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“We believe this is great opportunity for wealth management companies"  (View Comments)

Sheetal Srivastava

Posted On Tuesday, January 20, 2009 at 12:45:19 PM

Vikas Agnihotri, CEO, Religare Macquarie Private Wealth management on the current trends in the wealth management sector

1) Bucking the trend of layoffs in financial services firms, the wealth management sector is hiring aggressively. What’s your take on this?

Currently, there are a mix of players, both new entrants and a few vintage. Within that, there are some financial companies with a wealth management focused on providing wealth management and advisory services. 

In the current environment, we believe that some of the existing players are reviewing their business plans; hiring plans etc, which had been designed in a bullish market.

While the financial markets in India have been going through a roller coaster ride recently, we believe this is great opportunity for Wealth Management companies. The need for having a good advisor who can provide holistic wealth management advice is more strongly felt now than ever before.

 
2) Can you describe the current employment trends in your industry?

As mentioned earlier, there is a mix of players in the industry. The current market has forced some of the market players to review their cost base and hiring plans. The new entrants on the other hand, have been using this opportunity to acquire good talent from the industry. The challenge is to attract the right professionals.

3) What are the recruitment processes that you use to employ talent for your organisation?

However clichéd it may sound, we strongly believe that people are our strongest asset.  Unlike many institutions which simply recruit product pushers, our focus is on hiring talented Wealth Managers who show potential and have the right attitude.  We select people with high achievement orientation and alignment to our values. The organisation provides them a learning and challenging environment with ample developmental inputs and growth opportunities.

We work closely with our recruitment partners who are extensively briefed on our requirements, with clearly stated job descriptions. Post the short listing, there is a 2 tiered interview process at the levels of Relationship Managers and Investment Advisors.

This is followed with a thorough reference check of the individual and getting more information about the candidate from the market.

As regards to our senior management and key positions, we have been able to hire some of the best professionals from the industry, with illustrious track records. They have been cherry picked from the industry after undergoing an extensive search, a psychometric test and an in-depth interview process.

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