Having a private wealth management service means more than selecting the best investments. You must also ensure you have enough talented staff to be responsible for your clients’ funds. Locating reliable new hires can be challenging in such a competitive environment.
Unfortunately, qualified candidates with the necessary skills and trustworthy demeanor to fit this job are in short supply. Therefore, to succeed in the private wealth management industry, you need to identify skilled candidates and persuade them to work for you over your competitors.
The only way to bolster your ranks is to adjust to the times and get ahead of the recruitment cycle as early as possible. Otherwise, you might find yourself lamenting that your competition has absconded with the best talent in the market.
Find Fresh Talent from Universities
It is essential to know when the most candidates will be available when it comes to recruitment. Getting the freshest talent from universities is critical in bolstering your company’s ranks and ensuring that you do not miss out. However, there are several variables regarding recruitment from university pools, explicitly when looking for a full-time employee or intern.
Most internship seekers will attempt to find an open opportunity for a summer internship between December and March. But most of your competitors will be opening up opportunities in the fall. So, it’s critical to follow suit to avoid being left behind.
Similarly, graduates will be putting out resumes for financial positions in private wealth management from September to October. So, keeping an eye out for applicants around this time will enable you to find new and emerging talent ready to prove their worth.
Expand Your Search Parameters
Unfortunately, it is common for companies to focus on recruiting local candidates without considering those beyond a town’s borders, let alone their state borders. This practice can cost you in the long term, since you might find many talented professionals just outside your area. In addition, by limiting your search to locals, you risk allowing your competition to scoop up those out-of-town professionals willing to relocate or work remotely.
Expanding your search beyond your typical borders opens up the amount of talent you can draw on for recruitment efforts, while also opening your firm to new perspectives.
Be Open to Working with Recruitment Firms
A major mistake most companies will make is searching for new candidates on their own and treating outside help as taboo.
The reality is that using a third-party recruitment firm can be an excellent way to find highly qualified candidates that you couldn’t have found otherwise. This is because recruiters:
- Have access to a broader talent pool of candidates
- Work with high-quality talent
- Have extensive knowledge of your market
- Are focused on finding the perfect fit for both parties.
As a result, you can hire your next top private wealth manager quickly and confidently.
Recruitment firms are cost-effective and help you stay ahead of the curve by finding professionals not typically seen by mainstream recruitment efforts.
Find Your Next Leader in Private Wealth Management
Recruitment is a fierce and cutthroat part of running a business. Wealth management requires managing your clients’ finances while keeping abreast of financial trends. To come out ahead, you need to use every tool available.
If you have decided to give recruiting firms a chance to help locate the talent you need, our team at Preston & Company is here to help. Our team of professional search consultants offers an unparalleled level of collaboration and partnership to our clients. So contact Preston & Company today if you’re ready to find your next private wealth management leader.