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
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
