The bank has given an exclusive interview to this publication about a new venture designed to take its ultra-high net worth business segment to another level.

UBS is rolling out a training programme for advisors who work with ultra-high net worth clients, building on its ambitions as the “go-to” firm for such persons, such as those based in Asia.

With the Asia-Pacific region proving to be the hottest growth market for multi-millionaire individuals – notwithstanding current market jitters – UBS chose Singapore to be the APAC launch pad for its UHNW Academy, part of a global rollout of the programme.

The Zurich-listed lender gave an exclusive interview to this publication about the academy, which all the firm’s existing 1200 UHNW advisors will attend.

“We already have a pool of [UHNW] trained and experienced staff and we are uplifting them to the next stage…we are honing their skills to the world that we see coming in the next 20 to 30 years,” Joseph Poon, head of UHNW Southeast Asia, UBS Wealth Management, said at his firm’s Singapore offices.

UBS is already ahead of the field in its UHNW service offerings, but it wants to push further ahead, he said. 

The stakes are large. Banks such as UBS, along with rivals such as JP Morgan, Citigroup and Julius Baer, see ultra-high net worth clients as a lucrative, and growing, client segment. In Asia, growth of this population cohort has been strong. In a recent report by UBS and PricewaterhouseCoopers, for example, it noted that billionaires in Asia account for 36 per cent of global self-made billionaire wealth, surpassing Europe and second only to the US. No wonder banks are taking aim at this segment. But as is often noted in the wealth management industry, highly wealthy clients can be demanding and their requirements are complex. To serve such clients requires considerable infrastructure, expertise, and the “softer” skills of understanding a person’s needs and ambitions.

Twenty-six senior client-facing staff and senior leaders from Singapore, Hong Kong, Taiwan and Japan have joined the inaugural seminar in Singapore, hosted by Josef Stadler, head of global UHNW at the bank, who is the global sponsor of the UHNW Academy. 

While it is important that client advisors remain highly “individualised” in how they deal with specific clients, the programme meets a need to establish a consistent standard of understanding and service, Poon told this publication. With ultra-high net worth clients in particular, banks cannot adopt a simple, one-size-fits all customer approach.

Asked if the firm plans to expand its UHNW advisor headcount, Poon said: “We are always looking for talent and for grooming in-house talent. We don’t commit to a particular number but we want the right quality.” 

The academy aims to teach advisors more about the firm’s value proposition and to become more skillful in dealing with different types of clients. The framework of the programme covers what UBS calls its “ultra DNA” foundation and “four competency” modules. The ultra DNA foundation underpins everything in the curriculum, while the four competency modules focus on concepts including ultra and institutional investments; leading a dialogue with an entrepreneur from start-up to exit and the solutions that UBS has to offer; succession planning and intergenerational wealth transfer, with the last competency module on passion and society. The course also aims to strengthen relationships by engaging clients emotionally, and uncovering their passion and purpose.

In all of the modules, client advisors will take part in real-life cases; get involved in pitching panels that blend technical knowledge and interpersonal skills, and share experiences with experts and peers, UBS said.

In 2014, UBS’s UHNW business segment marked its tenth anniversary as a separate business in the Swiss firm’s wealth management arm. In total, the ultra-high net worth segment has 1,200 advisors in more than 20 countries and 70 specialists in wealth planning, family advisory, art advisory and philanthropy, operating from Switzerland, Hong Kong and Singapore.