Session 2009 1 IFBL Certified Certi Private Banker by phb71255


Certified Banker document sample

More Info
									                                  Session 2009/1

                                  IFBL Certified

                                  Private Banker
                                  a high-level
                                  training programme

with the technical expertise of
IFBL Certified
Private Banker
BACKGROUND                                                   TRAINING PROVIDER
In the wake of heightened competitivity, and the             The IFBL Certified Private Banker was developed by the
increased complexity of the regulatory environment,          Luxembourg Institute for Training in Banking (IFBL).
a need for qualifying structured professional training       At the behest of the ABBL, a training programme was
programmes has emerged. Wealth Management in                 formulated, aimed at enhancing professionalism in
Luxembourg, if it is to retain its current success and       one of the leading industries of the financial centre,
to expand, must therefore answer to a number of              in accordance with its distinctive mission to “prepare,
international criteria as well as meet the specificities      create, develop and promote any training means,
of Private Banking in Luxembourg.                            programmes or actions whatsoever, in the interest of
                                                             the financial centre of Luxembourg”.

OBJECTIVES                                                   Established in its current form in 1990 as the training
The purpose of this high-level training programme is         branch of the Luxembourg Bankers’ Association (ABBL),
to enhance the technical expertise of the participants       the IFBL provides participants the means to achieve
in their function as relationship managers and client        sound and rapid career progression anchored in the
advisors and to provide a professional qualification in       realities of the banking and financial market
this field. The programme focuses on the Luxembourg           requirements. Its wide-ranging programmes are
legal and fiscal environment and grants a particular          constantly evolving and range from industry basics
importance to all the practical skills which are essential   to state-of-the art highly specialised courses, training
for establishing a fruitful and long-lasting relationship    sessions, seminars, conferences and workshops. To
with a wealthy private banking clientele.                    ensure that the offered training programmes match
                                                             the real needs of the financial centre, the IFBL has
                                                             formed “Quality Circles”, composed of acknowledged
                                                             experts in their respective fields. Concurrently, strong
                                                             partnerships were built up with most of the representative
                                                             professional organizations in Luxembourg:

                                                             f   ALCO (Luxembourg Association of Compliance Officers)
                                                             f   ALFI (Association of the Luxembourg Fund Industry)
                                                             f   ALGAFI (Luxembourg Association of Portfolio
                                                                 Managers and Financial Analysts)
                                                             f   ICMA (International Capital Market Association)
                                                             f   Luxembourg Chamber of Commerce
                                                             f   PRiM (Luxembourg Association for Risk Management
The IFBL Certified Private Banker will also benefit from the   TRAINING STRUCTURE
technical expertise in tax related aspects of PwC ACADEMY,   The course consists of 6 topical tuition blocks, covering
an established player in continuing vocational training,     180 hours (22.5 days).
providing a vast array of training solutions to both
technical and personal development challenges.               f   Legal and Regulatory Framework
PwC’s know-how reflects its thorough knowledge                    28 hours
of the Luxembourg Economy and its major players                  A complete review of all the legal, ethical and
and incorporates the strength of the PwC network.                professional duties governing the life of a private
                                                                 banker in Luxembourg
During this training programme, PwC ACADEMY will             f   Portfolio Management
leverage its technical expertise in tax-related aspects,         40 hours
a critical factor in the activities of a private banker.         An in-depth study of the theoretical and technical
A trainer of the PwC Luxembourg Tax practice and                 aspects of portfolio management and asset allocation
member of its international Private Clients Solutions        f   Wealth Management
network will lead the sessions, whereas network                  48 hours
correspondents from the different countries concerned             A thorough analysis of the relational management of
will integrate local tax expertise in relation to their          the client’s assets followed by a detailed insight in
respective territories.                                          estate and tax planning as well as the relevant
                                                                 strategies and opportunities
                                                             f   Alternative Investments
PARTICIPANTS AND REGISTRATION                                    16 hours
The IFBL Certified Private Banker aims at Relationship            An introduction to Alternative Investments and
Managers with 3 to 5 years of experience in Private              complementary products: Hedge Funds and
Banking. In order to ensure an optimal teaching                  Private Equity.
environment, the number of participants is currently             Definition and insight into their perspectives and
limited to 25 per session. Priority will be given to             advantages, structures, regulations and documents.
participants enrolling for the complete programme.           f   Interpersonal Skills
Subject to availability, registrations may be accepted           16 hours
for single tuition blocks.                                       An interactive exploration of the relational and
You will find an application form at the end of this              behavioural skills required from a private banker who
brochure; in addition to personal data, candidates are           operates in an international and intercultural
required to indicate information about their educational         environment.
background and their work experience. Admittance to          f   Knowledge Transfer Workshops
the programme will be granted on the basis of the                32 hours
information provided and the subsequent evaluation               A practical implementation of a vast array of acquired
of the Training Provider.                                        knowledge and techniques, as well as an adequate
                                                                 level of competence pertaining to the previous 5 topics.
TRAINING METHODS                                                 EXAMINATIONS, ASSESSMENT AND
The training methods used aim at promoting a                     CERTIFICATION
sound theoretical knowledge and a thorough practical             There are four written examinations to be passed and
competence, enabling candidates to perform efficiently             one case study to prepare for the final assessment.
and with confidence. The courses are a combination
of lectures, practical workshops, role-playing and               • The Legal and Regulatory Framework tuition block
simulations.                                                       prepares for a written 3-hour-examination.
                                                                 • The tuition block Portfolio Management prepares
                                                                   for a 1.5-hour written examination.
LECTURERS                                                        • The tuition block Wealth Management prepares
The lecturers (lawyers, university lecturers, tax experts          for a 2-hour written examination.
and senior private banking relationship managers) are            • The tuition block Alternative Investments
renowned local and international experts.                          prepares for a 1-hour written examination.

