As global markets rallied over the past five years, talent in the private banking industry had become a heavily fought over commodity. Rain makers, top bankers and entire teams were poached constantly by rival organizations who offered top dollar for the move.
But according to Sebastian Dovey, managing partner of wealth management consultancy Scorpio Partnership, they need to spend less time moaning about it and more time working with regulators to communicate the benefits of the industry.
Barack Obama may be looking to boost marginal tax rates for the wealthiest 5 percent of Americans, but that doesn’t mean the wealthy are shunning the candidate, said Richard Feurtado, BlackRock’s head of wealth management in the account management group.
In fact, about 50 percent of BlackRock’s ultra-high net worth clients are Obama supporters, Feurtado said at the 2008 Reuters Wealth Management Summit in Boston.
“People do things for all sorts of reasons, and maybe one of them is financial, but there are many other reasons for people voting in certain ways,” Feurtado said.