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Morgan Stanley's Charles Mak discusses how its firm uses its deep knowledge of the Asian Market to recruit the best talents and provide sound advice in terms of wealth management.
Originaltitel
Morgan Stanley CEO on Asian Market differentiation
Morgan Stanley's Charles Mak discusses how its firm uses its deep knowledge of the Asian Market to recruit the best talents and provide sound advice in terms of wealth management.
Morgan Stanley's Charles Mak discusses how its firm uses its deep knowledge of the Asian Market to recruit the best talents and provide sound advice in terms of wealth management.
CEO Interview: Morgan Stanley Private Wealth Management
Charle Ma! o" Morgan Stanley Private Wealth Management #i$%e how the ban! #i""erentiate itel" in &ia' an# e(plain how it i approa$hing re$r%itment an# talent management to a$hieve it e(panion plan) Date: *%ne 2010 Tags: +al%e propoition' ,i""erentiation' -iring' .alent #evelopment In a##ition to it $ale in term o" pro#%$t an# e(pertie' one o" Morgan Stanley/ !ey #i""erentiating "a$tor in &ia i the tability an# e(perien$e o" it wealth management team .o #eliver 0%ality a#vi$e to $lient' the ban! p%t a#vier thro%gh a $omprehenive apprenti$ehip programme to en%re they are $om"ortable an# "amiliar with it pro#%$t an# ervi$e when meeting $lient .o e(pan# in &ia' Morgan Stanley plan to e(pan# organi$ally o it ha ma#e re$r%iting an# talent management !ey to it growth trategy .he ban! i loo!ing "or people with goo# e#%$ation' lang%age' ale an# preentation !ill 1 b%t mot importantly i peronality an# the ability to win $lient/ tr%t Differentiation 2ollowing it merger with Smith 3arney' Morgan Stanley be$ame the larget wealth management provi#er globally with 14'0005pl% bro!er an# 6S71)8 trillion in aet 1 giving the "irm igni"i$ant $ale in term o" pro#%$t an# e(pertie' ai# Charle Ma! in an interview) .he ban! alo ha a trong intit%tional "ran$hie' he a##e#' with it pro#%$t' reear$h an# invetment ban!ing #iviion all "amo% in &ia) When it $ome to #i""erentiating it b%ine in &ia' perhap mot importantly' ai# Ma!' i the tability o" Morgan Stanley/ &ian wealth management team 1 whi$h motly ha more than 19 to 20 year with the "irm in the in#%try) When it $ome to #elivering 0%ality a#vi$e to $lient' thi tart with the ele$tion pro$e) Ma! ai# the ban!/ approa$h i to hire a#vier "rom the top b%ine $hool' train them' p%t them into team an# provi#e them with mentoring) &"ter everal year o" thi apprenti$ehip programme' Ma! ai# that a#vier who meet with $lient are a lot more $om"ortable an# "amiliar with Morgan Stanley/ pro#%$t) Expanding in Asia sustainably 2ollowing the merger with Smith 3arney' more than :0; o" Morgan Stanley/ b%ine wa $on$entrate# in the 6S' giving the ban! no $hoi$e b%t to e(pan# in &ia' E%rope' <atin &meri$a an# EME&' ai# Ma!) <ho%gh there are two way to e(pan# 1 either organi$ally or thro%gh a$0%iition 1 Ma! ai# that in$e hiring people in &ia i very $otly' pl% the $hoi$e are limite#' the "irm #e$i#e# to e(pan# organi$ally) &n# re$ogniing that re$r%iting an# hiring to be the mot important part o" thi trategy' Ma! name# =i$! Chan a hea# o" re$r%itment an# talent management in &ia) 2rom the vario% option "or growing the b%ine' Ma! ai# the bet approa$h i to %e ea$h one e0%ally) 2irt i hiring laterally "rom $ompetitor) Se$on#ly i loo!ing internally at people who might want to $hange $areer 1 thee type o" $reative hire might $ome "rom people in the invetment ban!ing or a$$o%nting #iviion' or they might be people in the tr%t b%ine or thoe who have been elling in%ran$e an# have a goo# ale ba$!gro%n# an# now want to be private ban!er) .hir#ly i hiring people "rom gra#%ate $hool 1 people who $ome in a analyt or ao$iate an# then get traine#) The right qualities and attributes When trying to "in# the right type o" $lient a#vier' ome o" the thing whi$h Ma! ai# are important are goo# e#%$ation' lang%age !ill an# ethni$ ba$!gro%n#) 2or e(ample' he e(plaine#' Morgan Stanley li!e to hire Chinee people to $over the China mar!et) Selling an# preentation !ill are alo important' b%t perhap the mot $r%$ial thing when #ealing with private $lient i peronality' he ai#) &#vier nee# the type o" peronality whi$h gain people/ tr%t' he e(plaine#' thro%gh being arti$%late an# getting i#ea a$ro in imple layman/ term) Servicing ultra high net worth individuals .he type o" pro#%$t an# ervi$e whi$h the top5tier o" the %ltra high net worth in#ivi#%al >6-=WI? in &ia are loo!ing "or "rom their private ban! in$l%#e private e0%ity' #ire$t invetment an# $o5invetment opport%nitie' $orporate "inan$e a#vi$e' $ornertone invetment' an# big blo$! tra#e) .hee are thing whi$h many private ban! $annot provi#e' ai# Ma!' epe$ially the maller one) & a re%lt' he a##e#' 6-=WI $ome to Morgan Stanley "or a$$e to thee type o" opport%nitie given that the ban! i well5!nown "or invetment ban!ing a well a having it own $orporate a#viory ervi$e) @ -%bbi >-A? <imite# 2012