The CWM Program Manila

CONFIDENTIAL © Aprikot Pte Limited
Chartered Wealth Manager®
”The premier practitioners’ program for global wealth managers”
Training Program
29th Jan – 1st Feb, 2013
Manila, Philippines

The American Academy of Financial Management TM is a worldwide
Board of Standards and financial professional organization, with members
in 150+ countries offering our exclusive certified designations, charters,
and masters certification to candidates who meet the high standards.
As for recognized training, AAFM Board of Standards approves and
recognizes top 560+ accredited business schools, law schools and
programs around the world. AAFM offers several industries recognized
graduate designations to qualified professionals.
AAFM Board Certification and Designations: are certification credential
marks for Wealth Managers, Financial Analysts, Investment Bankers,
Accountants etc. and Degree holding Financial Planners conferred by the
American Academy Board of Standards. To receive authorization or
accreditation to use AAFM Board Certification and Designations, the
candidate must meet education, degree, examination, experience,
continuing education, and ethics requirements, and pay good standing or
certification fees.
American Academy of Financial ManagementTM

§  The AAFMTM is a USA-based independent
worldwide board of Standards, certifying
body and accreditation Council dedicated
to the finance sector and management
professionals.
§  Global self regulatory organization that
recognizes the highest criteria in academic
standards, industry experience, ethics, and
continuing education mandates.
§  Founded in 1996 through a merger of the
American Academy of Financial
Management & Analysts (AAFMA) and the
Founders Advisory Committee of the
Original Tax and Estate Planning Law
Review.
USA-‐based
board
of
Standards,

cer2fying
&
accredita2on
council

Global
self
regulatory

Founded
in
1996

Membership
in
150
countries

Professional
associa2on
member

of
ACBSP
and
the
AACSB™

Interna2onal

Alliance
with
the
Asian
Center
for

Professional
Excellence,
The
Asian

Bankers
Associa2on,
The
RSOF

Royal
Society
of
Fellows

Worldwide

§  Membership in 150+ countries.
§  AAFMTM is best known as the 1st to extend direct global recognition to the
top 2 business school accreditation agencies that accredit 560+ business
schools worldwide. AAFM® is a professional association member of ACBSP
and the AACSB™ International, which are the Top 2 Government
Recognized Accreditation Agencies Worldwide for Business Schools and
represent 560 of the top business schools.
§  AAFMTM also has an alliance with the Asian Center for Professional
Excellence, The Asian Bankers Association, The RSOF Royal Society of
Fellows Worldwide, and AAFMTM has provided some of the most elite global
conferences on finance, tax, investments, law, wealth management,
portfolio management, economics, and ecommerce issues on several
continents over the last several years.

The Asia-Pacific HNWI population grew 9.7% to 3.3 million in 2010, exceeding Europe and
nearing North America. The region’s HNWI wealth grew 12.1% to US$10.8 trillion. Japan
remains the single largest HNW segment in Asia-Pacific, accounting for 52.5% of the region’s
HNWIs, followed by China (16.1%), and Australia (5.8%). Asia-Pacific is home to many of the
world’s fastest-growing HNWI populations. The 20 fastest-growing HNWI populations were in
Asia-Pacific and MEANA markets, including Hong Kong, Vietnam, Sri Lanka, Indonesia,
Singapore, Thailand, Malaysia and India1.
Product Push
§  Malaysia continues to be a product-push market, despite talk about the concepts of
financial planning and wealth management (most of Asian markets are also product-push
markets).
§  Regulations provides help in changing the mindset, through greater disclosure in fees and
charges.
Skill/Knowledge
§  Regulators are ramping up their efforts in terms of the qualifications of people who sell
wealth management products.
§  The shortage of skilled people is a big challenge in the market.
Regulators
§  There are two regulators in Malaysia, covering the securities industry and the banks.
Therefore, Industry Association (IBBM) need to play a very active role in the shaping the
industry needs and requirements.
Client Education
§  The education level of clients varies greatly between customers. In the mass, low-affluent
space, client education is weak. In the priority banking segment, clients are used to the
product- pushing culture, so seldom question investment decisions made by bankers –
which actually puts the bankers are risk of mis-selling. In the private banking sector, while
clients are a bit more sophisticated, it is generally only those clients who have access to
private banks in Singapore, Europe or elsewhere who are well-educated enough to
question their bankers.
Need/Requirement
§  As Malaysia liberalizes further and allows more money to flow in and out of the market,
more clients are getting exposure to new asset classes. This requires Malaysian bankers
to acquire Wealth Management skills and competency quickly and effectively.
Why Wealth Manager?
1 Capgemini and Merrill Lynch Global Wealth Management - 2011 World Wealth Report.

