Globally, Hong Kong is the leader for new net assets (NNA) ,with a gain of US$410 bn since 2010, and third for competitiveness, in Deloitte’s ranking of international wealth management centres. The demand for wealth managers continues to grow – in Asia Pacific, the asset and wealth management industry is forecasted to experience the fastest growth, globally. Assets under management (AUM) is expected to almost double in the region between US$15.trn in 2017 to US$29.6trn in 2025, according to PwC. Meanwhile, China has witnessed the emergence of large third-party online wealth management platforms, such as Lufax and Ant Financial – whose combined assets under managements has risen at a CAGR of 50% over the past five years, according to the Boston Consulting Group.
Wealth managers have a position of immense privilege. As trusted advisors, they help exceptional people navigate the complexities of today’s financial world. Wealth managers offer more than just investment advice but a holistic approach to enable high net worth individuals to manage their money and anticipate their own or their family’s needs. In 2017, residents of North America held nearly 43% of global personal wealth followed by Western Europe at 22%. The demand for wealth managers continues to grow – by 2023, there are expected to be 7.7 million more high-net-worth-individuals (HNWIs) in the world, according to Wealth-X.
Worldwide, the wealth management industry continues to experience profound change –with both the increased pressure of compliance and instability in the global economy applying pressure to profit margins. Increasing regulatory burdens and the rising costs of risk are posing challenges to wealth managements firms. Meanwhile, advisors are retiring from the industry faster than firms can replace them – meaning now, more than ever, private banks are looking for external talent to help achieve growth. The shortage of talent is one of the biggest challenges to wealth management firms future growth and the competition for top quality private bankers has put an emphasis on companies to create new strategies to attract and retain top performers.
At Selby Jennings, the wealth management team consists of experienced recruitment consultants who have an expert understanding of a specific geography. This structure enables our specialist consultants to identify, qualify, and introduce the highest level calibre wealth management professionals in the market place.
With the continued internationalization of wealth management, our clients expect to acquire not only the best candidates within their jurisdiction but the best globally and our set-up makes this achievable. Working as a team we are able to combine each consultant’s local knowledge and offer access to a global talent pool. The team have successfully helped a broad range of clients including: global private banks; boutique private banks; single and multi-family offices; and independent wealth management companies.