4 Things Wealth Management Professionals Are Looking For in a Position

The wealth management and financial planning sector has become one of the toughest industries to recruit talent. With increased demand for wealth managers, financial planners, and paraplanners, firms are finding it harder to fill vacancies. This heightened competition for top talent has led employers to think more critically about what these professionals truly want in a position.

We've noticed that a large amount of wealth managers have either changed jobs or left the industry entirely. This should serve as a wake-up call for firms that are not only looking to attract but retain their top talent.

Below are four critical areas that wealth management professionals are prioritising when considering new roles, and what firms can do to meet these demands.

Better Alleviated Workloads

The current wealth management market means the demand for professionals is high. Many candidates have said they were struggling to manage the growing client expectations and regulatory pressures.

The combination of inflation and economic instability has caused clients to become more anxious about their investments, leading to more frequent communication and additional adjustments to their portfolios. This has led to longer hours, heightened stress levels, and ultimately, burnout.

To address this, firms need to implement well-being initiatives and work-life balance policies. Another approach to consider would be improving technology, such as CRM systems and portfolio management tools like Intelligent Office or FE Analytics, to help streamline client management and reduce the manual workload.

By actively alleviating pressure, firms can reduce the risk of burnout, meaning increasing employee satisfaction and retention.

Better Career Progression

One of the biggest complaints from wealth managers is the lack of clear career progression. Many professionals, particularly those in larger firms, feel that the rigid structures in place are hindering their ability to climb the career ladder. The transition from paraplanner to financial planner, or from junior wealth manager to senior roles, is often hindered by a lack of opportunities.

Smaller boutique firms, in contrast, tend to offer a more fluid career path, allowing professionals to take on more responsibilities, engage directly with senior leadership, and work on more high-net-worth (HNW) client portfolios. Firms that invest in mentorship programs, study support for qualifications like the CISI’s Chartered Wealth Manager qualification or the CII’s Diploma in Regulated Financial Planning, and leadership development courses will have a significant advantage in retaining talent.

Providing a structured yet flexible career development pathway is critical for keeping professionals engaged and ensuring they feel there is room to grow within the organisation.

Better Salaries

In an industry as competitive as wealth management, salaries are a major driver of employee movement. Approximately 30% of wealth managers we've spoken to have expressed dissatisfaction with their current pay, particularly as the cost of living rises and the responsibilities of their roles increase. Many are looking towards smaller firms or fintech companies, which are offering more competitive remuneration packages to attract talent.

Wealth managers and financial planners who are responsible for managing significant client portfolios feel that their compensation should reflect the stress, time commitment, and complexity involved in their roles. While large wealth management firms may offer attractive salary packages, smaller firms can differentiate themselves by offering performance-based bonuses, equity stakes, or benefits like enhanced pension contributions.

To remain competitive, firms need to stay informed about the latest salary benchmarks for roles like investment managers, paraplanners, and financial planners, ensuring that they offer fair compensation packages to match market rates and inflation.

More Flexible Working

The demand for flexible working has skyrocketed since the pandemic. According to our research, a good amount of wealth management professionals left their roles due to a lack of flexible working options, and around 40% expressed a strong preference for hybrid working.

Despite this, we see firms continue to resist remote or hybrid models, insisting on a full return to the office. This is something that is only going to negatively impact employers because professionals will simply look elsewhere - even if it means leaving the industry altogether.

Firms that offer hybrid or remote working options have seen a significant increase in applications from potential candidates, a clear indication of the importance of flexibility in today’s hiring market. For many wealth management professionals, the ability to work from home, particularly in roles that require minimal face-to-face interaction with clients, is not only a perk but a necessity.

Flexibility also helps to address work-life balance concerns, improving overall job satisfaction and reducing the likelihood of employee turnover.

Final Thoughts

As the wealth management and financial planning industry continues to face challenges in filling vacancies, it’s crucial for firms to take a proactive approach in understanding what professionals truly want in their roles. From workload alleviation to career progression and flexibility, firms that make these changes will not only attract high-calibre talent but will also ensure long-term retention.

- Written by Dan Butler, Eloise Adams & Abi Price

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