We look at five of the main wealth management recruitment challenges and priorities that we come across while helping candidates find their ideal role, and look at practical solutions to these issues.
The desire not to be a square peg in a round hole is what we are hearing to be the main concern for those with career paths in wealth management.
If there is not a fit for culture, there is not a fit at all.
But how do you know, as a candidate, looking at the company from the outside?
Yes, there is normally a values page on their website and if you know people there you will get their views. But does this reflect what it’s really like to work there? By chatting with some wealth management recruitment companies, you will find they only take the spec at face value themselves and you will glean nothing further.
However, by choosing a wealth management recruitment specialist, such as a Senior Talent Manager, you will work closely with someone who knows their clients well and talks with them about their company retention rate, their culture, ethos and values, and what makes their company special; they are learning the real things you want to know. A good Talent Manager, with this knowledge in hand, will talk to you in depth about what you really want in a role and what kind of place you want to work, and match you with a client who fulfils the overall brief not just a few specifics.
Most candidates are interested in what kind of support they will be provided with to help them in their day-to-day work. Lots of companies state in their wealth management job descriptions that they provide support, but that’s all they say and this does not provide the detailed things a candidate wants to know.
Lack of support, means less time in front of clients and letting clients down on the time it takes to progress their paperwork and research, and no adviser wants to leave clients wanting.
This is why it’s really important to work with people that really know this client well and will help you make an informed choice.
Being provided with a client bank means that you can hit the ground running in your new role, you can concentrate on making that base as happy as possible without having to spend valuable time searching for clients. However, it’s not just will they or won’t they provide one, it’s also about the nature and quality of that client bank.
This is something that many recruitment agencies might not know, and an advert might not specify, but this is where we at Truestar Talent shine. We know our clients inside out and can run through the details of what type of client base you could expect to be provided with.
It is also important to be able to find out if the client base has become available because someone has retired or moved on. If they have retired, this is great news, but always a worry with a client base provided not through retirement, is the risk that clients will move with the adviser, and you will be left with an empty bank.
How do you find this out? Again, working with an advocate who has taken the time to find this out in advance really helps, you know what you are walking into, and the questions that may need to be asked.
What is the manager like?
This is something we hear time and time again. Colleagues, especially management can make or break a role, and as our working life takes up a very large chunk of our waking day this totally needs to be a match for you.
These are all things a good recruiter will be able to tell you. At Truestar Talent we personally know all the managers and have spoken to them in depth, and often have placed them in their role too. We can chat to you about what style of manager you can expect to be working for, and what kind of support you will receive on a daily and long-term basis.
Often it feels wrong to talk about or admit it, but as few of us are lucky enough to be able to work for no remuneration, at the end of the day, we all want to know what’s in it for us!
There will always be benefits, and very usually a bonus structure, but the questions don’t end there, they only start… Especially we’ve found, when the job is of a fast paced and often stressful nature, that type of person wants specifics, not just facts and figures.
Just like when looking holistically at a client’s needs, it’s really important to look at the package as a whole for yourself too. The salary plus bonus figure is one thing to take into account obviously, but it’s the answers to the above questions (and more), that will really tell you whether that firm is the right overall fit for you. For example, the company may advertise that their top performer earned X last year, but what they might not tell you, is that person spent 20 hours a day at work, and this might not align with your work/life balance and will therefore be attainable for you.
How do you find all of this out?
Of course, you know the answer by now… Truestar Talent will be able to help you not only with the financial facts and figures, but also with the more important information not directly advertised. We know the lowdown on what’s it’s like to work for each one of our clients having spoken to and placed so many people that work there. We know therefore how achievable the promised benefits are in reality and what you can expect if you accept a role with any of our clients.
We know our clients inside out, and by the time we are in a position to find a role for you, we will know you pretty well too. We are experts in making good long-term matches so that you can find your new happy home.
If you are just starting out on your wealth management career, and after reading this have more questions, then give one of our Talent Managers a call. We are here to help and would love to have a friendly chat to talk through any concerns you may have. In the meantime our “Questions to Ask Before Starting a Wealth Management Career” will have some handy tips for you.
A great Financial Planner enables every client’s personal financial decision to feel like a step closer to their dreams. Being very ethical and honest is paramount when dealing with someone else’s money. A great Adviser that puts their client first, front and centre, always being cognisant of their clients’ needs
Addresses a broad range of clients and focuses on the overall financial picture, potentially including investment advice, for a wider audience
No matter if you choose to be a Wealth Manager, or a Financial Planner in financial services, clients’ needs come first. If you are driven by the desire to support your clients with their wealth management needs, by truly getting to know them and listening to really understand their needs, then whichever role type you choose, you will do great things
