UBS, Citigroup and HSBC all plan to increase their market share in Australia’s wealth management market, which could see some fierce competition for top advisors.
UBS appears to be leading the race after poaching at least seven wealth management advisors from Citigroup, according to The Australian. Another two Citigroup advisors have reportedly left to join Macquarie.
Simone Mears, director of search firm Profusion, believes that there is strong demand at all levels of wealth advisors. Advisory for high net worth clients however requires very specific skills, with the result that there is a limited talent pool in Australia.
Mears said base salaries have been consistently been increasing for advisors over the past two years, partly due to legislative changes and also because of the short supply of top advisors.
Liz Cacciottolo returned to Australia in 2004 to become chief executive of wealth management at UBS in Australia, after leading the UBS private bank in the UK to great success.
It appears more advisors will be hired in future.The Australian reports that UBS has a long-term plan of tripling its number of Australian wealth management advisers from the 60 who were working at the bank in 2004 when Cacciottolo returned from London.