Nine ABS students paid a visit to UBS, the world’s largest private banking provider, on November 15, 2016. We were honored to have Mr. Thomson Cheung, Director of Wealth Management at UBS, sharing on insider tips on a successful career in private banking. With years of experience in investment banking, he has developed an extensive network and expertise in the industry.
What is private banking? Mr. Cheung firstly introduced some basic knowledge concerning private banking and wealth management. The daily life of a private banker is very exciting but challenging. Private banking usually refer to financial services provided to rich people, which known as high-net-worth individuals with at least one million USD investable assets. Apart from offering exclusive investment-related service, private bankers also help managing client’s entire financial situation. More comprehensive services like developing specialized financing solution and retirement plan are also provided.
Being successful is never easy and a long way to go. Mr. Cheung shared us the three key traits leading to a successful banker: honesty, persistence and of course, diligence. He elaborated that a banker shall be trustworthy, especially with an increasing attention on compliance issues after the financial crisis in 2008. He also reminded us clients do not come as granted and work is usually complicated. Only being persistent then you can go through difficulties. “You want to be great and successful? You must work very hard!” he added.
Having a wide social network is very crucial that Mr. Cheung strongly emphasized.. He firmly believes that it is good to help others whenever you can and have some hobbies when it comes to building connections.
The private banking industry is a fast-growing one. It is foreseen to provide even more promising careers in the future. We have deepened our understanding towards investment banking after this visit and are looking forward to a further exposure.
By Michael Guo, Cohort 6 (Class of 2019)