Need for Wealth Manager;
not just specialists
AAFM’s CHARTERED WEALTH MANAGER®
This program is designed to enhance wealth management career. It’s a must for all banking,
insurance and financial professionals who have a minimum of 3 years experience as an
practitioner in the financial industry. The program is specially designed for adult learning, it’s light
on theory, heavy on results, practical and pragmatic – a true practitioners knowledge series.
The CWM® focuses on developing relationships with HNWI, sales, wealth advisory and core
financial planning skills to equip Wealth Managers with global best practices.
Banks relationship manager’s don’t work in isolation – A relationship manager typically would
have access to 3 platforms: specialists; products; and technology.

The Relationship Manager must have the ability to assimilate all these platforms and channel
these to the client’s benefit – the Associate CWM™ / CWM® program was developed to
cater to the needs of a Relationship Role, and NOT that of a specialist function.
Specialist
Platform!
Technology
Platform!
Product
Platform!
Wealth Manager!
Managing the client
relationship, the
wealth.!
Investment
Research
CFA

Financial
Planning
CFP

Lawyers

Trust
Specialists

Accountants

Mortgage
Specialist

Insurance
Specialist

Trading
Portal

Por?olio
Construc@on

Bloomberg

CRM

Consolidators

Etc.

Structured
Products

Mutual
funds

Equi@es

Bonds

Mortgages

Life
Insurance

General
Insurance

Custody

Access
to
Investment
Banking

There are three (3) components in learning ……….
Learning Process
1
Knowledge
This is the theory, the
academic knowledge –
prerequisite. For example –
how to calculate Price/Earning
Ratio?
2
Skill (Application)
Skill is “How to use Knowledge”
Skill is the art of applying. How
do you apply the knowledge
you have acquired. For
example – what does the P/E
ratio tells us and what is it’s
relevance?
3
Universe / Advisory
The final step is applying in the
real world - You may have the
“knowledge” and the “skill”,
you will be a good wealth
manager only if you are able
to operate the knowledge
and skill in the environment.

Acquire the theory knowledge – the road
signals, which and what is a steering,
breaks, accelerator, gears, signals etc.

Can you drive with theory knowledge ?
NO

You have the theory knowledge of the
various parts of the car (steering, breaks
etc) and you also know the road signals
etc. The driving school will then teach
you the skill of driving in a controlled
environment ( within a specific area &
with a Learner’s plate).

Are you now fully skilled to drive ? Yes,
but lack confidence.

You may know how the steering works,
press the breaks to slow or stop etc –
you will only be able to drive on the road
(environment) – only if you practice and
aware of what’s happening on the road.

Can you now drive confidently ? YES
Driving a CAR

In a classroom setting with highly interactive and experiential sessions where the participants
are:
§  Challenged in the way they think about the importance of clients’ perception
§  Engaged in practical training on realistic cases (through case studies and role plays)
§  Learning in a fun and engaging way (through experiential learning)
§  Sharing ideas in a collaborative environment
§  Discussing best practices / success stories
§  Creating and committing to a personal action plan to apply their new knowledge at the
workplace (transfer)
Learning Structure – this training program is for practitioner's with adequate knowledge
acquired thru academic qualiﬁcation and/or experience. The scope of this training program is
ﬁll the knowledge gap and build the skill for application of this knowledge.
§  Knowledge
§  Skill (application of Knowledge)
Learning Experience

Chartered Wealth Manager®
”The premier practitioners’ program for global wealth managers”
Entry Qualification
Graduate and minimum 3
years related experience, or
Graduate, ACWM® and
minimum 1 year related
experience, or
Non-Graduate, ACWM® and 3
years related experience
The CWM™ is the core program to the world of Wealth Management. This program is best
suitable for candidates with experience within the wealth management industry. The CWM
program will provide knowledge & skill ….
Knowledge:
Get the latest update and learn about the
opportunities of wealth management, with
specific relevance to Asia
Understand the capital markets and the forces
of change, post‐2008 crisis
Appreciate the market dynamics influencing
wealth management
Gain an overview on the latest innovations in
financial products in wealth management
Gain an insight to global best practices and
achieving success in wealth management
Understand the options and issues in wealth
planning
Skills:
Develop skills in building wealth management
solutions for clients
Able to present wealth management concepts
and strategies confidently through customer
friendly language
Able to create strategies to build effective
relationship with clients
Create and/or increase their capability to think
strategically by using a structured process

