The hiring dynamics for wealth management divisions within banks have changed and will continue to shift in the coming years. They are looking for ways to beat their competition and attract top talent.
Employers are also willing to loosen their pockets if it means onboarding people who can contribute to a better ROI.
With the current economic conditions, advisors are looking for jobs that can support them financially and provide personal incentives. For example, Cisco was listed number one on Fortune’s 100 Best Companies to Work For in 2021 due to the various personal perks the company offered its employees. For example, Cisco offers 13 consecutive weeks of paid bonding leave with four weeks of paid time off for a spouse or a partner.
Wealth management divisions need to start prioritizing employee well-being and make wise hiring decisions to become more desirable to the top talent.
1. Hire fresh talent
In 2023, wealth management divisions are consistently hiring fresh talent. They are onboarding junior advisors to assist with new clients.
There are only enough hours in a day and many tasks are left unaddressed because of a lack of manpower. Many firms are now targeting graduates majoring in finance, business, or accounting. The employers are onboarding fresh graduates and training them in-house to prepare for the tasks that are becoming roadblocks in efficiency.
At the same time, these graduates evolve to be advisors and consultants who can add real value to the company in the future.
2. Offer competitive benefits
Giving out paychecks isn’t enough. Employers need to embrace holistic employee benefits. For example, many RIA candidates would appreciate working at a firm that offers a student loan-payoff assistance program. On the other hand, offering education incentives to your existing employees can help them grow further in their roles.
Offering an ESPP (Employee Stock Purchase Program) is also a great way to make your company attractive. Having a stake in the company, even if a small percentage, can be enticing.
After the pandemic, there was a significant rise in mental health issues. With the current economic conditions, more people are stressed and anxious than ever. It is important to also focus on the mental well-being of your employees. Offering mental health programs, discounts on meditation apps, and mental health days to all of your employees can help.
3. Hire for specialized positions
Specialized positions account for non-typical roles. For example, you have recently onboarded some clients from the biomedical field. You want to understand their assets better; however, no one at your firm has any experience in the medical field. You can hire a finance professional with a background in biomedicine to assist with the client’s patents or the management of biotech software licenses.
If you don’t know where to look for candidates that meet your specialized needs, reach out to The Anderson Search Group. We have access to a pool of candidates with diverse experiences in the wealth management space and private banking. The Anderson Search Group can help you find the right match.