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As the banking industry braces for a potential recession in 2023, many wonder which sectors are at risk for reduction and which are hiring. However, as banks prepare for what's next, they may look to early movers for clues.
Digital transformation is not just beneficial for the consumer but also benefits commercial banks in improving their processes and creating new products and services.
In today’s competitive market, it’s more important than ever for commercial and private banking groups to find and hire the best talent to staff their private wealth management divisions.
Wealth management is a highly competitive field, and private client advisors have the opportunity to be well compensated for a job well done.
The hiring dynamics in the wealth management space have changed and will continue to shift in the coming years. Companies are looking for ways to beat their competition and attract top talent.
Private wealth divisions must proactively hire and retain talent for the coming years to ensure growth and success.
The attrition rate in the wealth management sector has been at a steady 4% in 2022 according to Andy Sieg, president of Merill Lynch Wealth Management.
According to Deloitte, the percentage of women in leadership roles in the financial sector has modestly risen from 22% to 24%. This number is projected to grow to 28% by 2030.
As a commercial bank or wealth management division, it’s essential to have private client advisors on staff who are at the top of their game.
Finding the right candidate for the job is often a challenge in any industry, but it can be especially difficult when recruiting private client advisors.
As expert recruiters in the field of private client advisors, we have seen first-hand the importance of a strong team of private client advisors for commercial banks and wealth management divisions.
As the world of private banking moves towards the future, leaders need to keep up. Instilling the right qualities in their Private Client Advisors is essential for any business to thrive.