Need an edge in the ‘war for talent’?

Need an edge in the ‘war for talent’? Somers Partnership and Tru-Est release Special Report on hiring CRMs

The Somers Partnership, a London-based search boutique that specialises in wealth management and private banking and thewealthnet publisher Tru-Est have produced a special report on recruitment in the wealth management sector which should be essential reading to any firm looking to either retain or hire staff.

The key finding of ‘Talent Management Report: Attracting and retaining the best CRMS in Wealth Management’ showed that private banks and wealth managers plan a 42 percent increase in headcount over the next year as firms push for increased share in the booming private client market.

“The report provides the information required by organisations to formulate effective attraction and retention tactics to enable them to successfully compete in this unprecedentedly ferocious market,” said Mark Somers, the founder of The Somers Partnership.

“Organisations wishing to grow their businesses by hiring new CRMs (100 percent of the banks surveyed) are finding themselves in the midst of the most competitive CRM hiring market in living memory. Never before has pressure for hiring talent been so great – there are now more wealth management organisations active in London than at any time previously,” said Mr Somers.

“Nearly all of them are trying to hire relationship managers with the same profile – a market-validated CRM who has already demonstrated his or her competence by building a substantial book of business.”

However, in such as competitive market, private banks are having to look outside their own sector to meet a growing client demand for CRMs with independent financial advisors (IFAs) set to become one of key sources of fresh talent, the report has found.

Currently only 4 percent of client relationship managers (CRM) have an IFA background

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