August is the month that has historically been when a large percentage of people go on vacation, as well as when many kids go back school. As I write this newsletter at 9 pm on August 18th, I am happy to announce that we have taken in 4 engaged search assignments this week alone. Summer may be ending but the activity and demand for talent within the wealth management industry steadily continues.
In my June newsletter, I reported that there was some trepidation on the parts of firms; in fact, we did have 2 clients go on a hiring freeze. Therefore, my instinct at that time led me to believe that the market for talent in the wealth industry was slowing down. Clearly, I was wrong. Yes, employers were a bit spooked by the rapid rise in inflation, increased prices of food and gas, and mortgage rates; however, their fears have subsided and the 2 firms that went on freezes have since resumed their hiring processes.
I have chosen 2 topics I would like to discuss. Please keep in mind that I would love to hear from you regarding ideas and/or specific topics that you would like me to address in future newsletters!
Topic #1: Transparency is a 2-way street during an interview process
Interviewing should not be treated as a poker game. Being transparent and letting both the client and/or candidate know where they stand is extremely important. A “yes” is always welcome and a “no” at least is a clear answer. However, “maybe” is never acceptable in a competitive market. A definitive answer is appreciated by all parties.
Topic #2: Counteroffers
As a candidate, you should never have to resign to get what you want. Additionally, it is not advisable to go through an interview process with another firm simply to try to get what you want from your current employer. That is a complete waste of people’s time and destroys your credibility. Remember – the world can be a very small place and reputations can be tarnished very quickly. Furthermore, to all the employers reading this – if you are shocked when talent leaves, then you clearly are not in touch with your staff and are obviously unaware of the current market conditions. I have had too many conversations with clients after their largest banker chose to leave wherein they seemingly had no idea that their employee was looking for another opportunity.
Please take the time to review these articles that discuss why you should NEVER take a counteroffer:
- Why You Should Never Accept a Counter Offer When You Resign
- 10 Reasons Why You Should NEVER Accept a Counter Offer When your Resign
- Got a Job Offer? Here’s How to Decide if you should or shouldn’t accept a Counteroffer
At Avior, we are subject matter experts for this industry, and we can advise you regarding this topic as well as many others, ensuring that you ultimately have a successful search experience. Please feel free to reach out to me and I will be happy to discuss your situation in more detail. As always, it will be in the strictest of confidence.
ABOUT AVIOR EXECUTIVE SEARCH
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. To learn more about how Avior Executive Search can help you, contact us.