Avior Executive Search | May 2022 Updates

Hello everyone! I apologize for missing the writing of our monthly newsletter for the past few months; I promise to be more diligent and honor the resolution I made for 2022. There is a lot going on in the world right now, both in the wealth industry as well as surrounding the sobering events unfolding in Ukraine. On a lighter note, I want to acknowledge that in May we welcome the nicer weather, especially for us that are based on the east coast. Also, I want to wish everyone a Happy Mother’s Day and send a big congratulations to those graduating this month as well.

On February 5th, I celebrated my 33rd year in the executive search industry, the arena in which I have chosen to “steer myself”. It’s amazing to look back at my beginnings when there was no email, Instagram, Twitter, or LinkedIn. The available avenues of communication since I started have increased greatly; so many things have changed but, in many ways, so many things have stayed the same. The opportunities to share information with a wider group of individuals seem endless; however, I still prefer good, old-fashioned one-to-one contact.

One of the reasons that I was unable to write a newsletter the past few months is that we have been a bit overwhelmed with engaged assignments and some system implementations to keep pace, or at least try to.

What we have seen during the first quarter is the continued growth we experienced last year – and it has gotten even hotter. The hunt for talent, as well as for individuals and teams looking for their next step, is alive and well. This reflects the great resignation we are seeing in the job market in general. Now more than ever, it is not just a sellers’ market for those specifically involved in asset gathering/revenue generation and client retention. Several clients with whom we work with are finally realizing that they can no longer take their time during a search process. In a way, it mirrors the competition within the housing and car sales markets; both are seeing a shortage of inventory and, as a result, demand is overwhelming, and consumers are making purchases as quickly as possible. This immediate response in sales coupled with ever-increasing inflation not only indicates an uptick in compensation and bonus levels, but also demonstrates the need for firms to present a compelling plan to attract and retain talent. We are seeing two of the most prestigious brands in the wealth industry – Citibank and JP Morgan -struggle in their efforts to retain talent. For private bankers, they now realize that the RIA and multifamily office platform can offer a truly holistic platform for their clients; in short, the bloom is off the rose as far as only focusing on big, brand-named banks. To be fair, there will always be a segment of clients that will want to bank with brand names. However, compared to just 5 years ago, we have seen a 45% increase in our clientele of RIA’s/ MFO’s. Numbers don’t lie.

Alan Goldstein
President, Avior Search

FOR IMMEDIATE RELEASE:
President of Avior Executive Search – A member of the Sanford Rose Associates® network of offices, Alan Goldstein, Featured in Citywire, Recruitment Wars: How RIAs Are Shaking Up the Battle For Miami’s Advisor Talent

Plano, TX 2/15/2022

Miami’s international wealth management market has been a hotbed of recruitment activity over the past year. While a good part of this activity was driven by Wells Fargo’s exit from the international advisory industry, the hiring frenzy highlighted a growing trend of advisors in Miami opting to join RIAs over wirehouses. However, trading off a salary and full employment benefits for partnership in a firm presents some inherent level of risk, according to Alan Goldstein, president of Avior Executive Search, who pointed out that consolidation in the RIA space could present issues. Read full article here.