In the wealth management sector, the interviewing process unveils much about a candidateโs confidence in their ability to deliver, particularly when it comes to salary negotiations. An intriguing observation is that when a relationship manager asks for a significantly high salary upfront, it might hint at a lack of confidence in their business case. ๐ค๐ผ
Why? Because true value in wealth management, especially for relationship managers, is not solely about the starting salary. Itโs about the long-term growth, both for the individual and the clients they serve. Itโs about believing in oneโs ability to meet and exceed targets, thereby justifying higher compensation through proven success. ๐
This doesnโt mean undervaluing oneself. It means entering an agreement with a clear understanding of oneโs worth and the value one brings to the table, balanced with the commitment to achieve and surpass set financial goals. ๐ฏ
Hereโs a proposition: Instead of fixating on a high initial salary, consider negotiating for performance-based incentives that align with revenue goals. This approach not only demonstrates confidence in your ability to grow the business but also aligns your success with the firmโs success. Itโs a powerful statement of belief in your own business case and a commitment to achieving financial targets. ๐
Remember, the goal is to build a partnership where both parties see and work towards mutual defined growth. Itโs about proving your worth through results, leading to higher compensation that reflects your contribution to the firmโs success. ๐ฐโจ
Source: LinkedIn