                                                                 Examinations are to be taken on one of the dates
LANGUAGE                                                         indicated at the beginning of the course. Each module
• English Session                                                will offer at least two examination dates to chose from.
  The course material and the courses will be in English.
                                                                 There are no other written examinations to be passed.

EXEMPTIONS                                                       Participants that have successfully passed all 4
Holders of a CFA-Diploma or a CIIA-Diploma do not                examination blocks as well as attended the
have to attend the tuition blocks Legal and Regulatory           Interpersonal Skills course and the Knowledge Transfer
Framework and Portfolio Management, nor do they                  Workshops are allowed to sit an Assessment.
have to pass these specific examinations.
                                                                 The Assessment consists of an oral examination before
                                                                 a jury composed of a committee of heads of Private
                                                                 Banking and trainers. It is based upon a case study
                                                                 handed out to assessment candidates a few weeks
                                                                 prior to their examination. The case study is to be
                                                                 prepared as a Power Point presentation for the jury.

                                                                 Candidates having successfully passed the Assessment will
                                                                 be granted the “IFBL Certified Private Banker Diploma”.




 Legal and            Portfolio            Alternative           Wealth              Interpersonal       Knowledge
 Regulatory           Management           Investments           Management          Skills              Transfer
 Framework                                                                                               Workshops

1) LEGAL & REGULATORY FRAMEWORK (28 H)                         4.       Some technicalities of the banking business
                                                               4.1.     Deposits
INTRODUCTION                                                   4.2.     Mandates
The sources of the financial law.                               4.2.1.   Principles
The structures of the financial law.                            4.2.2.   Mandate post-mortem
                                                               4.3.     Credit
1.       The amended law of 5th April 1993                     4.4.     Guarantees, caution, pledge
1.1.     The structure of the law                              4.5.     Fiduciary agreements
1.2.     The players
1.2.1.   Banks / credit institutions                           5.       Personal data protection
         Requirements for authorization                        6.       Financial professional rules
1.2.2.   FSP (Financial Sector Professional)                   6.1.     Money laundering
         Definition                                             6.2.     Banking secrecy
         Requirements for authorization                        6.2.1.   Principles
1.3.     Professional duties                                   6.2.2.   Exceptions
1.3.1.   Principles                                            6.2.3.   Banking secrecy and mutual assistance / tax
1.3.2.   The other duties                                               authorities
1.4.     Supervision of the financial sector                    6.3.     MIFID (rules of conduct)
1.4.1.   The CSSF (Commission de Surveillance du
         Secteur Financier)                                    7.       Market Abuse / Insider trading
1.4.2.   The supervision
1.5.     Other points regulated in the law of 5th April 1993   8.       Luxembourg Company Law
1.5.1.   Client Claims                                         8.1.     Law of 10th August 1915 on companies
1.5.2.   Transfers regulation                                  8.2.     SPF (Société de Gestion de Patrimoine Familial),
                                                                        Law of 11th May 2007
2.       Luxembourg Stock Exchange
                                                               9.       Inheritance issues
3.       Investment Fund Legislation                           9.1.     The rules of international inheritance issues
3.1.     UCITS (Undertaking in Collective Investments          9.2.     The banker as the asset manager in case of
         in Transferable Securities)                                    death of the customer
3.2.     SICAR (Société d’Investissement en Capital à
         Risque)                                               10.   The banker’s liability
3.3.     SIF (Specialised Investment Fund)                     10.1. The banker as an asset manager
3.4.     Pension funds                                         10.2. The banker as a counselor
2) PORTFOLIO MANAGEMENT (40 H)                            f How to define your client’s objectives
                                                          f Example on how to collect customer data
1. Modern Portfolio Theory                                f Customer profiling

