A bad hire, one that goes disastrously wrong, can cost up to three times the appointee’s salary according to the Recruitment and Employment Confederation, but what about an average hire? Someone not bad enough to fire, but who stays in their role a long time not being productive. Well, they can hold your business back for years, stopping a firm reaching their potential. Wealth Management recruitment is a serious business. It can be expensive to do right, but not as expensive as doing it wrong. However, more positively, each time we hire it’s a chance to grow, to renew, and to learn something new and to take the role or business in a new direction.

Many wealth management businesses are ambitious. They believe in their proposition, their client service ethos, and they want to gather as many wealthy clients as possible to increase AuM. In fact, the sector is red hot, barely a week goes past without some acquisition taking place. Whilst most of these acquisitions are at smaller end of the spectrum, it’s an industry where scale is important, and valuations are high. However, it’s generally speaking a market with few differentiators. Investments are open to all and so one of the unique selling points a firm has is its people. Wealth management is a talent-based business, the blend of talents required changes with each role and with the unique needs of the business, but essentially you need the best people for each role. Best also means appropriate. There’s no point placing someone into a role that won’t stimulate them. Zero point in putting an introvert into a client focused role, even if their academic achievements are outstanding.

Ambition also involves growth, and growth involves diversification, experimentation, building new teams and service lines. There are few completely new ideas in wealth management, and so you can bet that someone before you has embarked on a similar growth path. Some will have succeeded, some failed, but even those who have succeeded will have needed to change tack during the course of their journey.

As experienced recruiters, we’ve seen many of these situations time and time again. We’ve worked with high growth boutiques and some of the Wealth Management industriy's leading names, and to use an often quoted phrase we know “what good looks like”. We’ve moved teams, placed directors, investment managers, advisers, paraplanners, sales & marketing professionals, and lenders. Each time we understand the importance of the hire to the firm and individual we’re working for. Most importantly, we’ve seen the importance of making the right hire and often what skills and experience the right hire requires.

Fram’s team has circa 35 years’ experience of working with wealth managers. Whilst we now work with a much broader client base, wealth management is still a key part of our business. Fram was founded by Simon Roderick in 2010 and Simon left an executive search business, where he was a Director of the Wealth & Asset Management Practice. I joined Fram in 2014 and now head up our Wealth Management practice. Chloe Tillman joined in 2015 and focuses on sales & marketing professionals, and she has exceptionally strong contacts in the intermediary channel, and Gayle Waller joined Fram in 2021. Our team based approach to assignments has enabled us to help clients across the UK. We’re able to advise on hiring, compensation & benefits, and the general market.

It we can assist you with your hiring, please don’t hesitate to contact me on 01525 864 372 / [email protected]