Coffee Catch-Up Meet Walter Hong
Read excerpts from our Q&A below:
Hi Walter!
A warm welcome to Sydney! We’re thrilled to have you join us today for coffee. Your presence has been invaluable to IAM for the past few months, and we’re eager to learn more about you and your role within the company.
Let’s start by hearing about your transition from your previous role to your current position at IAM Cash. We’re keen to understand the journey that led you here.
Thank you for the warm welcome! Transitioning into my role as Relationship Manager for the Cash Markets Team at IAM has been an exciting journey. Joining such a welcoming team has made the transition seamless, allowing me to hit the ground running in my almost six months here.
My journey in finance began over a decade ago at Rabobank during the launch of their online savings products. From there, I gained valuable experience across various aspects of retail banking, which naturally led me to focus on relationship management and business development, particularly within intermediary deposits.
My regular interactions with the IAM Cash Markets team through my time at Rabobank is what ultimately led me to my current position. The opportunity to contribute to the growth of a business alongside such a fantastic team was something I couldn’t pass up.
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Let’s dive deeper into your expertise and how you operate within the ever-changing financial markets:
Now, let’s dive into the professional side of things. Could you share any recent projects or achievements that you or your team have been working on? (Alternatively) we’d love to hear about the potential impact these projects might have on the company or its clients.
Our team is dedicated to ensuring that our clients have access to a diverse range of competitive products while receiving reliable service. Recently, we’ve been actively pursuing partnerships with several ADIs and asset managers to expand our product offerings on the platform. By adding more options, we aim to provide our clients with increased flexibility and opportunities to optimise their returns while minimising risk and managing their liquidity. We’re confident that these partnerships will enhance our product portfolio and strengthen our relationships with clients by meeting their needs more effectively.
Moving on to common misconceptions in your field, we’re curious to hear your perspective given your background. What are some misconceptions you’ve encountered, and how do you address them?
In the cash products industry, there’s often a misconception that the rate of return is the sole priority for clients. While it’s undoubtedly crucial, I’ve found that there’s sometimes a tendency to overlook the importance of a robust service model. In my experience, clients, especially those in the intermediary space, value trust and reliability just as much as competitive rates. Rather than solely focusing on a few basis points, clients appreciate a provider who can streamline account opening processes and offer ongoing support whenever needed.
On a more personal note, do you have a personal investment mantra or guiding principles that shape your approach in this ever-evolving field?
For me, staying active with cash investments is key. The difference in interest rates between different types of accounts can be significant, and it’s all about making your money work harder for you. Even within high-interest accounts, it’s crucial to dive into the details to ensure you’re getting the most out of your investment and to understand the terms and conditions of each product. To illustrate this point, The ACCC found that in the first half of 2023, over 70% of savings accounts with a bonus interest rate did not meet the requirements to receive it. This is where a platform provided by IAM becomes extremely useful to better help you digest the information and alleviate other common barriers like switching banks.
Shifting gears a bit, we’d like to get to know you on a more personal level.
As a Sydneysider, what to-do lists weekends look like?
As a Sydneysider, my weekends have taken on a whole new meaning since my 10-month-old boy came into the picture. These days, my to-do list is dictated by a chorus of ‘ooo’s and ‘aaa’s from him! Parenthood has definitely shifted my priorities, but it’s been an incredibly rewarding journey. Living in Sydney, we’re spoiled for choice when it comes to family-friendly activities. We “usually” get fantastic weather and there are a ton of places, activities, and cultures to explore. I especially love that you can find a fix to almost any food craving within a 30-minute drive in any given direction.
And, most importantly, how do you strike a balance between your professional commitments and personal interests to ensure your overall well-being?
I believe it is vital that you still find valuable time for yourself and your family outside of your workload. It doesn’t have to be a grand, well-planned excursion. The little things that you enjoy together will go a long way to improve your overall well-being. As cliched as it is, we enjoy our early morning family walks to get coffee followed by going to the dog park.
