Poaching talent to serve the rich

October 10, 2007

Competition to provide wealth management services is intensifying, and the battle for top talent is leading to increased poaching and a rise in bonuses and other incentives as banks and other wealth managers try to prevent their best performers from defecting. “Somebody who is good in this space is highly sought after,” John Stadtler, a partner at Pricewaterhouse Coopers, told the Reuters Wealth Management Summit in Boston. Indeed, wealth managers are currently much more likely to poach relationship managers from rivals than train them themselves — part of the problem being that it can take a long time to develop the skills needed to deal with the highly demanding moneyed class. And they need to be served now!!!

No comments so far

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/