Poaching talent to serve the rich
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!!!