Banks now have private wealth management divisions to better serve their high-net-worth clients and provide them with the personalized attention they require.
This industry continues to expand. According to IBISWorld, as of 2023, 88,302 people are employed in private banking services. This number is expected to grow in the future.
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.
According to a recent study by PWC, private wealth management is one of the fastest-growing segments in the financial services industry, and it’s expected to continue growing in the coming years. With this in mind, banks need to find advisors who not only have the necessary skills but also have the right personality and communication style to work with high-net-worth clients.
Evaluate Professional Qualifications and Experience
The first step in spotting great talent is evaluating the candidate’s professional qualifications and experience. Candidates with relevant degrees, certifications, and experience in finance, economics, and other related fields are ideal. Candidates with a track record of working in similar roles and delivering excellent results are also a good consideration. But don’t stop at hard skills.
Assess Communication and Interpersonal Skills
Private wealth management requires individuals to be excellent communicators, as interacting with clients regularly is core to financial management. Candidates who have excellent interpersonal skills and can explain complex financial concepts in a simple and straightforward manner are recommended. The ability to listen, understand, and empathize with clients is also crucial.
Look for a Passion for Finance and Investment
Private client advisors or wealth managers who show a strong passion for finance and investment are more desirable. Candidates with a genuine interest in the financial markets, investments, and personal finance will likely be more committed to their work and be more successful in the long term.
Seek Candidates with a Strong Work Ethic
Private wealth management is a demanding field and putting in the hard work and dedication is required for acquiring new clients and managing the existing ones. Commercial and private banking groups can benefit from individuals who have a strong work ethic and are committed to delivering results. Candidates who are willing to go the extra mile to ensure their clients’ success will likely be valuable assets to the organization.
Focus on Emotional Intelligence (EQ)
Self-regulation, self-awareness, and empathy define a person’s emotional intelligence. Advisors and private wealth managers deal with people on a regular basis. Staying in touch with one’s emotions and showing empathy toward a client’s problems are important to succeed in this industry.
A high EQ is also a distinguishing factor for bankers and consultants to advance in their professions. Higher EQ is correlated with getting more promotions and raises.
High emotional intelligence in candidates enables them to build strong relationships with their clients and provide personalized solutions that meet their specific needs.
Banks can access a network of top performers to find the best talent for their private wealth management divisions with The Anderson Search Group. This gives banks access to seasoned, credit-trained portfolio-building private client advisors with connections to all pockets of wealth in a specific market.