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Avior Executive Search Thoughts, Comments,
Most Pressing Search Assignments, and Happenings
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Hello everyone! It has been on my to-do list for some time to create a monthly newsletter. While I much prefer to speak one-on-one than to write engaging content, I am aware of the need to accept and adapt to change, so here we go. I welcome suggestions and ideas for topics that you would like for me to cover as well as I welcome and appreciate all constructive comments. In each newsletter I will give you my views of what my team and I are seeing in the Wealth Management marketplace, my opinions of current events and a summary of the most active engagements we are working on, along with announcements from Avior.
Based on what I have heard from all of you, overall, 2021 was a very good year. We have celebrated the holidays with our families and friends, those who weren’t in quarantine  , and now we start a new year. This is a time to reflect on the events of the past year and look ahead to new opportunities, strengths, weaknesses, and threats and of course goals we have set for ourselves both personally and professionally. On behalf of the staff of Avior, I truly want to wish all of you the best of health and prosperity in 2022.
For most firms, this is the end of their fiscal year we are seeing a tremendous amount of activity on a few fronts. On the job market demand side, it is most definitely a sellers’ market. The demand and appetite for talent in the wealth industry, especially on the revenue generation side, is red hot. That’s the good news; the bad news is that things are much cooler on the middle management and non-revenue side. As large firms such as Wells Fargo flatten their management levels, the result is the market is inundated with individuals who got out of revenue generation a long time ago and will find it almost impossible to find a position, either at the seniority or pay level that they previously held. I encourage those individuals to do an honest assessment of their situations, as the market has changed. Technology and smaller margins are moving advisors to the RIA & independent model where they have more autonomy, larger payouts and fewer levels of bureaucracy. Reinvention is key to obtain one’s desired position.
The offshore wealth market in Miami and the U.S. is active; however, the choice of offshore private banking options continues to dwindle. Firms like Deutsche and HSBC are a shadow of what they once were within the Latam market. Credit Agricole sold their tiny Latam offshore business to Santander and Merrill has been extremely silent, adding virtually no Wells Fargo International FA refugees. On the upside, JPM & Citi are onboarding and replenishing their ranks; Santander also lost so much but is adding to their ranks as well. Vontobel is opening their new Miami WM office next month. On the BD/wirehouse side for Int’l, Morgan Stanley, UBS and Raymond James have grown, with Morgan scooping up most of the Wells Int’l advisors. Looking to the independent firms, we see that Insigneo, Snowden Lane and Bolton have certainly onboarded a good number of FA’s but nowhere near the T-12 level that Morgan has. Sanctuary has onboarded a few larger advisors as well.
On the domestic PB side, we are seeing a strong demand for both private and commercial bankers. Leading those fronts are firms like First Republic and Truist (the firm created from the newly merged Suntrust & M&T Bank). This market has been getting more and more active. Last week the announcement of Valley Bank’s acquisition of Bank Leumi appears to work well for both firms domestically. However, I do question what Leumi’s international private bank business will look like, as Valley has no offshore presence nor do offshore clients have any connection with Valley. Historically, when a domestic entity acquires a firm with an offshore business, they sell or close it (e.g. Wachovia/Wells).
As we help our clients grow their businesses, I am proud to announce that Avior has added Fabiana Mallory to our team. Fabiana has over 2 decades of international business development & account management expertise in the aerospace, software and banking industries. She hails originally from Rio De Janeiro and has been living in Florida for over 25 years. Fabiana is trilingual in Portuguese, Spanish and English and we are delighted to welcome her aboard.
Alan Goldstein
President, Avior Search
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How to Recruit the Top Financial Advisors from Gen Z
It’s projected that more than 33% of financial advisors will retire over just the next decade. Unfortunately, that’s not the only challenge being faced by recruiters and hiring managers. The retirement wave, combined with fewer new advisors, is leading to more job openings than applicants. Read More
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What Do Millennials Want From a Wealth Management Firm?