Advisory relationship
§  The core of any successful wealth management
offering is the relationship developed between the
wealth manager and the client. Successful advisors
develop a relationship with clients by demonstrating
that the clients’ interests are the advisor’s paramount
concern.
Integrated information
§  Few clients maintain all of their accounts with a single
bank; an integrated view of the clients overall financial
picture is critical if clients are to be able to make
informed decisions. Wealth manager, should be able to
access and analyze customer data efficiently.
Multichannel access
§  Customers want the ability to access their account
information when they want, how they want and where
they want. The combination of integrated information
and multichannel access empowers clients by enabling
them to access constantly updated, accurate
information, whether in person, over the telephone or
online.
Perception
§  To win new customers and retain existing ones, wealth
management firms and the wealth manager must be
perceived as competent, dependable and
empathetic. Clients must also perceive that they are
paying a justified price for the value that they are
receiving. Client opinion is formed through a
combination of personal experience, word of mouth
and marketing.
Personal touch
§  A major component of successful wealth management
offerings is human touch. Clients respond to charismatic
guidance and a high level of attention; they feel
valued when their queries are addressed promptly and
personally.
Prerequisites for Wealth Management
Division
Wealth Manager’s
Influence
✔✔

✗

✗

✔

✔

HIGH Influence
NO Influence
NO Influence
MODERATE Influence
MODERATE Influence

A wealth manager’s competencies are encompassed into three distinct layers –
§  Build trusted relationship – client relationships that result in a successful partnership.
§  Realistic Goals - recommendations leading to the creation and implementation of
a comprehensive whole-life wealth management plan.
§  Wealth Accumulation - implement wealth accumulation by managing strategies
and monitoring developments.
§  Wealth Preservation – preserve and optimize wealth by managing an optimal
strategy of generating income from assets.
§  Wealth Transfer - Legacy and Estate planning - implement strategies to transfer
assets as per the legacy plan of the client.
§  Implement & Monitor – Coordinate a trusted and respected team of specialists to
provide a well- rounded wealth management advice and service to the client.
To achieve the client centric competencies, Wealth Manager must have the necessary
knowledge and skills of wealth planning, products, services, legal & compliance, capital
markets and the Industry.
Competencies Standards –
Wealth Manager

CWM M1
Update on global wealth
management
This module aims to provide an overview to the world and definition of wealth
management and an appreciation of the latest updates, developments and trends
globally. With the ever-changing regulation, ethics and compliance, this subject will
provide a broad spectrum to the various changes with detailed practical discussion
and case studies focusing on the wealth management industry.
KEY LEARNING OBJECTIVES:
Knowledge – Position and Value Proposition: Provides the WM a strong foundation
on what is wealth management and private banking. Better understanding and
appreciating the international competitive landscape including UBS, Julius Baers,
Credit Suisse, as well as local private banking player such as DBS, UOB and OCBC.
Advisory Skills – Engagement: WMs will learn to engage prospects and clients on
meaningful conversations about the financial crisis, how it may affected personal
wealth, and therefore highlighting needs for diversification, which provides good
positioning for portfolio-based solutions.
§  Update on latest developments in wealth distribution and products trends
§  In today’s context, what is wealth management?
§  What is driving wealth management to become one of the fastest growing
sectors in financial services?
§  The aims and objectives of wealth management
§  Market segmentation and key differences between retail banking; priority
banking and private banking
§  The role of a wealth manager
§  Updates on the financial and capital markets – latest wealth management
products being introduced
§  Discussions on last 3 major global financial crises and market crashes and the
impact on the wealth manager

12
CWM M2
Global investment strategies and
wealth products
This module covers the investment process from constructing investment objectives
and policies to asset allocation and types of financial products selection attribution
for individual and institutional clients. This subject also covers quantitative methods
which are essentially the mathematics behind the analysis of risks and returns of
investments and capital market theories. Concepts on risk and return plus modern
portfolio theory and its market anomalies will be discussed in great depths leading
to the appropriate asset allocation for private clients.
Technical Skills: Understand key quantitative methods, risks and returns, ROI, modern
portfolio theory and having the ability to “draw” these concepts into “easy-to-
understand” client language.
Investment Knowledge: Understand key concepts in investment approach.
Product Knowledge: Understand the breadth of products available in the world of
wealth management, issues/challenges and recent market experiences in these
products. Products are non-specific to the banks, rather a variety of examples of
products will be presented, to increase awareness of what are some of the solutions
that private banking clients are being exposed to and buying.
Portfolio Advisory: Ability to engage the client to appreciate what are some key
financial products and the benefits of diversification through asset allocation,
therefore positioning portfolio solutions.
§  Introduction to financial mathematics (Importance of TVM)
§  Concept of risk and return and Modern Portfolio Theory
§  Key concepts on portfolio construction and asset allocation
§  Investment philosophy and ecosystem
§  Equity and mutual funds
§  ETF (Exchange Traded Funds)
§  Fixed income
§  Derivatives and Structured Products (including DCIs, ELNs, Interest Rate,
Commodities)
§  NTAC (Non Traditional Asset Classes) e.g. Commodities, art, antique and wine
investment
§  Private equity and venture capital
§  Hedge Funds
§  Real Estate Investment Trusts (REITs) and Real Estate Banking Limited Partnership
§  Islamic financial products
§  Charity and philanthropy

