“Although the job market for all advisors is robust, the talent shortage among firms catering to extremely wealthy clients is particularly acute. That’s good news for advisors, but a problem for firms hoping to expand.”*
The talent drought is causing firms to pay more, take more time to fill positions and consider giving equity to new hires, according to executive search and wealth management executives.
March 19th’s OnWallStreet.mag published an insightful look at what’s happening in the recruiting industry for top financial advisors. Total compensation for top client-facing talent is now nearing $1 million, industry sources say; and even below that top tier, firms serving the wealthiest clients are now paying $400,000 to $800,000.
The tight market is also forcing high-end wealth firms to start grooming younger, less experienced relationship managers. For the full analysis, * click here.