LawInContext Strategic Wealth Management / Private Banking Training

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Information about LawInContext Strategic Wealth Management / Private Banking Training
Education

Published on March 3, 2014

Author: Apxxx

Source: slideshare.net

Description

Achieving and maintaining an organizational culture of compliance is a considerable undertaking, particularly
given the increasingly complex and evolving nature of compliance regulations and legal frameworks of
relevance to the wealth management industry. Through wealth management compliance training and access
to relevant and timely knowledge resources, compliance risks can be turned into business opportunities
by enabling the individuals and groups within a wealth management organization to provide better adapted
solutions to clients through a better understanding of the challenges, risks and regulations in relevant
markets. Financial institution auditors also expect that institutions keep timely on laws and regulations
applicable to their operational and business activities, and that training and knowledge development is an
integrated part of the organization’s risk mitigation strategy.
Training, in particular, when structured well, is an efficient and effective way to obtain “buy-in” and achieve
meaningful behavioral change, provided it has the “top-down” support of the organization, is holistic, flexible,
and ideally structured as a blended (online and offline), annualized training solution with aligned access to
timely, relevant, knowledge resources in support of the ongoing knowledge development needs of wealth
management personnel and institutional monitoring of knowledge levels. The soundness of such an approach
is echoed by enforcement agencies throughout the world, which state that robust training and ongoing
monitoring and knowledge development are essential components of a corporate compliance program.

Strategic Wealth Management Training Turning Compliance Risk into Business Opportunities LawInContext Pte. Ltd., the online legal information and training venture of Baker & McKenzie, provides a suite of online knowledge & training resources and customized live training programs for select clients in support of their strategic legal information and compliance training needs. LawInContext has an extensive track record of delivering impactful wealth management training solutions, including customized blended (on / offline) training aimed at turning cross-border compliance challenges into business opportunities. ”Increased regulations and client demands require Wealth Managers to be better informed and trained in order to be compliant and perform in a highly competitive environment” Why Wealth Management Compliance Training & Knowledge Development Achieving and maintaining an organizational culture of compliance is a considerable undertaking, particularly given the increasingly complex and evolving nature of compliance regulations and legal frameworks of relevance to the wealth management industry. Through wealth management compliance training and access to relevant and timely knowledge resources, compliance risks can be turned into business opportunities by enabling the individuals and groups within a wealth management organization to provide better adapted solutions to clients through a better understanding of the challenges, risks and regulations in relevant markets. Financial institution auditors also expect that institutions keep timely on laws and regulations applicable to their operational and business activities, and that training and knowledge development is an integrated part of the organization’s risk mitigation strategy. Training, in particular, when structured well, is an efficient and effective way to obtain “buy-in” and achieve meaningful behavioral change, provided it has the “top-down” support of the organization, is holistic, flexible, and ideally structured as a blended (online and offline), annualized training solution with aligned access to timely, relevant, knowledge resources in support of the ongoing knowledge development needs of wealth management personnel and institutional monitoring of knowledge levels. The soundness of such an approach is echoed by enforcement agencies throughout the world, which state that robust training and ongoing monitoring and knowledge development are essential components of a corporate compliance program. Compliance as a Business Opportunity By meeting the legal, tax and compliance needs of clients, wealth management training solutions and knowledge resources put a financial institution at a competitive advantage and help to minimize risk to the institution and its employees. From a business performance perspective, the difficulty of obtaining consistent, LawInContext is the online legal information and training venture of Baker & McKenzie and is neither a law firm nor authorized to practice law. No attorney-client relationship will be formed or deemed to be formed with Baker & McKenzie or contributing law firms through the use of LawInContext’s legal information, training & services. This may qualify as “Attorney Advertising” in some jurisdictions. For full disclaimer visit www.lawincontext.com. Copyright © 2002-2014, LawInContext Pte. Ltd.

understandable and reliable coverage of relevant market and regulatory information on a country-by-country basis leaves many investment professionals with significant knowledge gaps, with potentially dramatic impact on the sustainability and suitability of the products and solutions being offered to their clients. Effective training and access to aligned knowledge resources support a wealth management professional’s work in helping a client make sound investment and wealth structuring decisions and achieve the added benefit of delivering better customer service, which, in turn, leads to higher client retention and take-up in an increasingly demanding and competitive environment. Constructing an Effective Learning Solution Depending on the particular needs of a given wealth management organization, a training and knowledge development program can be customized and adapted on various levels to fit an organization’s particular needs, using the most effective combination of training options in synergy with relevant and timely multicountry knowledge resources. Very few training providers have the capabilities, know-how and experience to deliver integrated and holistic learning and aligned knowledge solutions at the global and core market levels, including a full offering of e-learning / e-testing, remote / live training or blended approaches, constituting a comprehensive compliance training and knowledge development solution for the wealth management organization. Furthermore all training and knowledge development initiatives and aligned resources from LawInContext rely on content that is written and regularly updated by Baker & McKenzie and quality contributing firm attorneys around the world who specialize in the respective area of law covered in the training / knowledge development solution. This not only ensures high quality and up-to-date resources that follow best practice, it also makes the training and aligned knowledge resources relevant and practical, which increases learning development and retention. To help administering a comprehensive training initiative, which may significantly increase the administrative workload of the learning institution if managed “in-house”, LawInContext offers a number of additional services which may be helpful in ensuring value and learning impact of the given training initiatives, including Invitation Management, E-testing & Reporting, Learning Gap Analysis and Certification of participants. These services also help evaluate the learning impact of a training initiative, and to track the participation and learning progress of individuals throughout the organization. Outcomes of a Combined Resource Approach Leveraging the access to the LawInContext online legal information resources in combination with strategic training may realize a number of important outcomes, including: - a deeper understanding of client needs from an international wealth planning perspective; an understanding of suitability rules and how strategic knowledge resources can support compliance; high-level buy-in from all personnel – a strategic mix of ‘Carrots & Sticks’; knowledge of international wealth management tools and strategies; a greater understanding of the wealth management institution’s compliance; full knowledge of the role of offered products and services and other products in the market; an ability to prospect and identify key clients, and review existing client base more efficiently; improved client relationship management, -retention, -win-back and new client acquisition; best practices approach in dealing with clients and third parties; an ability to maximize value and make strategic use of the LawInContext online resources; becoming a sophisticated consumer of legal services and effectively managing legal budgets; an improved understanding of industry trends, competitive landscape and business opportunities Want to Know More? In order to construct the adequate solution for your specific business needs, or to arrange a free trial access to our online resources, please e-mail: info@lawincontext.com For more information about the online LawInContext multi-country knowledge resources and our suite of compliance e-learning programs, please consult www.lawincontext.com LawInContext is the online legal information and training venture of Baker & McKenzie and is neither a law firm nor authorized to practice law. No attorney-client relationship will be formed or deemed to be formed with Baker & McKenzie or contributing law firms through the use of LawInContext’s legal information, training & services. This may qualify as “Attorney Advertising” in some jurisdictions. For full disclaimer visit www.lawincontext.com. Copyright © 2002-2014, LawInContext Pte. Ltd.

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