UBS, Credit Suisse and the Banques Cantonales Latines (the cantonal banks of Ticino, Fribourg, Geneva, Jura, Valais, Neuchâtel and Vaud) have agreed on a joint, state-accredited certification standard for client advisors to document their capabilities in wealth management, retail and corporate banking.
The standard is based on the certification process launched by UBS in 2012 in partnership with Person Certification service of the Swiss Association for Quality (SAQ) and includes the specific experiences each of the participating firms has gained in its internal training activities.
The initiative will enable banks in the Swiss financial centre to have comparable benchmarks for assessing the capabilities and expertise of their representatives in wealth management and in retail and corporate banking alike.
The certification not only includes general industry knowledge, rules of conduct and bank-specific content but also their application in advisory activities.
UBS said that this occupation-specific certificate marks as a consistent, recognized seal of quality for client advisors.
The certification will be conducted by the SAQ Swiss Association for Quality, which is accredited for this certification by the Swiss Accreditation Service of the State Secretariat for Economic Affairs (SECO).
The certification, which is globally recognized under ISO standard 17024, will bear the designation Certified Wealth Management Advisor for wealth management, Certified Private Client Advisor and Certified Individual Client Advisor for retail banking and Certified Corporate Banker for corporate banking.
Through this certification, banks can provide the best possible training to their employees and keep abreast of the latest developments.
The standard will bring a degree of transparency in training within the Swiss financial industry, with international potential in wealth management.
This certification of client advisors, which will be available to all banks and other interested parties as a voluntary standard, also aims to enhance reputation, expertise and efficiency of the financial industry as a whole.