Private Banking: Building a Culture of Excellence

Chapter 10

Winning the War for Talent

The “people dimension” is the most difficult element to achieve in any service organisation, and private banking is no exception. People in this business require both hard competencies and soft skills. While financial expertise can be learned, soft skills are hard to teach; qualities such as being a good listener as well as being creative and innovative can be developed over time, but they require effort and a high level of curiosity, patience, and human insight. A good balance of hard and soft skills is required in private banking. Beyond finding the right individuals, it is management’s responsibility to leverage on this by assigning the people to the right function. The key question addressed in this chapter is how to attract, develop, and retain talent. While compensation plays an important role in a people business, there are several other factors that contribute to job satisfaction.

WHY THE WAR RAGES ON

Private banking is a people business. People create and deliver the investment opportunities and the client experience it offers. Given the premium positioning of private banking, it is absolutely essential to recruit the best employees and create an environment in which they can excel. This chapter discusses how to attract, develop, and retain the brightest, most talented, and most capable individuals in an industry where dedication and discretion count more than “star” qualities.

Wealth management is a great business. In an unpredictable ...