Since founding the Somers Partnership, we have worked with and placed scores of talented Wealth Managers and other professionals, and our experience has led us to conclude that Wealth Managers fall into three broad categories: Rainmakers, Lawn Mowers and Well Poisoners.
Rainmakers are the people every firm wants to attract and supply is very tight, they are highly competent and extremely successful, but unfortunately only make up about 10% of candidates. Most bankers (about 80%) are Lawn Mowers, content with the status and security they’ve achieved, they don’t push themselves too hard or challenge the status quo.
The remaining 10% are Well Poisoners and can seriously damage your clients’ wealth. They may simply be incompetent and incapable or, in extreme cases, they may be dishonest and fraudulent, and hiring them could have serious repercussions for your firm.
Whether you end up with a team of Rainmakers, Lawn Mowers or Well Poisoners will have a significant effect on your organisation. Find out more in our report on the three types of Wealth Managers and how to ensure your firm attracts the best talent in 2020..
