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
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
