Wednesday, Aug 21, 2019
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Faces of the Industry BFSB Professional of The Year says work hard

Three decades of service in the Bahamas’financial services industry make the Bahamas Financial Services Board’s(BFSB)Professional of the Year 2010, Veronica Moncur-Sherman, a true’face of the industry’.

Sherman-Moncur’s career started in 1981 with what was then the Bahamas International Trust Company(now Ansbacher(Bahamas)Limited), and moved her through Jersey Private Bank and Trust Company, to her current position as a director of UBS Trustees(Bahamas)Ltd. with responsibilities as team head for the Asia desk. She has insights on where the industry is going and lessons for entrants to the industry.

“The most rewarding experiences I’ve had have been the opportunities to mentor persons coming into the industry,”Moncur-Sherman said.”I’ve worked with a couple of really bright lights. You recognize the talent up front, you do the best you can to hone that, steer them in the right direction, and then you see them take off.”

Sherman said that from her experience, it is the readiness to work hard and not take short-cuts that really determines success in the industry.

“Hard work is key,”Moncur-Sherman said.”You can find somebody coming into a job and academically they can have all of the qualifications, they can be intellectually very bright, but if you don’t come in with the right work ethics and the right attitude, it makes a difference.

“There are no short-cuts in the industry. You have to be prepared to work hard, to learn as much as you can about your particular job and others because the jobs are so interrelated.”

The Bahamian financial services industry is at a place where delivery of service and a good relationship with clients will not be enough to remain competitive, according to Moncur-Sherman.

“We have to take very seriously the rules and regulations in place to ensure that our structures are sustained and maintained at the level they ought to be,”Moncur-Sherman said.”We will find going forward that countries are becoming so determined to keep their wealth within their gates. Anything that they perceive as going out, they will try to find reasons for stopping that.”

One of the most challenging experiences of Moncur-Sherman’s career called for her to balance the needs of a client with the needs of the organization.

“You get to know your clients very well. In one of my cases I found that my clients encountered problems in their home country which were of a significant magnitude. I found that within my company the approach may have been to just exit these clients for whatever reason, but you find that when you develop that kind of relationship with your clients you come to see them as persons of integrity. You just want to do what you can to see them through a situation.”

“In the long run, I have to do what is best for the company,”Moncur-Sherman said. She added that damage to the company’s reputation affects the entire client base, and is bigger than the loss of an individual client.

Moncur-Sherman expressed special thanks to her children, Krista, a marine biologist with the National Trust, Keri, an attorney with McKinney, Turner&Co, and Kenfel who is at university in Canada studying Psychology and Biology.

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