Wealth management businesses must be willing to shake up their systems and processes to avoid losing staff, a senior consultant has said.
Darran Irving of Super Recruiters and the SR Network – a HR consulting service to the wealth management sector – said the ongoing impacts of the COVID-19 pandemic and “the great resignation” has created new challenges for wealth managers and that they cannot rely on old structures.
“Many wealth management organisations are striving to get back to where they were before COVID. Returning to where we were is no longer an option,” Mr Irving said.
“Wealth managers need to be transforming themselves into the workplaces of the future. If they don’t others are, and they will be the new leaders.
“Employees have experienced the benefits of flexibility and they don't want to lose that - and will move to organisations that offer that flexibility. This even includes some senior executives.”
Mr Irving suggested that in order to retain staff and attract new members, wealth managers should offer flexible working conditions with the most popular trend currently being working three days in the office and two from home.
He added that it’s vital for businesses to create a culture where employees feel valued.
“A key aspect of this transformation is the development of an over-arching vision of what the organisation stands for, why it exists, and where the c-suite and their people want it to be in three to five years. And developing this with their people, so that everyone is engaged and working towards the sake goal throughout the organisation,” Mr Irving said.
“This is not about stating the objective is greatest possible returns for investors, but rather how those returns are generated. And what additional value the organisation adds.
“Those organisations that can articulate and demonstrate such purpose are attracting more of the best candidates as well as retaining their people from external poaching.”
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
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