Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Relationship managers are much more concerned about what is right for their clients and no longer take the stability of banks for granted 2
Banks need to sell themselves better, address their weaknesses and help good RMs with the short-term earnings shortfall 2
The wealth management industry needs to start growing the pool of RMs 2
Table of Contents 3
Table of figures 4
Table of tables 5
WHAT RELATIONSHIP MANAGERS ARE WANTING FROM PROSPECTIVE EMPLOYERS 6
Relationship managers are much more concerned about what is right for their clients and no longer take the stability of banks for granted 6
The demand and supply fundamentals within the global recruitment market for relationship managers have altered dramatically 6
RMs are looking a lot closer at the factors outside of remuneration when assessing prospective employers 10
HOW WEALTH MANAGERS CAN BEST ATTRACT RELATIONSHIP MANAGERS 14
Banks need to sell themselves better, address their weaknesses and help good RMs with the short-term earnings shortfall 14
RMs are very attracted to small, boutique wealth managers at the present time 14
The six actions that all wealth managers should do to make themselves more attractive to candidates 14
Action one: sell the bank and the opportunity to RMs 15
Action two: be flexible and show some understanding towards candidates 15
Action three: widen your product and service offerings 15
Action four: if you are going to use recruiters, use them effectively 15
Action five: if you have weaknesses, don't ignore them, address them publicly 16
Action six: help good candidates with the short-term fall in earnings 16
A STRATEGIC ISSUE THAT PRIVATE BANKS NEED TO ADDRESS 17
The wealth management industry needs to start growing the pool of RMs 17
The wealth management industry is facing serious to dire shortages of RM in the medium to long term 17
APPENDIX 19
Methodology 19
Wealth Management Market Leaders Survey 2010 19
Bibliography 19
Further reading 19
Ask the analyst 19
Datamonitor consulting 19
Disclaimer 19
List of Tables
Table 1: What type of RM will the majority of wealth managers be focussing on recruiting in 2010? 7
Table 2: By how much do you expect the average earnings (wages and bonus) for RMs in your country to change this year 10
Table 3: What do you think is most important in attracting new RMs? (Two responses) 13
List of Figures
Figure 1: Wealth managers are expected to concentrate on recruiting well-rounded RMs 7
Figure 2: European wealth managers see continued pressure on RMs' salaries this year 9
Figure 3: Wealth managers see basic pay and bonuses as being key to attracting new RMs 12
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