f The risk / return framework                             f The KYC

f Efficient markets                                         f Building a relationship with your customer

f Portfolio theory                                        f Facts about wealthy clients and their financial advisor

f Capital asset pricing model                             f Ethics and deontology

                                                          f How to position yourself in front of your customer

2. Investment Policy                                      f The importance of a financial plan

f Individual Investors                                    f Advance planning and its components

f Institutional Investors                                 f Traditional asset allocation concepts

                                                          f The challenge of asset allocation with private clients

3. Asset Allocation                                       f The investment policy statement

f Asset allocation overview                               f Investment policy statement cases

f Type of asset allocation                                f Client education

                                                          f The portfolio construction process

4. Practical Portfolio Management                         f Selecting funds and portfolio managers for

f Derivates in Portfolio management                         your customer
f International Investments                               f Investing in structured products and non-

                                                            traditional assets
5. Performance Measurement & Evaluation                   f Investment review with your customer

f Risk-return measurement

f Risk-adjusted performance measures                      2. Estate & Tax Planning Considerations
                                                             and Strategies (40 h)
6. Wealth Management                                      1       Introduction
f Basic concepts                                          1.1.    Personal objectives
   Comparing outcomes of investments, Utility functions           f   Non-tax-driven
   and indifference curves, Expected utility approach,             f   Tax-driven
   Expected utility and the mean-variance framework       1.2. Luxembourg context
f Asset and liability categories                                  f   Personal income tax
   Assets and funds, Structured products, Liabilities             • Limited vs. unlimited liability
f Client profiles                                                  • Progressive income rates, flat rates and
   Setting return objectives, Time horizon, Liquidity               reduced rates
   need, Taxes, Keep the profile alive                             • Optimisation grid for residents and
f Funds selection                                                   non-residents
   Advantages and disadvantages of mutual funds,                  f   Gift & Inheritance taxes
   The fund selection process, Tax considerations                 • Scope
                                                                  • Impact
                                                          1.3. International context
3) WEALTH MANAGEMENT (48 H)                                       f   Treaties
                                                                  • Allocation of taxation rights
1. Relationship Management (8h)                                   • Avoidance of double taxation
f Definition of wealth management                                  • Social security
f Wealth and private clients                                      f   Anti-abuse legislations
f Different ways of measuring wealth                               • Tools
f The key notion of purchasing power                              • Efficiency
f The cycle of life                                               f   EU legislation
f The source of wealth and the notion of old and                  • Impact of the EU freedoms on tax rules
  new money                                                       • EU Savings Directive
2       Luxembourg Panel                                  5) INTERPERSONAL SKILLS (16 H)
2.1.    Direct investment
        • Fixed-rate products                             When dealing with a demanding clientele, interpersonal
        • Variable income products                        skills are a major factor of success which should not be
2.2.    Indirect investment                               underestimated. Based on the Myers-Briggs Type
        f   Life insurance                                Indicator (MBTI), this two-day practical course focuses
        • Guaranteed products                             on different communication and behavioural skills
        • Unit-linked products                            which will enable participants to meet the customers
        f   Vehicles                                      with self-confidence and understanding.
        • Collective (SICAV, FCP)
        • Dedicated (SOPARFI, SPF, SIF)                   f   Presentation skills:
        • International perspective (trust,                   How do I present myself, how do I efficiently present
          foundations, offshore companies)                     the products and services of my institution? How am
2.3.    Optimisation grid                                     I perceived?
        f For residents                                   f   Negotiation skills
        f For non-residents                                   How can I adapt myself to different types of
3       Optimising the worldwide tax burden:                  customers? How can the generation gap successfully
        Belgium, France, Germany and the Netherlands          be bridged?
3.1.    Tax and social security framework                 f   Interview skills
        f Personal income tax                                 Which techniques may be used in order to detect
          • General overview                                  customer needs?
          • Taxation of investment income, real           f   International / Intercultural business behaviour
            estate income, capital gains and pensions         How can I improve my social skills?
          • Local vs foreign income
        f Wealth tax

