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A Case Study In
EXECUTIVE SEARCH
Client Situation
This well-established global asset manager identified
a need to aggressively expand their presence
in the profitable high net worth market for
individuals. They have an impressive mix of
products and distribution capability, and an
excellent reputation as an institutional money
manager. Their challenge is to promote their
image in the marketplace as a money manager
for personal assets as well.
The organization recognized that to get on track
in achieving its goals, it would need to research
market awareness of who they are in this niche,
to identify which geographic regions made sense
for them to begin promotion and expansion, and
to hire top performers at the management and
sales level who have extensive experience with
the wealth market.
Demanding Issues and Unique Concerns
Their Trust and Investment Division has done
a quality job in serving their clients over
the years, but no one really knows about their
successes.
With competition in the high-net-worth market
as fierce as it is today, they need to find
unique ways to differentiate themselves through
the types of people they hire and the way they
package their alternative investment products
and quality service.
The Rankin Group Solution
The Rankin Group developed a two-phase approach
to meeting the client's recruiting needs. The
first phase was to conduct a market intelligence
study to analyze their actual position in the
market. This study also assessed the potential
for new business, and identified the types of
individuals at various compensation levels who
would add significant value to their effort.
In the second phase, The Rankin Group conducted
an expansive search for seasoned professionals
with a track record in private asset management.
These individuals needed to drive the sales
effort and begin positioning the client in the
minds of those wealthy individuals who would
benefit best from their approach to financial
planning and asset management.
Results
After thorough screening and testing by The
Rankin Group, a business manager and senior
sales people have been hired into each area
of their geographic expansion. As this is an
ongoing effort for the client, The Rankin Group
is still actively involved in their search and
expansion activities.
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A Case Study In
COMPENSATION ANALYSIS
Client Situation
A national banking and trust organization
needed a sales manager for their Private Banking
Division. Although they have built a strong
reputation within the personal-wealth management
market over the years, they had never tapped
the true potential of a well managed and focused
sales effort.
Recent reorganization presented the opportunity
to go to the marketplace and search for a highly
skilled sales management professional with a
track record for building and retooling trust
and investment sales teams.
Demanding Issues and Unique Concerns
Without the experience of having a true professional
sales manager in this position in the past,
it was difficult for the client to determine
what the candidate profile should be. Also,
they had not been impressed with sales managers
from competitive organizations they had met,
and were concerned that the industry may not
have what they needed.
To compound the situation, they were not prepared
to deal with the compensation packages required
to attract the level of individual they desired.
The Rankin Group Solution
The Rankin Group first addressed the issue of
setting the appropriate candidate criteria.
Drawing on its in-depth knowledge of key players
in the industry, The Rankin Group profiled examples
of skill sets that have been successful in similar
situations. These discussions took place prior
to initiating the actual search process.
Compensation analysis was conducted throughout
the early stages of the search. In order to
assist the client in assessing what various
levels of compensation would attract in terms
of actual candidates, The Rankin Group laid
the groundwork for discussion by reviewing the
results of studies they had conducted on the
subject. This was followed by very targeted
profiling of qualified candidates at the different
compensation levels, to give the client an appreciation
of what they could attract for what cost.
Results
In today's environment, the demand for sales
and sales management talent is highly competitive.
Based on the current experiences and careful
counsel by The Rankin Group, the client was
able to set realistic compensation parameters
that would attract the quality of person they
desired. Although they ended up paying more
than they had anticipated at the outset, they
were able to attract one of the premier sales
managers from the private banking industry.
Their investment in superior sales leadership
began to pay for itself immediately.
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