After outperforming its peers with 6 percent growth in wealth management revenue last year, E.Sun Financial Holding Co plans to hire more financial consultants this year to keep up with an expanded customer base.
Taiwanese clients remained interested in wealth management in spite of the global uncertainty, E.Sun Financial president Joseph Huang (黃男州) said yesterday.
The bank-reliant conglomerate plans to recruit 500 more employees this year, saying that talent from all sectors are welcome, as it needs more professionals on legal compliance, information security, big data and anti-money laundering, Huang said.
He added that a total of 50 management associates and technology management associates would be recruited.
The conglomerate announced plans to collaborate with 13 of the nation’s universities to offer courses for senior college and graduate students.
The venture is intended to help cultivate financial professionals.
Students can work at the bank’s 139 branches as an intern for one or two days per week for NT$1,500 (US$48.65) per day, Huang said.
The bank has hired 350 interns since 2015 through a similar program, of whom approximately 30 percent have become regular staffers, it said.
The firm has 700 financial consultants and plans to raise the number to 800 by the end of this year, while it has 10 relationship managers to handle its private banking business, it said.
Unlike its peers, E.Sun Financial does not provide the financial consultants with commissions based on the business they bring in, but reward them with a year-end bonus based on several factors, including whether clients make a profit, Huang said.
“If we pay financial consultants commissions, they would seek to sell expensive funds or other investment vehicles, which might not be the best fit for their clients,” Huang said.
Although the year-end bonus might be not as large as commissions, the strategy allows the firm to pay their financial consultants a bonus even if the economy is taking hits, he said.
E.Sun Financial reported a net profit of NT$1.15 billion for last month, up 40 percent from a year earlier, thanks to a net profit of NT$1.06 billion at E.Sun Bank (玉山銀行), company figures showed.
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