HIRING FINANCIAL INDUSTRY JOBS ASIA PACIFIC
Asia - Companies operating in the Asia Pacific private banking market will cut their recruitment of wealth management advisers by 17% over the next two years.
According to PricewaterhouseCoopers' (PwC) Global Private Banking and Wealth Survey 2009, hiring of client relationship managers (CRMs) will decline in the Asia Pacific region due to falling profits. Depending on the financial firm's ability to perform through the recession, PwC said, "The balance of power has changed, and currently rests with employers and potential employers."
This is a marked contrast from two years ago when hiring financial advisers was a top priority for most wealth management firms. Now, hiring comes after winning clients and business risk control, said 238 corporate respondents who were polled.
Reasons cited for the expected hiring slowdown include clients are blaming advisers for their recent losses and chief executives reluctant to meet remuneration costs of CRMs. Steven Crosby, PwC's senior managing director told The Wall Street Journal the changes had come about as a result of a lack of trust between clients and their advisers. "There is a surplus of talent on the street. We are expecting a substantial wave of consolidation."
Similarly, CEOs polled felt wealth managers lack the ability to adapt to change quickly, poor client relationship skills and poor understanding of risk to deal with the current challenges brought on by the crisis. Only 20% of respondents considered their CRMs have a high enough quality to meet the needs of clients.
The survey said, "Communication skills have been found wanting as they have to deliver bad news to clients and respond to mounting frustration and increasing demands for greater transparency."
The survey added that financial firms in Europe, Middle East and Africa will cut hiring by 45% over the next two years except in the Americas where there will be a slight increase of 1%. The global average hiring decline is 24%.
________________________________________________________
More quality Lighthouse titles
Get your marketing department up to speed with Asia's most read marketing site
marketing-interactive.com
Want to get on the right side of the procurement department?
Direct them to Procurement Asia
