Private Asset Management

The Changing Face Of Today's Wealth Management Business 11/26/2008

By Anthony Riotto

Anthony Riotto In today's changing wealth management business, the client is relying on the relationship manager more so than ever to have a clear understanding of their objectives, and the technical expertise to drive their strategies. Since they are crucial to the success of the firm, the competition for talented relationship managers is the most intense among trust banks, private banks, brokerage firms, registered investment advisors, family offices, and multi-family offices. The relationship manager's value is further enhanced because the clients' discontent levels increase when their advisor leaves the firm--a frequent occurrence in the last two months as more advisors head for independent firms or boutique shops.

In 30 years of recruiting wealth management professionals, I have asked one question thousands of times when an executive wants to switch firms: "What is your motivation for considering a move?" The answers allow me to understand the candidates' perceptions, values, and sincerity. Here's what I've learned:

The best relationship managers are devoted to their clients. They experience anxiety when they perceive that corporate decisions are ...

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