          • General overview                              6) KNOWLEDGE TRANSFER WORKSHOPS
          • Taxation of financial assets and real             (40 H)
             estate properties
          • Local vs. foreign investment                  The participants will be coached by experienced Senior
        f Gift and inheritance tax                        Private Bankers and will be guided through practical
          • General overview                              issues pertaining to their daily work experience.
          • Taxation on transfer of financial assets
             and of real estate properties                The Knowledge Transfer Workshops require the
          • Local vs. foreign assets                      preparation of practical case studies either alone or
3.2.    Planning opportunities                            in teams between each workshop session.
        f Selection of tax efficient investments

          • Fixed income vs. variable income
          • Income vs. capital gain
          • Direct investment vs. indirect investment
        f Attention points

        f Optimisation grid


f   This course will help understand alternative asset
    management, hedge fund strategies, comparing
    alternative asset management with traditional asset
    management and also the private equity industry,
    its business characteristics and the functioning of
    investment vehicles used.
f   This programme is developed in collaboration
    with ALFI.
Time Schedule
Session 2009/1

As a rule, courses will take place on Fridays and Saturdays
as well as, occasionally, on Thursdays. Examinations have
not been scheduled, participants are free to register for
an examination on a date of their choice.

f   Thursday 5 March 2009        Legal and Regulatory Framework
f   Friday 6 March 2009          Legal and Regulatory Framework
f   Saturday 7 March 2009 (am)   Legal and Regulatory Framework
f   Friday 20 March 2009         Legal and Regulatory Framework

f   Thursday, 23 April 2009      Portfolio Management
f   Saturday, 25 April 2009      Portfolio Management
f   Friday, 8 May 2009           Portfolio Management
f   Saturday, 9 May 2009         Portfolio Management
f   Friday, 15 May 2009          Portfolio Management

f   Wednesday, 20 May 2009       Knowledge Transfer Workshop

f   Thursday, 4 June 2009        Interpersonal Skills
f   Friday, 5 June 2009          Interpersonal Skills

f   Friday, 12 June 2009         Wealth Management
f   Friday, 19 June 2009         Wealth Management
f   Saturday, 20 June 2009       Wealth Management
f   Friday, 26 June 2009         Wealth Management
f   Saturday, 27 June 2009       Wealth Management
f   Friday, 10 July 2009         Wealth Management

f   Friday, 18 September 2009    Knowledge Transfer Workshop

f   Friday, 2 October 2009       Alternative Investments
f   Saturday, 3 October 2009     Alternative Investments

f   Friday, 9 October 2009       Knowledge Transfer Workshop
f   Friday, 23 October 2009      Knowledge Transfer Workshop

