Attracting The Right Talent In Wealth Management

Growth in wealth management business has led to a shortage of qualified staff. This Strategic Insight Report assesses some of the strategies that banks are pursuing to find and attract qualified staff.

• Looks at strategies being carried out worldwide
• Includes insights from senior individuals within the industry regarding recruitment techniques

Hiring graduates with wealth related qualifications suits large banks, with the resources to run the recruitment program, which will require significant investment to succeed in recruiting graduates in a very competitive market. Large banks also have the capacity to place those who fail to develop into wealth managers into other parts of the bank.

The focus of Citigroup's recruitment program is on recruiting from non-financial backgrounds, only specifying professional experience - around three to five years in their industry. UBS targets students in other industries as well as professional, because "we want to grow and cannot find enough professionals [within the industry]."

Recently, some banks have developed a "private banking franchise". This comprises either a single relationship manager or team of managers, which are given their own profit and loss account, within the overall structure of the bank. This gives some autonomy, allowing them to decide how and where the money is spent, and how the business is developed.

• Gain insight into the latest recruitment strategies being implemented by competitors
• Use to develop a suitable recruitment strategy with an overview of the options available and their suitability

INTRODUCTION

Overview

CHAPTER 1 ACQUISITION STRATEGIES

Introduction

Wealth managers are acquired through one of five channels

Hiring graduates with traditional wealth-related qualifications often provides untested staff with industry knowledge

Strategy points

Individuals who have completed specialist wealth management course can be both knowledgable and highly motivated

Strategy points

Increasingly, private banks are hiring individuals with no background in wealth management

Strategy points

Hiring existing bank employees allows global banks to effectively leverage existing resources

Strategy points

The prevalence of recruitment directly from other private banks indicates the scale of the recruitment crisis

Strategy points

CHAPTER 2 RETENTION STRATEGIES

Introduction

Successful retention strategies give relationship managers control of their business

APPENDIX

Further Reading

Global Wealth Management SPP

Interactive Databases

Market Reports

Strategic Insight Reports

Wealth Management Competitor Tracker

Datamonitor Asia Pacific Wealth Management SPP

Savings and Investments SPP

Interactive Databases

Reports

Briefs

SPP writing team