Strategies for Attracting Good Relationship Managers - Market Research Report

June 24, 2010 - PRLog -- Introduction

As many wealth managers start to consider growing, rather than shrinking their relationship manager (RM) headcount, they need to know what good RMs want from their prospective employers in the wake of the crisis. They also need to know how attractive the different types of wealth managers are to good RMs and what they can do to boost their appeal and succeed in the marketplace.

Scope

*Draws on multiple in-depth interviews conducted with leading recruitment agencies during the course of January 2010.

*These agencies are based in the UK but are all active across Europe, and in several cases also cover the Middle Eastern and Asia Pacific markets.

*Incorporates results from Wealth Management Market Leader's Survey 2010.

Highlights

Good RMs want to maximize their pay in the short term, reflecting the instability in the sector. Money is not, however, their only consideration. They are also looking for financial and strategic stability, and giving serious consideration to whether the prospective bank has the products and services that their clients need.

With few wealth managers recruiting and a general unwillingness to offer salary increases, very few good RMs are moving banks at the moment. For those organizations that are recruiting, provides six relatively easy, low cost suggestions for actions that will boost their appeal to RMs.

Reasons to Purchase

*Understand what good RMs are wanting in the wake of the crisis

*Learn how attractive the different types of wealth managers are to them

*Find out what steps private banks can take to boost their attractiveness


Table of Contents :

"Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Relationship managers are much more concerned about what is right for their clients and no longer take the stability of banks for granted 2
Banks need to sell themselves better, address their weaknesses and help good RMs with the short-term earnings shortfall 2
The wealth management industry needs to start growing the pool of RMs 2
Table of Contents 3
Table of figures 4
Table of tables 5
WHAT RELATIONSHIP MANAGERS ARE WANTING FROM PROSPECTIVE EMPLOYERS 6
Relationship managers are much more concerned about what is right for their clients and no longer take the stability of banks for granted 6
The demand and supply fundamentals within the global recruitment market for relationship managers have altered dramatically 6
RMs are looking a lot closer at the factors outside of remuneration when assessing prospective employers 10
HOW WEALTH MANAGERS CAN BEST ATTRACT RELATIONSHIP MANAGERS 14
Banks need to sell themselves better, address their weaknesses and help good RMs with the short-term earnings shortfall 14
RMs are very attracted to small, boutique wealth managers at the present time 14
The six actions that all wealth managers should do to make themselves more attractive to candidates 14
Action one: sell the bank and the opportunity to RMs 15
Action two: be flexible and show some understanding towards candidates 15
Action three: widen your product and service offerings 15
Action four: if you are going to use recruiters, use them effectively 15
Action five: if you have weaknesses, don't ignore them, address them publicly 16
Action six: help good candidates with the short-term fall in earnings 16
A STRATEGIC ISSUE THAT PRIVATE BANKS NEED TO ADDRESS 17
The wealth management industry needs to start growing the pool of RMs 17
The wealth management industry is facing serious to dire shortages of RM in the medium to long term 17
APPENDIX 19
Methodology 19
Wealth Management Market Leaders Survey 2010 19
Bibliography 19
Further reading 19
Ask the analyst 19
consulting 19
Disclaimer 19
List of Tables
Table 1: What type of RM will the majority of wealth managers be focussing on recruiting in 2010? 7
Table 2: By how much do you expect the average earnings (wages and bonus) for RMs in your country to change this year 10
Table 3: What do you think is most important in attracting new RMs? (Two responses) 13
List of Figures
Figure 1: Wealth managers are expected to concentrate on recruiting well-rounded RMs 7
Figure 2: European wealth managers see continued pressure on RMs' salaries this year 9
Figure 3: Wealth managers see basic pay and bonuses as being key to attracting new RMs 12

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