f   25-27 November 2009          (upon individual appointment) Assessments

Training Centre IFBL / Chamber of Commerce    f   Knowledge Transfer Workshops
7, rue Alcide de Gasperi, L-1615 Luxembourg       1.200,- EUR – IFBL members
                                                  1.500,- EUR – Non-members
                                              f   Final Assessment
FEES                                              375,- EUR – IFBL members
f   Full Session                                  470,- EUR – Non-members
    6.450,- EUR – IFBL members
    8.065,- EUR – Non-members                 f   The registration fees for the Full Session include:
f   Legal and Regulatory Framework                tuition, all teaching materials, lunches and coffee
    875,- EUR – IFBL members                      breaks. They do not include the examination fees.
    1.100,- EUR – Non-members                 f   Registration deadline
    Examination                                   The application form has to be returned two weeks
    50,- EUR – IFBL members                       prior to the beginning of the training programme (or
    65,- EUR – Non-members                        two weeks prior to the beginning of a topical tuition
f   Portfolio Management                          block, in case of registration for single blocks)
    1.250,- EUR – IFBL members                f   Conditions for cancellation
    1.565,- EUR – Non-members                     Cancellations must be made in writing. Full course
    Examination                                   fees are payable if the cancellation is received less than
    50,- EUR – IFBL members                       5 days before the start of the course and if no medical
    65,- EUR – Non-members                        certificate has been handed in. For cancellations
f   Wealth Management                             received before this deadline, 20% of the registration
    2.125,- EUR – IFBL members                    fees will be charged, with a minimum amount of
    2.650,- EUR – Non-members                     50 EUR and a maximum amount of 1,200 EUR. A
    Examination                                   course participant can be replaced by another
    50,- EUR – IFBL members                       participant at any time without additional charges.
    65,- EUR – Non-members                        This must be notified to us in writing.
f   Alternative Investments
    500,- EUR – IFBL members                  CONTACTS
    625,- EUR – Non-members                   Luxembourg Institute for Training in Banking
    Examination                               7, rue Alcide de Gasperi
    30,- EUR – IFBL members                   L-1615 Luxembourg
    40,- EUR – Non-members                    Tel. +352/46 50 16-1 - Fax +352/46 50 19
f   Interpersonal Skills            
    500,- EUR – IFBL members        
    625,- EUR – Non-members
IFBL Certified Private Banker
Application form

                                                                  Fees Members                Non-members
                                                                  (+ VAT 3%)                   (+ VAT 3%)

    FULL SESSION (COURSES ONLY)*                                  EUR 6.450,-                 EUR 8.065,-

    LEGAL AND REGULATORY FRAMEWORK                                EUR 875,-                   EUR 1.100,-

    EXAMINATION                                                   EUR 50,-                    EUR 65,-

    PORTFOLIO MANAGEMENT                                          EUR 1.250,-                 EUR 1.565,-

    EXAMINATION                                                   EUR 50,-                    EUR 65,-

    WEALTH MANAGEMENT                                             EUR 2.125,-                 EUR 2.650,-

    EXAMINATION                                                   EUR 50,-                    EUR 65,-

    ALTERNATIVE INVESTMENTS                                       EUR 500,-                   EUR 625,-

    EXAMINATION                                                   EUR 30,-                    EUR 40,-

    INTERPERSONAL SKILLS                                          EUR 500,-                   EUR 625,-

    KNOWLEDGE TRANSFER WORKSHOPS                                  EUR 1.200,-                 EUR 1.500,-

    FINAL ASSESSMENT                                              EUR 375,-                   EUR 470,-

* The Full Session fee does not include the cost for examinations nor for the assessment. The participant will need to
  register separately for each examination as well as for the assessment upon confirmation of the examination schedule.
  These fees are charged separately.

Form to be returned 2 weeks prior to the beginning of the course by mail or
by fax to: IFBL ı 7, rue Alcide de Gasperi ı L-1615 Luxembourg ı Fax: 46 50 19 ı E-mail: customer@ifbl.

 PROFESSIONAL (Both sections, participant and employer, to be completed)

 PRIVATE (Non-members' price)

Surname                                                                       First name

Date of birth


Work phone                                                                    Home phone

E-mail                                                                        Fax

(for notification of all details)

Highest school or university degree obtained

Current function and title

Years of experience


Name                                                                                Member                               Non-member

Surname of Training Manager                                                   First name

E-mail (obligatory)
(for notification of all details)

Billing address

Tel.                                                                          Fax
By signing the registration form, the participant declares that s/he accepts the general terms and conditions set out overleaf.

Date                                                                          Signature
                                                                              (Employer's stamp is obligatory)

Form to be returned 2 weeks prior to the beginning of the course by mail or
by fax to: IFBL ı 7, rue Alcide de Gasperi ı L-1615 Luxembourg ı Fax: 46 50 19 ı E-mail: customer@ifbl.
Our partnerships:

To top