| Mirroring trends in the general economy, wealth management firms are dealing with a tight labor market.
Compensation costs are likely to increase in absolute terms and as a percentage of revenue as firms try to attract and retain personnel, especially in mid-tier and senior job functions.
Rather than relying largely on those with industry-specific experience - prime candidates often working at rival firms - wealth management firms can seek out newcomers to the job market as well as those whose skills are transferable and who are looking to make a career change.
The talent crunch presents a golden opportunity to expand a firm's efforts at diversity, equity and inclusion, which greatly increases the universe of potential candidates. | 