ABBL

On 15 January 2009, the Luxembourg Institute for Training in Banking (IFBL) and the Private Banking Group, Luxembourg (PBGL) held a conference on the future training framework in Private Banking in Luxembourg. Beyond presenting Luxembourg's existing training structures in Private Banking, the conference introduced the forthcoming top-level Certified International Wealth Manager® diploma, an international qualification which will be awarded by the Association of International Wealth management (AIWM), Zurich, in cooperation with the ABBL and the IFBL.

After a strong demand for a high-level training programme from Luxembourg's Private Banking community, the Luxembourg Institute for Training in Banking (IFBL) had already launched the IFBL Certified Private Banker in 2008. The concept of "a training programme developed by the financial centre for the financial centre", as IFBL managing director Serge de Cillia sums up the underlying concept, proved to be very successful indeed. The programme focuses on the Luxembourg legal and fiscal environment and aims to further enhance participants' technical expertise as relationship managers and client advisors.

As with the institute's other certifications, such as those in Compliance, risk management, capital markets or in the field of investment funds for instance, the support of and the collaboration with professional associations and stakeholders is a key prerequisite for the success of such a training programme. In the case of the IFBL Certified Private Banker, the courses that were developed enjoyed the support of the Private Banking Group, Luxembourg (PBGL), the ABBL business line cluster regrouping Luxembourg's private bankers.

In addition to the IFBL Certified Private Banker, which is very much anchored within the daily realities of the Luxembourg financial centre, Luxembourg's private bankers also intend to launch a certification with a slightly more international orientation. Thus, in answering to market needs, the ABBL will enter into collaboration with the Association of International Wealth management (AIWM), Zurich, with a view to offering the Certified International Wealth Manager® diploma in Luxembourg. As with the Certified Private Banker, the CIWM® training programme will be perfectly adapted to the needs and realities of the profession, a fact perfectly illustrated by the joint presence of Fouad Rathle, Chairman of the IFBL, and Charles Hamer, Chairman of the PBGL, who introduced the conference on the future training framework in Private Banking in Luxembourg.

At the IFBL/PBGL conference, Werner Eckes, Director of the IFBL, Roger Hartmann, Adviser to the PBGL, and Karin Moellering of the AIWM, presented the details and content structure of the new CIWM® diploma and placed this high-level programme within the context of existing as well as of future aspects of Luxembourg's Private Banking training framework.

Thus, the content for the international part of the training framework in question, which will make up 80% of the course, will be imported from the existing Swiss diploma, while the remaining 20% will be developed jointly by the IFBL and the PBGL. This latter, local, part will concentrate on the specificities of the Luxembourg financial centre, its products, its Wealth management needs, its legal environment, and so on.

The qualification is specifically aimed at senior professionals in the Wealth management industry in Luxembourg who are keen on developing their in-depth knowledge and expertise. As with the IFBL Certified Private Banker, the programme will be assessed via exams. Considering the significant workload and self-study required, potential participants will need to be highly committed and motivated.

In addition to already being recognized locally via the highly sought after Certified Private Banker qualification, the Certified International Wealth Manager® diploma will allow the IFBL to develop its international visibility. Serge de Cillia is convinced that, combined, both qualifications will strengthen Luxembourg's position as a centre of training expertise, not only within established banks themselves, but also within the business lines of entire groups. The certification of business line competencies in Luxembourg is indeed something that can be exported throughout a banking group.

The IFBL/PBGL conference concluded with a keynote speech by Philip Marcovici, Partner at Baker & McKenzie, Zurich and CEO and Chairman of LawInContext Pte. Ltd. In his speech, Mister Marcovici  analyzed the current global trends as well as legislative and regulatory initiatives affecting financial
centres that have client privacy rules. In the context of the CIWM®  diploma, the speaker stressed the importance of private bankers' knowledge and understanding of the legal and fiscal environment of their client's home country. Thus, one of the strengths that Luxembourg needs to continue to develop is its ability to offer all the advantages of its financial centre, such as its flexible legal structures, its wealth planning expertise or its client privacy, in a way that reflects the client's needs in Compliance with their tax and other obligations.