Hamad Al-Sayari: Financial planning and wealth management in Saudi Arabia
Speech by His Excellency Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency, on the
occasion of the graduation of the 7th and 8th Batches of the Financial Planning Program and the
2nd and 3rd Batches of the Wealth Management Program, Riyadh, 17 January 2007.
* * *
Dear Audience,
I am really glad on this blessed day to be with you in this happy occasion to celebrate the graduation
of the 7th and 8th Batches of the Personal Financial Planning Program, and the 2nd and 3rd batches
of the Wealth Management Program.
In pursuance of its key role in developing the banking and financial sector, SAMA has been very keen
to develop human resources in all financial and banking specializations. To this end, SAMA has made
many initiatives. It has instructed the IOB to conduct a comprehensive study on the investment sector
to determine the professional and educational criteria that must be satisfied by personnel involved in
the various areas of investment. The findings of the study have showed that all staff working in
investment and financial intermediation should have certain basic knowledge and skills in these fields.
To meet these needs, the IOB designed scientific subjects and standardized tests on the basics of
investment and stock trading.
Moreover, the findings have indicated that banks' customers are in need of persons specialized in
offering financial advisory services. Therefore, the IOB has worked on developing two programs,
namely,
•
Personal Financial Planning Program.
•
Wealth Management Program.
These two programs have been designed according to the latest international scientific standards.
They have been designed after the model of capabilities required in a successful and professional
financial planner and wealth manager. A number of members of the training staff in the Institute of
Banking have participated in this process, and experts have also been hired from prestigious
universities and educational institutions outside the Kingdom. As a result of this model, more than ten
programs in financial planning and four programs in wealth management have been carried out. The
programs have been commended by Saudi banks.
Dear Attendance,
Management of investment operations requires specialists enjoying necessary knowledge, required
skills, and professional conduct. The role of a financial advisor has gained more importance, and it
should be practiced by qualified professionals who care, in the first place, for the interests of their
customers who have put their confidence in them, and they should comply with the application of the
policies of the supervisory authorities and financial institutions to which they belong. The importance of
transparency and responsibility increases with the increase in investment awareness and competition
among financial institutions. Here arises the evident need to develop standards and ethics of the
profession and to implement such standards in a very professional and scientific integrity.
Dear Graduates,
The responsibility entrusted to you must be borne with professional enthusiasm and competence. The
knowledge you have acquired through your training here is only part of the cherished objective. The
more important requirement is to conduct yourselves in a sound professional manner, comply with
regulations, and invest your capabilities and knowledge to attain real professionalism.
May Allah render your knowledge useful to you and your country. I wish you all success, and may God
bless you.