IntroductionGrowth in wealth management business has led to a shortage of qualified staff.
This Strategic Insight Report assesses some of the strategies that banks are pursuing to find and attract qualified staff.ScopeLooks at strategies being carried out worldwideIncludes insights from senior individuals within the industry regarding recruitment techniquesHighlightsHiring graduates with wealth related qualifications suits large banks, with the resources to run the recruitment program, which will require significant investment to succeed in recruiting graduates in a very competitive market.
Large banks also have the capacity to place those who fail to develop into wealth managers into other parts of the bank.The focus of Citigroup's recruitment program is on recruiting from non-financial backgrounds, only specifying professional experience - around three to five years in their industry.
UBS targets students in other industries as well as professional, because ``we want to grow and cannot find enough professionals [within the industry].``Recently, some banks have developed a ``private banking franchise``.
This comprises either a single relationship manager or team of managers, which are given their own profit and loss account, within the overall structure of the bank.
This gives some autonomy, allowing them to decide how and where the money is spent, and how the business is developed.Reasons to PurchaseGain insight into the latest recruitment strategies being implemented by competitorsUse to develop a suitable recruitment strategy with an overview of the options available and their suitability