It’s right around the end of the year, which means bonus time for private wealth executives!
In the private wealth industry, it’s also the time when you see the most resignations – people take their money and run more around this time than any other. Additionally, the private wealth industry has not been immune to the Great Resignation. Top private wealth executives are resigning at record numbers, leaving you to fill the empty roles.
So, what type of private wealth executives will you hire to weather the storm and be even better in 2022?
Private wealth recruiters categorize private wealth executives as Rainmakers, Lawn Mowers, and Well Poisoners. Which should you hire – or avoid?
Where to Find Rainmaker Private Wealth Executives
What is goal-driven, conquers fear, and accepts change readily? The rainmaker!
Rainmaker candidates in this industry:
- Attract at least 10 million-dollar clients annually.
- Innovate and influence change
- Demonstrate exceptional competence
- Understand market trends and how to capture their benefits
- Build and maintain strong interpersonal relationships with clients
- Push clients toward their dreams
Private wealth divisions of banks should strive to have at least 10% of their private wealth talent in this category. They are a rare bunch. Finding the rainmakers can be challenging. Every company is looking for them, and the firms who have hired these star professionals want to retain them.
You’ll need an aggressive strategy to hire a rainmaker. The best are often already employed, and they’ve built an impressive client list. Attract them to your firm, and they’ll likely bring their high income-producing ability along.
Turn to a private wealth recruiter to help you find the rainmakers.
The Lawnmowers – Predictable but Self-Absorbed
Most private wealth executives are lawnmowers making up approximately 80% of any private wealth management group.
You’ll recognize the lawn mowers because they:
- Accept the status quo because “that’s the way we’ve always done it”
- Adhere to portfolio guidance norms without suggesting risk-taking
- Approach private wealth “by the book” because it’s a surefire strategy requiring no personal initiative
- Are slow to build relationships with clients
- Look out for themselves before considering client needs
Should you choose to add them to your private wealth team, be aware that only a few lawnmowers will become rainmakers. Instead, many of them will gravitate toward the good poisoners unless you offer training and coaching.
Well Poisoners and How to Avoid Them
The final 10% of employees consists of well poisoners. Their toxic attitudes can harm client wealth and severely damage your company brand. These may make a bigger impact on your firm than rainmakers! Avoid them at all costs.
Avoid hiring private wealth executives who:
- Promote dishonesty
- Complain to clients and coworkers
- Focus on the negative
- Seek an audience rather than establish a client base
Coaching these managers out of their misery can be time-consuming and ineffective. When you’re ready to replace the good poisoners, your private wealth recruiter can help by identifying and qualifying rainmaker private wealth executives. They’ll help you build a better 2022 for your brand and the clients you serve.