Please don’t tell my fellow Red Sox fans back home, but I have something to say and there’s no denying it: the New York Yankees are the greatest champions in American sports history.
The number of World Series they’ve won tops all contenders and indeed, no team in any other sport boasts such a packed trophy case. I may not be invited to any more clam bakes, but the truth is the truth, no matter how unpalatable.
Wealth managers can learn a thing or two from these hard-battling, often unlovable winners. If you want to attract and retain the highest-quality advisors, our featured author suggests, do like the Yankees. He’s paraphrasing UBS executive director Kenneth Correa, who shared this view at a recent gathering of executives from major wealth management firms.
The Yankee’s skill at attracting the promising players goes beyond the team’s deep pockets: top talent wants to be part of the team, because it’s an unparalleled winner. That legacy is of inestimable value to the team when they move to rebuild or bolster an already strong lineup.
Correa is looking for fresh approaches because he’s worried about UBS’s future ability to draft the best talent. The wealth management profession is aging fast, while fresh players are tempted to join myriad other teams: private equity, hedge fund and other potentially lucrative opportunities beckon. Wealth management needs to change its traditional offering in order to attract young advisors, he says.
Another specialist, Deborah Shepherd of Merrill Lynch Wealth Management, said the profession is viewed as excessively risky, scaring off many promising rookies. She says this perception is false, as proven training programs are widely available for prospective wealth managers.
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What Wealth Managers Can Learn From the Yankees | Wealth Management