13
CWM M3
Global wealth and portfolio
management strategies
One of the key strategies in wealth management is to understand the client’s needs
and risk profile.
This subject covers a broad and yet in-depth discussion ranging from understanding
client’s investment behaviours, due diligence procedures and methods, appropriate
asset allocation, as well as client profitability analysis.
This module covers portfolio strategies such as strategic and tactical asset
allocation, monitoring the portfolio and re-balancing a portfolio of financial assets.
Financial Technical Skills: Understand how to provide appropriate financial advice
and planning, including asset allocation and management, with consideration to
understanding the client through KYC, risk profile and individual financial behavioral
tendencies. These skills will support the rationale of portfolio solutions.
Investment Knowledge: Appreciate and explain, at a client-level, the key
investment tactics, including SAA and TAA, and how these approaches work in favor
of the client.
Advisory Skills: Ability to develop a wealth accumulation and management plan
(dependent on the client’s lifecycle) with suitable actions, including rebalancing.
§  Understanding client motivations and wants
§  Assessment of client risk appetite, investment objectives and needs
§  Segmentation based on client investment personality profile
§  Due diligence procedures and methods
§  Client wealth analysis and planning
§  Client “mental accounting”
§  Impact of behavioral finance and bad investment habits
§  Strategic Asset Allocation and Tactical Asset Allocation
§  Core-satellite approach
§  Asset allocation strategies including alternative investment strategies
§  Portfolio management (discretionary and non-discretionary)
§  Monitoring and review of client portfolios and re-balancing strategies
§  The “family balance sheet” and wealth planning considerations

14
CWM M4
Risk management and
wealth planning strategies
This module focuses on the current role and the position of risk management
practices within the wealth management industry especially its application to
private clients. Mitigation of risk and strategies deployed will be discussed
concurrently with the identification of risk. In the light with wealth preservation, this
subject will focus on asset ownership structures devised specifically to address the
incidence of taxes and to manage estate protection and generation planning. It
will identify and discuss the different categories of taxes in various countries that are
relevant to the private client and how these impact wealth accumulation and the
ultimate wealth distribution in the context of generation planning. Further
understanding on international client’s tax regime and in-depth discussion on its
treatment is advocated.
Financial Technical Skills: Ability to explain the importance and mechanics of
wealth preservation, including the key tools used, such as Universal Life.
Investment Knowledge: Understand various financial instruments that can be used
for enhancing a client’s financial well-being, which may include derivatives and
other risk management strategies.
Financial Advisory Skills: Provide sound advice to clients by helping clients
formulate suitable wealth and tax optimization strategies through various structures,
including off-shore options.
§  Risk management framework in wealth management
§  Life insurance products and its critical roles in wealth management
§  Universal life and legacy planning
§  Concepts and applications on reverse mortgage
§  Risk Management Strategies for Equity, Foreign exchange, interest rate related
products
§  The world of derivatives
§  Appreciating international taxation planning and off-set strategies
§  Taxation aspects of different investment structures
§  Asset protection (on-shore and off-shore) and succession planning strategies,
including wills, trust and foundations
§  Philanthropy and charitable planning

15

CWM M5
Client advisory and
relationship management skills
The moment-of-truth in wealth management is often during the client interface and
engagement process. Moving away from “selling to clients”, this module focuses on
advisory skills, where the wealth manager is “helping clients buy.”
Participant will understand the key interpersonal concepts in wealth management
based on the consultative selling methodology.
The executive will learn how to define, implement and secure a premium service
culture and using this as a key differentiator.
The course will strengthen personal skills in handling the higher demands of a wealth
management client.
Consultative Advisory Skills: Ability to secure client interests in exploring investment
solutions, specifically for uncovering needs and wants, through a structured “best
practices” KYC process.
Financial Advisory Skills: Ability to develop specific and appropriate financial
solutions, which are based on model portfolios, and to successfully pitch to the
client.
§  Securing Client Opportunities
§  Effective prospecting and networking
§  Creating opportunities for initial client contact
§  Marketing and communication strategies to prospective clients
§  Your personal brand
§  Financial Advisory Skills
§  Consultative Selling Methodology
§  Structuring for success – ROADMAP
§  Becoming a trusted advisor
§  Profiling your client’s buying behavior – DISC
§  Creating engagement, awareness and uncovering needs – The Questioning Loop
§  Targeted KYC – HCF Grid
§  Advancing - Active Listening and ABCs
§  Developing value propositions with features and benefits
§  Pitch book and impactful pitching techniques – 6Cs
§  Effectively handling objections – 3Es
§  Win-win negotiations
§  Client book management and profitability analysis/strategies.

