Banks are slashing costs and firing people these days, but there is one place where they are bringing on new recruits: Wealth managment.
Most of the people being hired for these positions are senior level folk with loads of experience, and a healthy roster of clients that they can bring along with them to their new company. Even if the market is tanking, it’s a lot easier to make money off a client with $5 billion in the bank than off somone with $10,000 in the bank. Thus, hiring an experienced wealth manager, as opposed to broker fresh from college who will handle new accounts, is a no brainer.
Dow Jones: Specifically, Morgan Stanley’s global wealth management group recently recruited about 115 financial advisors over the past few weeks. The advisors had close to $80 million in combined trailing 12-month production and $9 billion in assets under management.
UBS Wealth Management US has also had particularly strong results – hiring 132 advisors over a two-week period in late November. These brokers managed $14 billion in client assets.