Reto Marx: “It is essential to recognise diversity and differences and, regardless of gender, adopt a personalised approach to cater to each client’s individual needs and priorities. It is about being really client-focused and playing an active and listening ear to them. By listening carefully, wealth managers can become a great sparring-partner beyond just financial advice, helping women gain more financial confidence and realise a stronger sense of empowerment.”
WBA: How do you see women’s role in driving the ESG
agenda and do you think the pandemic will accelerate change? Are
female family members pushing this agenda at the UHNW
Madame Wang Dian: “In my view, ESG is fundamentally about balancing and looking after all stakeholders. The pandemic, seismic and tragic, has reminded all of us that the world is immensely interconnected and human welfare indeed transcends GDP, profits, and merely ‘fairer cutting of the pie’.
“Women, by instinct, take a holistic view of the family and community’s interests, now and in the future. This broader purview makes women ideal champions for ESG causes.
“In my daily conversations with UHNW clients, I have seen female members take the lead in understanding ESG issues, seeking remedial ideas, and - when investment decisions are being discussed - bringing the ESG angles into discussions. ESG is not and should not be portfolio filters or thematic overlays, but a re-ordering of our pursuits. This elevation is to a very large extent powered by women.”
Reto Marx: “While ESG is establishing itself on the agenda of Asian investors these days, the historical norm of women playing a more nurturing role and harnessing greater interest in doing good, and applying values to their financial decisions, is really driving the ESG agenda.
“Before the crisis, demand and interest in sustainable investing were gaining traction. The COVID-19 pandemic has highlighted the intensifying threats of environmental and climate-related risks, and further exposed inequality issues such as income. Our interactions with clients suggest the growing trend in ESG could also be significantly bolstered due to women gaining access to and accruing more wealth, and wanting to invest into financial opportunities that align with their values. For instance, VP Bank Group’s head of sustainability is female too, and well versed in impact solutions.”
WBA: VP Bank and Hywin Wealth both have
strong female representation in their workforces. What has been
your approach to building this and what benefits do you
Madame Wang Dian: “Both Hywin Wealth and VP Bank are meritocratic organisations. Our respect for diversity, promotion of heterogeneity, and the accommodating and adaptive organisational cultures all make it possible for talented women to advance and triumph.
“Meanwhile, wealth managers are meant to be the bridge between clarity and ambiguity, facts and sentiments, certainty and fluidity; unsurprisingly, women are well equipped to master these paradoxes. At Hywin and VP Bank, I have seen female RMs and specialists solve complex problems for clients with finesse, and female leaders exert a warm, empowering influence on their teams.”
Reto Marx: “It is widely agreed that gender diversity can lead to a more prudent approach in decision-making, increase productivity and as a result improve corporate performance. A more diversified workforce can also mean better skills in problem solving and the creation of more innovative ideas and solutions for our clients.
“Both VP Bank and Hywin Wealth are likeminded and committed to inclusion and diversity. We believe embracing diversity encourages a more open exchange of ideas. Female advisors have a unique ability to connect with clients and develop strong relationships that are based on trust, which has proven beneficial to clients. What matters is the advisor's ability to understand and respond to clients’ needs by creating a unique client experience to drive success.”
WBA: Do you see any sub-segments of women as particularly
in need of thought-leadership around wealth management, or any
particular issues to be highlighted?
Madame Wang Dian: “One thing I have noticed is that, to some female beneficiaries of large family trusts, the yearly distribution, exactly because of its pre-ordained nature, could feel formulaic, and very impersonal. Especially when the older generation is no longer around, the inspiration, guidance, and recognition of achievements may be sorely missing. That’s why Hywin is increasingly setting up ‘the council of regents’ for family trusts, as the distribution committee and more importantly as a gathering of trusted seniors who take genuine interest in the wellbeing of the young generations, and work as a coach and mentor for them.
“Also, some female directors joining the boards of large companies can feel a bit disoriented at the beginning. How to understand the onerous obligations, how to hold the management accountable, how to chair sub-committees, and how to interact with advisors are all weighty questions. Wealth managers, being large and sometimes listed companies themselves, are very well positioned to enlighten and advise.”
Reto Marx: “We have made similar observations on our front. Regardless, women have made incredible strides, professionally, financially, and personally. In general, women are adept at financial empowerment when it comes to wealth matters through active participation in financial decisions. At VP Bank, we believe in equipping them with the right tools and digital services to ensure that every point of their wealth management journey goes safely.”
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