BWD H1 2021 Wealth Management Confidence Index

BWD CONFIDENCE INDEX H1 2021 INTRODUCTION WEALTH MANAGEMENT At the start of this year, we introduced our Confidence Index, which is a visual aid to show whether hiring trends are up or down as compared to 2019 averages. We looked at data relating to new assignments, 1st interviews and job offers as these are the best indicators as to whether clients are hiring, and to overall levels of confidence in the sector. As we move into H2 2021, we thought that now would be a good time to reflect on how recruitment markets have fared in the first half of the year and to share some analysis with you from our specialist desks. As recruiters, we often take for granted the details that we pick during our day-to-day activities, so this is an opportunity to share some brief insights into what is happening in the FS market from a hiring perspective. Look out for our more detailed sector-specific analysis which we will share with you shortly. 200% 180% 160% 140% 120% 100% 80% JAN-21 FEB-21 MAR-21 APR-21 MAY-21 JUN-21 1ST INTERVIEWS OFFERS MADE NEW ASSIGNMENTS 2019 MONTHLY AVERAGE BWD | CONFIDENCE INDEX | JAN - JUNE 2021

WEALTH MANAGEMENT OVERVIEW Within Wealth Management, the year started with a bang. One particularly notable factor that the infographic doesn’t convey is how Despite Lockdown 3, interview numbers were back in line with the growth and recruitment we have seen has switched on its head from pre-Pandemic levels and new assignments taken on in Q1 London to the regions. During 2018 and 2019, London based hires 2021 were 10% higher than the same period in 2019. accounted for just under half of our Financial Planning placements Most stark was the high number of offers we saw during Q1; nationally. 30% up on 2019, and more than double those we saw for the same period in 2020. Q2 continued to be busy, with first In 2020, and so far in 2021, this dropped to 20-25%. Conversely, despite interview and offer levels in line with divisional averages. the difficult year, regional placements made in 2020 were actually slightly During H1, there was, certainly in wealth management, a ahead of both 2018 and 2019, and already in 2021 we are on track for a genuine feeling of pent-up appetite being released, both from record number of regional financial planning hires. a hiring firm, and candidate perspective. Combine the opening, by many large players, of new regional hubs in Understandably, throughout 2020 employers were tentative recent times, with the fact that we have several major financial services about hiring and potential candidates were nervous about employers already announcing new work from home contracts for moving. From the start of this year, it has felt like confidence thousands of employees, and we expect heightened levels of recruitment has truly returned, leading to both a surge in vacancies and in outside of London to be a major feature through 2021 and beyond. candidates being far more open to moving than they had been for 18 months. In summary, a very positive H1 within wealth management and, whilst we Whilst the high level of new vacancies continued through the undoubtedly face a bumpy road ahead, economic indicators and market end of H1, there were signs that candidate availability waned sentiment point to continued growth. in June, perhaps reflecting the wide choice of roles available to them, and the fact that those who really wanted/needed to JOANNE MCPHERSON move have now done so. CLIENT DIRECTOR | REGULATORY, RISK & COMPLIANCE 0113 274 3000 | 07740 872 049 [email protected] BWD Search & Selection 0113 274 3000 [email protected] www.bwd-search.co.uk BWD | CONFIDENCE INDEX | JAN - JUNE 2021