clients receive consistent and personalised attention, while the supporting team ensures that all aspects of the client’s needs are met. This model enhances client satisfaction and trust, offering a comprehensive support system.

WBA: Within Southeast Asia, are there different approaches to managing talent and developing it, such as between Singapore, Thailand, Malaysia, etc? Could you talk a bit about how, with the joint venture in Thailand, for example, Julius Baer helps address the need to develop a new generation of bankers?
Yee: Addressing the talent shortage in wealth management is a multifaceted challenge. Our strategic growth focuses on talent development, attracting top international professionals, and positioning Julius Baer as a preferred employer. In this industry, our professionals need to learn continuously to keep up with the ever-evolving landscape. With abundant changes, staying up to date takes dedicated effort and diligence.

In Thailand, our joint venture, SCB Julius Baer, plays a crucial role in nurturing new talent. We have implemented customised training programmes that reflect local market dynamics, alongside broader regional initiatives. This includes hands-on mentorship, continuous professional development, and exposure to international best practices. By integrating diverse capabilities and ensuring effective governance, we drive innovation and talent mobility, maintaining our leadership position in the region. Our approach involves strategic alignment, cultural cohesion, continuous learning, and robust governance, ensuring that we meet the unique needs of each market while maintaining a cohesive regional strategy.

WBA: If you were trying to appeal to another person looking to enter this industry, what would you tell them about it as a career? 
Yee: Starting a career in wealth management is both rewarding and impactful. You help clients achieve their financial goals, plan for the long term, and make a real difference in their lives. This field is dynamic, offering continuous learning and growth, and values diverse skills. Whatever your background, you can contribute meaningfully. It’s a job that requires dedication, but the satisfaction of building trust and seeing clients succeed is worth it.