The most prominent staffing concerns within wealth management firms revolve around talent development in 2023, which is crucial for the success of the organisation and requires immediate attention. Companies need to deal with these concerns effectively as they would help them to offer exceptional client services.
The wealth management industry has been resilient in managing external market concerns, including slow economic growth and rising inflation worldwide.
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However, internal factors that are critical for the overall health of a wealth management firm, such as those related to staffing, remain crucial in order for them to effectively compete.
The top concern for wealth management firms in your market, as it relates to key personnel, is:
According to GlobalData’s recent Wealth Management Industry Poll, retaining staff is seen as the biggest staffing concern, with more than 44% of wealth management firms agreeing to it.
Moreover, retaining talent remains the most important concern in all regions of the world, as employee expectations are changing, leading to a rise in job dissatisfaction and pushing employees to explore different career options and better offers. To keep up with these changing dynamics, wealth management firms need to incorporate several strategic steps—such as offering competitive compensation, emphasizing work-life balance, and maintaining a strong company culture—in order to develop a more positive company environment. This, in turn, can foster employee satisfaction among the present staff and also attract new employees.
Nandita Shukla is an analyst at GlobalData
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