Recruiting and hiring experienced, client-facing advisors with ultra high-net-worth experience is extremely difficult right now, with demand high and supply low.
This talent drought puts advisors in the driver's seat when it comes to recruiting.
An article in Financial Planning's May issue notes that the talent drought a result of greater competition among advisory firms, such as regional and boutique firms, wirehouses, banks, and independents -- is causing firms to pay more, take more time to fill positions and consider giving equity to new hires. "The tight market is also forcing high-end wealth firms to start grooming younger, less experienced relationship managers," wrote Financial Plannings Charles Paikert.
The news is great for advisors of all sizes, but which advisors are really in the driver's seat? Executive Recruiter Diamond says, "For advisors, it's all about the size, quality and portability of their business advisors have the ability to drive top deals almost wherever they go, she says.
In terms of specific tips for advisors to best leverage their talents and play on their terms, Diamond offers the following advice:
- Be more selective/strategic about your goals and needs.
- Create a wish list with negotiable items, such as payment for support staff, office space.
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