BNY Mellon flags growth
Big US institution BNY Mellon has flagged its intention to pursue rapid growth in the global wealth management arena suggesting it may increase its sales force by as much as 100 per cent in the next few years.
BNY Mellon flagged its intentions at a Reuters Wealth Management Summit this week with the chief executive of BNY Mellon Wealth Management, David Lamere, describing wealth management as a $100 trillion industry.
He said that BNY Mellon was adding on the sales side and that numbers could increase by 50 to 100 per cent over the next few years.
Lamere said that while the company had been historically strong in the US, it wanted to flex its muscle overseas.
“Over the next three to four years, I see us adding people internationally,” he said.
Lamere acknowledged at the summit that BNY Mellon would face challenges in hiring from a limited industry talent pool, but said the company’s focus was more on grooming its internal staff and looking to alternate industries instead of poaching other bank’s wealth management teams.
AUTHOR
Mike Taylor
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
