How to adapt to the human factor of doing business (in cross-border wealth management)
In this article, we look at how to stay on par with relevant regulation — despite sudden, unforeseen events.
Let’s face it. We are all human. As much as we would like to be reliable and ever-performing, things do not always run like clockwork.
Interaction with clients can take many sudden and unexpected turns and result in various constellations. Whereas some diversions might be easy to maneuver, others might fundamentally change the rules of play.
The ability to react to sudden changes — both internal and external — plays a huge role in business success, credibility and the nurturing of a fruitful network.
We would like to illustrate this through an example below:
As a relationship manager, you are tasked with meeting an important client at one of their headquarters to discuss their investment portfolio.
The bank you represent is British. Your client, however, is a French national domiciling in Singapore. Given this international context, there are three jurisdictional frameworks to consider when preparing for the meeting.
Like the seasoned professional you are, you are aware of local regulatory variations — and this might take time to process. Therefore, you prepare for the meeting — including its agenda, setting and marketing material— well in advance with a set of country manuals provided by the compliance department.
Onboard the plane, you see an email from the client you are flying out to see. Along with the sincerest apologies you find out that the client is unable to meet in Singapore due to upcoming obligations in Sidney. “Would you mind changing the meeting location from Singapore to Sydney?” They would happily pay for the additional travel — and even take you out on a private event at the Opera House — as a thank you.
Your immediate reaction is to accept the changes, but then you remember: You only brought three country manuals — none for Australia. Back in London it is way past bedtime and your compliance colleagues will not be online for consultation for another nine hours. “Please confirm by 2pm AEST” the email ends. That is four hours away.
Reliance on conventional compliance tools at moments like this significantly affects the extent to which you are able to prepare and follow through with the commitment. Replaced by digital compliance tools, changes to a client engagement can be made at any point and instantly provide a revised set of regulatory requirements that apply.
On-the-go and always at hand, the Apiax App covers 120+ jurisdictions for clear yes-or-no answers to inquiries. Whether it be a case of emergency or breezing through preparational compliance work.
You can read more about compliant and competitive client interaction in our e-book.
Although a lot of light has been shed on client interaction, we can not emphasise enough how vital regulatory responsiveness is in all business contexts.
If you would like to find out more about digital compliance and business agility, arrange to speak with us.
