财富帮助通缉

尽管危机困扰financ的许多地方ial services industry, private banking is booming. The crisis compounds a personnel challenge faced by wealth management organizations even as they try to shield clients' portfolios from the market carnage. Some "less-than-elegant cost-cutting" has resulted in "a tremendous shortfall due to a lack of hiring, as people didn't anticipate the magnitude of that growth [and] enough candidates didn't present themselves," notes Steve Crosby, senior managing director in PricewaterhouseCoopers' investment banking group.

Tony Guernsey is looking for a few good men and women.

Indeed, for every private banker, fledgling or veteran, that Guernsey, national head of wealth management at Wilmington Trust Co., manages to lure to the firm, he wishes he could find another to hire. “We need to replace the people aged 55 or so who are thinking about retiring, but we’re also in the middle of an incredible boom in our market, meaning that we need more people anyway,” he says.

Guernsey在追求私人银行人才的追求中有很多公司。With the ranks of millionaire families growing at about 9 percent a year in the U.S. — and far more rapidly in regions like Latin America and the Middle East — wealth advisory firms of all stripes are in a frantic scramble to find enough skilled people to take advantage of that expansion. Guernsey has crunched the numbers, looking at the ranks of advisers today and their average client base, and has come up with an estimate of just how big the personnel gap is. “By 2010, if the trends stay intact, the U.S. will have an additional 1 million high-net-worth clients who will need advice on managing their assets,” he says. “The problem? To serve our existing clients and all of these new people, we need about 50,000 new bankers. And they are nowhere to be found.”

The private banking boom stands out starkly amid the woes of the financial services industry — the credit market mayhem that led to the collapse of Bear Stearns Cos. and has cost, at last count, some 65,000 traders and investment bankers their jobs. But the current crisis only compounds the challenge faced by Guernsey and his peers. As hard as they are working to shield clients’ portfolios from market carnage, they still must overcome the longer-term, and potentially more intractable, talent problem. “Wealth management is one of the few areas that is really growing dramatically,” notes Steve Crosby, senior managing director in PricewaterhouseCoopers’ investment banking group. “There’s a tremendous shortfall out there due to a lack of hiring, as people didn’t anticipate the magnitude of that growth [and] enough candidates didn’t present themselves.”

事实上，许多公司曾为超高净值家庭的复杂需求提供迎合，从遗产和税务计划到投资和慈善活动 - 近年来短暂的挑战。一个原因：私人银行业务没有贸易或投资银行的票据。也责备，克罗斯比说，在过去十年中，“一些不太优雅的成本切割”，以便在私人银行业务中取消或消除培训计划。

“我们应该在2000年和2001年获得招聘的回报，因为这些招聘人员遭受了足够的责任，”根西赛说。相反，“我们作为一个行业保存的金钱被保存回来的资金在这一招募狂热的招募狂热中，在这一招募狂热的情况下被一遍又一遍地度过，因为我们互相夺走了经验丰富的团队。”

And as the number of millionaire households grows — and as those households become wealthier year after year — more firms are pursuing their business. Such venerable trust companies as Wilmington, U.S. Trust Co. and Bessemer Trust that once dominated the landscape must cope with fierce competition from the likes of Citigroup, HSBC Holdings, JPMorgan Chase & Co. and UBS. Also in the fray are the wealth management divisions of investment banks like Goldman, Sachs & Co., Merrill Lynch & Co. and Morgan Stanley. Over the past several years, still more players have arrived on the scene, including multifamily offices and boutique outfits like New York’s two-year-old Modern Bank, which, according to co-founder and vice chairman Leslie Bains, already has nearly 200 clients with an average net worth of $70 million. Guernsey estimates that amid all this activity, perhaps only 10,000 of the 500,000 brokers and other licensed investment professionals serve the top tier of the market.

与此同时,这些客户变得更加demanding. “The expectations of what they will get from a private bank are much higher than they were five to seven years ago,” says Patrick Campion, CEO for the Americas at HSBC Private Bank. Clients don’t need just investment services; they also want help with complex estate planning, guidance in setting up philanthropic foundations and even assistance with teaching their children and grandchildren how to cope with inheriting millions of dollars. And these needs are increasingly global.

“We have one client here in New York who has a successful business in Hong Kong and wanted to expand to mainland China,” says Campion. The client’s private banker flew out to Hong Kong to interview HSBC investment bankers and determine which of them was best able to help the client move forward with his business plan. “When the private banker is the first person the client turns to for help in most areas of their life, as happens today, you can’t cut corners,” Campion notes.

The demand for top-notch talent is raising the cost of doing business. For starters organizations must offer financial incentives to retain existing teams or attract new ones. “People will pay one to two times the [fees] of a book of business as a signing bonus to attract an experienced adviser with a good client list,” says Robert Elliott, managing director at Bessemer Trust. He quickly adds that Bessemer doesn’t do this. “But if you want someone who has a certain kind of expertise or works in a specific geographical area, then you need to be prepared to woo them.”

Private banking executives agree that no one they would want to hire will budge unless offered at least 20 percent over his or her current compensation package. HSBC’s Campion says that such offers can go as high as 50 percent. Wilmington Trust’s Guernsey ups that ante to 100 percent, adding, “Then you have higher base pay, second-year guaranteed bonuses, forgivable loans, stock options, restricted stock, deferred compensation, generous life insurance packages — all this is standard procedure now.”

