Today, I would like to discuss a topic of great importance to private banking relationship managers: the right time for an employer change. Intuitively, an employer change is more pleasant when you can prepare everything calmly and when the overall market sentiment is positive. However, aspects of “fair-weather- changes” should be considered apart from the assumed proximity to your clients.
Convincing clients to switch during calm conditions may be challenging. The performance contributes to value creation, and business-as-usual poses no challenges for the bank. Consequently, there appears to be no immediate need for clients to go through a lengthy account opening process. I consider a change during such periods somewhat more challenging and time-consuming.
Good hunters have a unique sense. They see opportunities arise, particularly during general uncertainty, such as restructuring, newly joining relationship managers, or even coverage teams. While supervisors are still preoccupied with hierarchical matters, the relationship manager can start afresh at their new workplace once their notice period has ended.
Financial market uncertainties can also present an optimal timing for a change. In larger organisations, one can, albeit unfairly, criticise the neighbouring portfolio management department or the internal push for (mis)guided internal product strategies.
Through a change, one can lure clients with a better portfolio management outlook on an open investment product platform. In such cases, the old employer becomes a common adversary. The lengthy account opening process becomes less noteworthy.
Finally, one must determine whether the grass is greener at another private bank or an independent wealth manager. With all the banker shifts in the Swiss market, the timing now could be ideal. I would be happy to share our current focus markets in private messages.
Let’s always recognise the right moment and seize opportunities to provide our clients with the best possible service.
Source: LinkedIn
