Where are people moving jobs the most in wealth management?
The business development management (BDM) segment of wealth management is experiencing the highest level of job movement in the sector, according to a human resources consulting service.
Darran Irving, senior consultant at Super Recruiters and the SR Network, a HR consulting service to the wealth management sector, said a number of reasons were driving this trend.
“The business development management (BDM) segment is the most volatile, the most active, part of the wealth management recruitment market at present,” he said.
“One reason is that some BDMs are not meeting targets due to COVID, flu season and more people working from home restricting face-to-face meetings with prospects - and thus sales. This means that they will not receive the bonus aspect of their compensation.
“As a result, many are moving to roles where there is a higher base salary component.”
Irving added: “Employees have experienced the benefits of flexibility and will move to wealth managers that offer that. Candidates are being more selective than they ever have before.”
SR Network was also consulting to more and more to wealth management leaders on how to keep their people.
“There is a very competitive war for talent, and this is pushing up some salaries,” Irving said.
One way to retain people, he said, was for management to be more empathetic and better appreciate the good people they had.
AUTHOR
Liam Cormican
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
