They are PBs (Private Bankers). This job was introduced to the Korean financial world in the early 1990`s. Managing clients` assets is their task. At first, demand for private bankers was low because people believed that their assets should be managed by themselves. In the post IMF generation, however, there are many people who lost their money in the twinkling of an eye. That`s why people, generally the rich, need to have their money managed by a financial expert, a PB.
To understand the job well, NEWS@UOS interviewed Jo Hyeon-cheol. He is a PB in Seocho Shinhan PB Center. He now has 50 clients and manages approximately 200 billion won. He said, "A PB should maintain and expand clients` assets. We provide clients with information on real estate, stocks and bonds, and then clients choose the way they want to invest in. In particular, clients are very concerned about taxation affairs and real estate. That`s why we endeavor to analyze clients` real estate and recommend purchase or sale. Also, we find ways to avoid tax and help them in areas such as succession and donation."
His every day life begins early in the morning by reading the newspapers to know how the land lies. "Although commuting time is fixed to, a client`s inclination also adapts our life pattern. Generally, there are many clients calling us in the early morning. So we should come to the office earlier than the regular time" said Mr. Jo. When asked how much he was paid for the job, he said, "Different from foreign banks, we get the same pay as other bank employees. PBs in foreign banks get a commission for increasing clients` assets. If the commission system is introduced in Korea, PBs could earn enormous money." He is satisfied with his job when the assets of his clients expand. Inversely, when hearing a client`s complaints because of a short-term decrease in their investments, he feels disappointment.
When asked what will help a student who hopes to become a PB, he emphasized having abilities in every area. "Being a PB is a job which manages a client`s total assets. You need to learn about real estate, taxation affairs, investing in stocks, as well as financial matters. Basically, getting certificates such as FP, AFPK, CFP helps you to be a PB. Besides, to consult with clients well, you should have a wide knowledge of leisure and entertainment. Especially going hiking, playing golf and playing tennis help in conversing with clients" said Mr. Jo.
NEWS@UOS sought some advice from Mr. Jo for any student wanting to be a PB. "But the job of PB has not yet developed because of a shortage of expertise and its short history in spite of its bright outlook. That`s why this job can be regarded as one of the Blue Ocean. Add a basic knowledge of the economy to your special features, and you can be a great PB!" said Mr. Jo .
Kim Jae-hoon
jaehoon114@uos.ac.kr