Wealth Professionals Eager To Relocate - Global Survey

Sandra Kilhof

2 December 2013

Wealth managers and trust professionals across the world are increasingly keen to relocate, and preferably for the long-term, according to a recent survey conducted by recruitment firm Carlton Senior Appointments.

The report found that almost half of wealth and trust professionals are “likely” to relocate and that 34.5 per cent are “actively looking to relocate”, with another 35.7 per cent looking to relocate for “as long as possible”.

The respondents said that reasons to move include both personal and career related considerations, with “experiencing another culture or location”, “work/life balance” and “career progression” being the three key motives for relocation.

“As the traditional home of private banking, Europe is unsurprisingly the most popular region to relocate to,” said Derek Addai-Tabi, head of private banking at Carlton Senior Appointments.

“Furthermore, several respondents currently living within Europe expressed a preference to make a move within Europe, in order to experience another culture whilst developing their career, and still be close to their home country and family.”

Candidates also expressed a high level of interest for relocation when this entails a potential increase in compensation, with 32.1 per cent of respondents expecting or requiring a 21 per cent minimum salary increase in order to relocate.

“Professionals are keen to relocate to certain countries for tax reasons,” continued Addai-Tabi. “The Middle East, for example, is often a desirable location for trust professionals to relocate to, due to the lower levels of taxation.”

Curiously, the survey also revealed that over half of permanent staff would relocate on a contractual basis. Regardless of this high desire for relocation, private banks and family offices have, however, been less willing to offer high relocation packages to attract overseas talent, said the firm in a statement.

Yet, there might still be hope for those wealth and trust professionals looking to move. The recent increase in regulation in Europe, as well as increased wealth within emerging markets, has pushed private banks and family offices to focus on financial hubs in Asia, Latin America and the Middle East.

“This has certainly increased demand for wealth professionals both within emerging market financial hubs to cover the onshore market, as well as financial hubs in Europe to cover these markets internationally,” concluded Addai-Tabi.