In an industry filled with Gen. X-ers and even some Baby Boomer financial advisors, discovering what Millennial clients want from a wealth management firm can seem like alien territory. A lot has changed in the world technologically, and all these advancements in technology have greatly impacted how American society interacts with one another. Read More
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Pressing Search Assignments
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Senior Relationship Managers – Nationwide
- Our client is a boutique culture driven investment management firm with over $600 billion in AUM.
- The principal role of the Senior Relationship Manager is to develop new clients by cultivating their personal and professional networks and leveraging relationships with centers of influence (COI’s). In addition, the position also is responsible for maintaining close, ongoing relationships with existing clients.
- The Senior Relationship Manager profile are as varied and diverse as the clients in which they serve. Most successful advisors tend to focus their practices around their passions and as a result work with entrepreneurs, business owners, nonprofit organizations, professional athletes, global families, artists, and collectors.
- An existing network that can be cultivated and expanded within the community
- Proven ability to build and maintain relationships with centers of influence such as attorneys, accountants, and business advisors
- Experience advising and being regarded as a trusted advisor, not only with financial decisions but for meaningful life and business decisions
- Comfortable interacting with individuals of significant wealth
- Personal integrity that is beyond reproach
- Strong academic credentials
- A minimum of seven years of relevant work experience in finance, legal/trust, real estate, philanthropy, fundraising, auction/fine art, entertainment, sales, entrepreneurship, or private wealth management
- Location: Nationwide Opportunities – New York, Philadelphia, Washington, Boston, Atlanta, Miami, Cleveland, Minneapolis, Dallas, Denver, Houston, Los Angeles, Nashville, San Diego & San Francisco
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Financial Advisors – Nationwide
- Minimum T-12’s 400K average is 1M and above.
- We work with All major wirehouses, Independents, RIA’s for both onshore and offshore advisors.
- Location: Nationwide
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Portfolio Manager – Portuguese Speaking Position – Mid-Level
- Provision of dedicated investment advice to the assigned client book, including, Proactive trading advisory with a focus in
- EM and HY bonds, Execution of client orders, General investment/sales support
- Provision of general investment advice to the Generation, follow up and implementation of investment proposals
- Portfolio management of delegated discretionary mandates
- BA/ MSc in Finance, Economic or Business Administration
- CFA, CAIA
- Proficient in MS Office, Bloomberg would be advantageous
- Fluency in Portuguese, Spanish and English a MUST!
- Location: Miami
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HR Director/Head of Human Capital
- HR Leadership Experience: VP/MD of Human Resources (or similar role) at a global firm, preferably with experience in Banking, Private Equity, or Management Consulting. Overall 15+ years of HR experience in a leadership position. Demonstrated ability to establish and run core HR processes and functions while developing a world-class employee experience throughout the entire employee lifecycle.
- Domain and Functional Expertise: Demonstrated experience and knowledge in key functional areas of HR across Total Rewards, Policies and Procedures, Employee Relations, Payroll, and more. A deep knowledge of legal HR compliance matters. Knowledge of global employment laws and regulations.
- Team Building: Strong management skills and demonstrated ability to hire, mentor, and develop a high-performing and diverse team.
- Strategic Thinking and Communication: Understanding of planning and executing short and longer term HR strategies with a metrics and goal-driven approach. Ability to manage communications with board of directors as well as key stakeholders at the highest level both written and in presentations and meetings.
- Entrepreneurial Spirit: the idea of building something from the ground up is exciting; you want to work in a fast-paced and agile environment, tolerating ambiguities and resolving them as appropriate
- Location: NYC Based
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Meet Fabiana Mallory, Executive Search Consultant
International Wealth Management
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As we help our clients grow their businesses, I am proud to announce that Avior has added Fabiana Mallory to our team. Fabiana has over 2 decades of International business development & account Management expertise in the aerospace, Software and banking industry. She originally comes from Rio De Janeiro and has been in Florida for over 25 years. Fabiana is trilingual in Portuguese, Spanish and English and we are delighted to welcome her aboard.
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Avior Executive Search is a professional recruiting firm specializing in the wealth management industry globally. We have built a proud reputation based on our search process and market knowledge and have an unmatched network with extensive search experience in the United States, Canada, Latin America, Europe, and Middle East global wealth management industry.
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