According to Deloitte’s report, International Wealth Management Centre Ranking 2018, Switzerland continues to dominate in terms of size, competitiveness and performance. The domestics market volume of privately-owned assets has frown as an annual rate of 3.9% since 2019 to US$381 bn.
Wealth managers have a position of immense privilege. As trusted advisors, they help exceptional people navigate the complexities of today’s financial world. Wealth managers offer more than just investment advice but a holistic approach to enable high net worth individuals to manage their money and anticipate their own or their family’s needs. The demand for wealth managers continues to grow – by 2023, there are expected to be 7.7 million more high-net-worth-individuals (HNWIs) in the world, according to Wealth-X.
Worldwide, the wealth management industry continues to experience profound change –with both the increased pressure of compliance and instability in the global economy applying pressure to profit margins. Increasing regulatory burdens and the rising costs of risk are posing challenges to wealth managements firms. Meanwhile, advisors are retiring from the industry faster than firms can replace them – meaning now, more than ever, private banks are looking for external talent to help achieve growth. The shortage of talent is one of the biggest challenges to wealth management firms future growth and the competition for top quality private bankers has put an emphasis on companies to create new strategies to attract and retain top performers.
At Selby Jennings, the wealth management team consists of experienced recruitment consultants who have an expert understanding of a specific geography. This structure enables our specialist consultants to identify, qualify, and introduce the highest level calibre wealth management professionals in the market place.
With the continued internationalisation of wealth management, our clients expect to acquire not only the best candidates within their jurisdiction but the best globally and our set-up makes this achievable. Working as a team we are able to combine each consultant’s local knowledge and offer access to a global talent pool. The team have successfully helped a broad range of clients including: global private banks; boutique private banks; single and multi-family offices; and independent wealth management companies.
