Most bank wealth managers are responding to a value proposition crisis as though it were a talent shortage. When advisors conduct due diligence on a bank wealth management division, they are evaluating a long-term business partnership encompassing many factors. Banks that pitch to them like employees will keep losing them to channels that don’t. This faulty framing explains why conventional solutions, including higher compensation, aggressive recruiting, and signing bonuses, have not worked.
This report introduces three strategies to address the actual talent war problem. It is based on publicly available industry data, four Datos Insights research studies, and one case study.
Clients of Datos Insights’ Wealth Management service can download this report.
This report mentions RBC Wealth Management and Salesforce.
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