Priority Banking
Priority & Retail Banking Certified Adviser (PRCA) Level 2

Covering the full range of wealth management competencies for affluent clients

The Priority & Retail Banking Certified Adviser (“PRCA”) Level 2 is the leading programme for individuals in a client advisory role managing affluent clients. Five modules cover the full range of wealth management skills and competencies across sales, relationship management, financial & investment advisory, portfolio solutions,
ethics and rules & regulations.

UNIQUE FLEXIBILITY
Each module is individually accredited to provide the flexibility of completing them separately based on the individual’s preferred schedule and learning pace.

UNIQUE PORTABILITY
Completion of PRCA Level 2 allows eligibility exemption from half of PRCA Level 3 curriculum, assessment and training hours. This portability and recognition translate to a significant savings of cost and time and supports a lifelong learning journey of upskilling one’s competencies.

Curriculum

Individuals are not required to complete all 5 modules and may choose to complete modules which meet their learning needs as well as fulfil their required CPD hours.

For those who wish to achieve IBF Level 2 certification, a possible learning pathway would be one taken over 2 years. Please contact our programme manager to find out how many modules you need to take in order to obtain the Priority & Retail Banking Certified Adviser (PRCA) Level 2 accreditation.

Modules Online Hours Classroom Hours Core / RRCE Hours

This session covers skills to develop and implement a plan for growing one’s AUM and clients through applying skills related to identifying prospects, assessing client suitability, fostering trust and securing clients’ decisions within regulatory and ethical parameters. The session will also cover skills on handling service lapses and stakeholders.

The use of role plays during the session as well as in the assessment, will allow individuals to apply and practice on using a sales advisory approach when presenting solutions to clients.

Adopting the ideal portfolio and asset allocation approach for affluent clients is not always possible as certain products may fall outside the client’s available AUM, risk profile or the organisation’s investment and risk guidelines. The session shows how a wealth advisory approach can be done by leveraging on investment, insurance and legacy products generally available in priority banking. Key concepts such as investment suitability, risk profiling and client investment styles will be covered.

By adopting a less transactional perspective, from sell to advice and from product to portfolio, the individual re-focuses on the relationship and in doing so, establish trust which is core to obtaining client’s acceptance.

This session covers the benefits and process of a financial advisory approach and how this can be applied to identify clients’ needs based on different profiles and life stages. The session will adopt a framework which covers the core focus of most clients and how this can be leveraged to start client conversations and arrive at a plan which considers investments, insurance, assets & liabilities and sources of current and future income.

The individual will gain insights on key considerations on how to identify the features and benefits of each recommendation with the needs of the client.

This session covers the skills necessary to formulate and apply plans for existing clients with the aim of deepening relationships through a wider understanding of the client’s needs, uncovering opportunities through account review and leveraging on specialists and internal stakeholders. The individual will learn how to apply a framework to better understand the
client’s met and unmet needs and wants. Client account optimisation, negotiation skills and retention strategies will also be shared.

The session will enable individuals to gain new skills and insights to achieve a collaborative and meaningful client relationship.

This online learning session features our unique Learn-Apply-Review pedagogy with case studies developed by WMI’s practice-led faculty.

The Ethics module highlights the importance of not just doing what is legal but doing what is right. The Rules & Regulations (R&R) module covers the regulatory framework and guidelines in Singapore. Together, this session will provide the right perspectives and appreciation that ethics, rules and regulations are critical to safeguard not just the industry, organisation and client but also the individual adviser.

Certification & Funding

Upon successful completion of each module and assessment, participants will be awarded:

  • WMI CERTIFICATION

    • WMI Certificate of Achievement for Priority & Retail Banking Certified Adviser Level 2
    • CPD hours (IBF-STS and Core FAA/SFA CPD)
  • IBF CERTIFICATION

    Eligible for the IBF Advanced (Level 2) Certification in Retail Banking (Sales & Relationship Management). T & Cs apply.

Participants who successfully complete the Level 2 programme with more than 3 years combined experience in priority and personal  retail/consumer banking and possessing all relevant CMFAS qualification required by IBF:
• Can apply with IBF for certification title “IBF Advanced (Level 2) Certification in Retail Banking (Sales and Relationship Management)”

Every module is eligible for IBF-STS funding for direct training costs. T&Cs apply. You are advised to assess the suitability of the programme and its relevance to their business activities or job roles. Find out more on www.ibf.org.sg.

 

IBF Standards Training Scheme (IBF-STS) Funding

This programme is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to participants meeting all eligibility criteria. Find out more on https://www.ibf.org.sg/programmes/Pages/IBF-STS.aspx

Fees

Modules Full Fees (S$) Fees after 90% IBF-STS Courses Fee Subsidy
(Available till 31 Dec 2021)
(For Singaporeans / PR) (S$)
Company-Sponsored Self-Sponsored
Client Advisory (Sales Strategy) 1,979.50 314.50 197.95
Wealth Advisory (Client Investment Suitability and Product Solutions) 1,979.50 314.50 197.95
Wealth Advisory (Financial and Investment Planning) 1,765.50 280.50 176.55
Client Advisory (Relationship Management) 1,765.50 280.50 176.55
FA CPD Online (Ethics, Rules & Regulations) 481.50 76.50 48.15

Note:

For Client Advisory (Sales Strategy) and Wealth Advisory (Client Investment Suitability and Product Solutions) modules, a re-assessment fee will be charged if participant is unable to achieve the pass mark in the Role Play Assessment.

The information above is correct at the time of publication. The Wealth Management Institute reserves the right to amend the fees and/or terms and conditions as appropriate.​

Who will Benefit

This programme is designed for professionals between 3 to not more than 8 years of combined experience across priority and personal retail/consumer banking. Individuals with more than 8 years combined experience may wish to consider PRCA Level 3.

This programme will benefit professionals in these various roles:

  • Relationship Manager and Assistant Relationship Manager in priority banking
  • Senior personal banking managers in retail/consumer banking
  • Financial and insurance advisors managing affluent clients
  • Individuals considering a mid-career switch or seeking to re-skill their competencies

Programme Calendar

Modules 2021 Intake
Client Advisory (Sales Strategy) 9 Sep
Role Play: 17 Sep
Wealth Advisory (Client Investment Suitability and Product Solutions) 10 Sep
Role Play: 17 Sep
Wealth Advisory (Financial and Investment Planning) 27 Sep
Client Advisory (Relationship Management) 28 Sep
FA CPD Online (Ethics, Rules & Regulations) Online Access:
1 Sep – 30 Sep

*All dates have not been confirmed by trainer.

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