As the market makes a comeback, Private Wealth Management has become increasingly competitive among bankers, asset managers, brokers, multifamily offices and other specialist providers in asset allocation, trust and tax advice. During the market million and above in financial downturn, many private clients stayed put. Now they are poised to find the right provider and financial advisor.
Janice Reals Ellig, whose search practice encompasses this area, notes that, “Private wealth management providers are not only adjusting their model to attract and retain wealthy clients, but are also chasing the rainmakers who can increase their company’s share of wallet with existing clients and bring in new clients. In the Battle for Talent, firms know that those professionals with a successful track record will continue to bring in the best clients, and over time, their current clients will most likely follow."
In our search for talented professionals who operate in the arena that is called Private Wealth Management (or Private Client Services), there is high demand and limited talent, therefore, we focus on ten key competencies when looking for viable candidates:
As companies in wealth management are looking to grow their private client base and gain a greater share of a client's assets, prospective candidates seek the platform that will best serve them and, in turn, their clients. Companies have been acquired, merged and downsized, causing changes in the structure of organizations and a blending of compensation plans for private client services professionals. With these changes, many private client service professionals have or are willing to consider changing companies.
As resources have become tight and management and delivery models have changed, we have two observations in recruiting top talent.