That takes a toll on the bottom line. “If you break your salary scales, how can you maintain your margins?” asks Chip Wilson, director of client services at Glenmede Trust in Philadelphia.

麦肯锡和公司的年度调查常规地将这些税前利润率置于高达35％的税前利润率，汇丰银行和瑞士信贷等公司在私人银行收入上产生了超过40％的利润率。这是一个闪闪发光的企业，与其他部门从信贷紧缩中卷起。

Some financial institutions have gone so far as to buy a private banking institution outright, as did Bank of America Corp. — then the most active and generous recruiter of wealth managers — when it purchased U.S. Trust from Charles Schwab Corp. in 2007. Alas, the transaction triggered an unprecedented raid on U.S. Trust personnel; though there is no definitive information on how many bankers and their teams left for rival institutions, some insiders place the figure as high as 35 percent.

饲养狂热在海外更加戏剧性，富裕家庭的增长是如此迅速，最近私人银行没有机会在内部发展人才。2006年，赌注是如此之高，这是花旗集团的新加坡私人银行部门起诉了一个违法的前分支经理，他们宣称他藐视专有数据，违反他的合同，招聘前同事在几个月内招募了前同事加入他的瑞银他的离开。在咨询公司Capgemini的财富管理实践中的初级校长表示，中东私人银行家将其目前的薪水与竞争对手一起举行了两倍的薪水，以咨询公司Capgemini在全球财富管理行业的年度报告中出版了一份关于全球财富管理行业的年度报告。人才追逐已经增长如此激烈，即本月的出版计划是今年报告的重点。“结果是每个人的糟糕的场景，潜在的，”Van der Linde观察。“金融机构面临着巨大的成本，只是为了跟上，而且客户 - 特别是被忽视的底部，每年不富裕的人越来越富裕 - 可以感到不安。”

Even when financial institutions don’t win bidding wars to attract or retain talent, their bottom lines can take a hit. When a group of private bankers left U.S. Trust to join the wealth management arm of a large global bank, then–U.S. Trust CEO Peter Scaturro offered to waive fees for the bankers’ clients if they stuck with the firm for a year and gave it a chance to prove it could still deliver the goods with a new team of advisers. They agreed, and U.S. Trust retained nearly all the clients. Scaturro, who joined the firm in 2005 from Citigroup and, in spring 2007, after BofA’s buyout of U.S. Trust, moved to Goldman Sachs, where he heads the wealth management practice, declined to comment for this article.

But poaching from rivals is only a short-term solution, private banking honchos admit. “It’s a zero-sum game; you’re only

重新安排游轮的甲板椅子当n you need to be bringing new ones on deck,” argues Glenmede’s Wilson. He’s only slightly more bullish on a solution frequently touted by investment banks and money-center banks: the team-based approach to wealth management. “Teams mean you can deliver the wider array of specialized advice clients want more readily, but it doesn’t address the need to develop younger, talented relationship managers,” Wilson says.

Bruce Holley, senior partner at Boston Consulting Group, has studied the way these teams function and says that they aren’t living up to their potential. “People aren’t really constructing the teams well,” he says. “They don’t coach them on how to work together to deliver a broader wealth offering to the client.”

Technology can give private bankers access to more product and client information, but industry veterans say that alone isn’t the answer, either. The wealth management business fosters bonds of an inherently personal and emotional nature between advisers and clients. Someone working with, say, 50 ultrawealthy families can’t easily boost that client list to 75 families, even with the best technology and a bigger team. “This isn’t a scalable business,” says van der Linde. “There is a big risk here that clients will become disaffected.”

根据管理下的资产数量，提供不同的服务级别正在成为标准的做法 - 一种称为分层的过程。越来越多的客户投资组合由太少的退伍军人私人银行家管理。十年前拥有几百万美元的人，这是十年前可能被其中一个顾问处理，可能会减少个人关注。在美林林奇的北美咨询部门负责人的丹尼尔·桑塔格，这只是对市场现实的实际反应。“对于客户来说，更好的是，在适当的频道中，谁将更好地服务，”他说。“并且顾问通过将这些较小的关系转移到不同的渠道来获得额外的容量。”

The risk is that someone who once got personal service from a private banker will resent having to call an 800 number instead. “When that client expresses dissatisfaction at a cocktail party, they don’t say how much money they have with the firm,” notes HSBC’s Campion. “I understand the economics of this approach, but you have to balance that with the recognition that the largest relationship isn’t always your most profitable.” Moreover, today’s small relationship may become tomorrow’s ultra-affluent one, should that individual receive an inheritance or sell a business. “Clients will go where they feel taken care of, so institutions that find creative ways to address this talent shortfall now may be the bigger winners down the road,” says van der Linde.

Financial institutions are beginning to revive, rethink and relaunch their in-house training programs to generate a pipeline of talented junior bankers. But managers like Campion and Guernsey can’t expect relief for as long as five to ten years, because it takes time to transform even skilled money managers into the trusted advisers that private banks require. “We have to find ways to cultivate [talent] internally,” says Campion. “Yes, it’s hard to identify the people with private banking in their DNA.” But however difficult and prolonged that quest may be, and however painful the intervening years, private bankers agree it is the only viable long-term solution. “We see today the consequences of not getting this right” in the past, notes Campion. “Now the stakes are higher.”