2017 will mark the change of the private banking recruitment landscape - Are you ready?
2016 was a year where we witnessed a lot of consolidation. A number of stalwarts from the private banking industry have said that was much needed and welcomed.
This article covers the 3 very basic trends of 2017 that we foresee.
Career – There is a growing trend amongst the senior private bankers that I have noticed regarding their career paths, after spending over 20 years in the private banking space a lot of them are now looking at other options for their next career move. A lot of them are seriously considering either moving to asset management or setting up a family office that caters to one or multiple clients. This is something which is viable for senior bankers but the more junior bankers would or could struggle with the move purely because their relationships are not as strong and well entrenched as the senior bankers.
Hiring – With all the recent consolidation in the private banking industry the avenues for hiring have been limited. However, this is not indication of a slow down with regards to the hiring in the space. Banks are continuing to expand aggressively and now are becoming more picky. Most of the banks will continue to pay top dollar for a “plug and play” banker who is catering to the SEA markets. But, as usual in the private banking space there is a massive disparity in the demand and supply of such bankers. The hiring processes too are taking longer than they used to a few years ago, banks are looking at different avenues to ensure that the banker they hire is successful and in some instances also thinking out of the box before hiring a banker. For Example : the bank tells the banker to first onboard USD 50 million in the capacity of an introducer before actually making a formal job offer to the banker.
Jobs - As a specialist in the private banking space, I don't foresee a dearth in the jobs space for private bankers, but what we are witnessing is a massive consolidation in the number of banks hiring.
My advice to you - This is the most important time for you as a banker and therefore it is advisable to keep very close to your trusted recruiter. The private banking space is constantly evolving. Gone are the days where the smaller banks are willing to take a risk on you. As a private banker, you would now need your recruiter to open doors for you in the bigger banks as processes get more streamlined and banks become more particular. A good recruiter would have direct access to the decision maker and due to his/her proximity to them would be able to influence your hiring process, in your favour.
If you have any questions regarding any specific aspect of the private banking industry please feel free to call me on +65 84559030 for a confidential discussion.