Ready for Business
The last module is preparing the financial service participants to face the real
environment - Knowledge & skill (Module 1 to 6) are very important functions,
however communicating your message is equally important. 50% of the battle is
“presenting” or communicating is a manner conducive to the ultimate client.
Presentation Skills: A very important part of being a financial service participant is
to communicate in the language that a customer will understand – power-point
presentation are important aid, the attempt will be briefly show the goods & bads of
a power point presentation.
Personal Grooming: Participants will be prepared to face the business world with
confidence – understanding business etiquettes, body language and appropriate
dressing codes.
§  Presentation Skills
§  What makes a good presentation?
§  Presentation Styles Inventory for Audience Adaptation
§  Controlling Nervousness
§  Body Language & Speaking Clearly
§  Selling Your Message
§  Preparing and Making a Presentation exciting, including the use of
Presentation Aids
§  Handling Questions
§  Business Dress Grooming – Dress Considerations, Attributes, business Professional
attires.
§  Electronic Communication Etiquettes – Telephone, Mobile, e-mail, black-berry
etc
§  Dining Etiquettes – Style of eating, basic guidelines for business dining, manners
for difficult to eat foods and Cultural variations.
§  Business Entertaining – Wine & Toasting Etiquettes, Cocktail parties and
receptions, Restaurant Entertainment, Entertaining International Visitors.

Accelerated Session Plan for 5 days Program
Day1
Day2
Day3
Day4
Day5
Module 1
Update on global wealth management
Module 2
Basics investment and asset classes
R4B
Ready 4 Business – Presentation Skills
Module 3
Global Wealth and Portfolio Management
Module 4
Risk management and wealth planning
strategies
R4B - Case Study
How to write a Case Study
Case Study
Home Assignment
SESSION 5 – Module 5
Client advisory and relationship
management
ASSESSMENT
75 Q&A
Business Etiquettes Dressing & Dinning
Etiquettes … followed by dinner.
Paul
is
a
highly
experienced
and
energe@c
training

professional
with
over
25
years
experience
in
banking,

insurance
and
wealth
management.
He
has
held
senior

roles
in
leading
financial
ins@tu@ons
including
Westpac

Banking
Corpora@on
(Australia),
UBS
AG
and
Barclays
Bank

Plc.
At
both
UBS
and
Barclays,
Paul
was
responsible
for

establishing
and
managing
the
UBS
Wealth
Management

Academy
and
the
Barclays
Wealth
Sales
&
Advisory

ins@tute.

Paul
Arundell

Trainer
for
Module
1

&
2,
R4B

Kevin
Ho

Trainer
for
Module
3
&
4

Kevin
is
Head
of
Por?olio
Management
at
SJS
Capital

Management,
where
he
oversees
family
office,
private

client
and
ins@tu@onal
quan@ta@ve
investment
strategies.

Previously,
Head
of
HSBC
Wealth
Management
Advisory,

where
he
managed
a
large
wealth
advisory.

Kevin
is
passionately
involved
in
the
training
and

development,
specially
for
the
newer
genera@ons
of

investment
advisors
&
product
specialists.
Teaching

mandates
in
Wealth
Management
at
the
Singapore

Management
University.
Master
of
Science
in
Finance
–

City
University
of
New
York,
USA

Suraj
is
a
leader
in
the
financial
industry,
being
a

prac@@oner
with
over
22
years
experience
as
senior

execu@ve
with
year-‐a_er-‐year
success
achieving
revenue,

profit,
and
business
growth
objec@ves
within
start-‐up,

turnaround,
and
rapid-‐change
environments
in
the
fund

management
industry
with
specializa@on
in
life
insurance

investment
products.
Extensive
experience
in
Asia
–

associated
in
building
a
true
regional
fund
management

en@ty
opera@ng
in
10
countries
within
Asia
and
Middle-‐
East,
plus
sebng-‐up
pla?orms
in
Luxemburg
and

Mauri@us.

Suraj
Mishra

Trainer
for
Module
5
&
R4B

R4B
Dinner

The CWM Program Manila

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