Bluerating | October 2024
34% of bankers declare themselves willing to consider the possibility of working as a financial consultant with an agency contract and VAT number in the main financial consultancy networks (source FINER 2024 research for ASSORETI).
There are 265,000 bank employees in Italy, even considering only those who work in direct contact with customers, we should have a few thousand bankers queuing to join the network banks.
The fact that this massive exodus has not occurred, despite declarations of intent, is explained by at least three factors.
The first is a personal factor: the leap from employee to VAT consultant, i.e. to de facto entrepreneur, is not for everyone, it must be internalized, assessed individually and then – fundamentally – it must be incentivized and adequately supported by the bank net.
Networks have made great strides in recent years in terms of their ability to attract top talent, both inside and outside the financial advisory industry. However, there is still ample room for improvement.
At an organizational level, the role of the recruiter should be defined with precise objectives and roles, which does not always happen.
We would then need more ambassadors than mere recruiters, capable of transferring the value of a profession that is not for everyone but is certainly for many who have not yet understood it.
We often find that this task is mainly entrusted to those who, despite being excellent managers, do not have all the skills, sensitivity and ability to attract and offer a real growth prospect to a potential candidate.
Some networks have understood this well and support the growth of the network by also involving the bank’s HR function, as well as external consultants, others seem to be anchored to past logics.
The second reason is that the bank, for many, is still seen as a safer haven than a network, capable of offering greater economic security, lower risks of failing in one’s job and in any case the right relationship between quality of life and work also thanks to less effort required in customer development.
Then there is a topic linked to corporate welfare which is very relevant especially for women but not only, the bank from this point of view seems to offer greater protection and more extensive guarantees, the networks can still do a lot on this front. To attract and retain the best talent from the world of banking, other less tangible aspects of money must therefore also be considered, such as training and the enhancement of teamwork, dispelling the myth of the lone wolf consultant, which scares the most fearful.
The third reason is linked to the value of the brand of the banks which, on average and with the necessary exceptions, still benefit from higher levels of knowledge, a more solid brand equity and a more reassuring reputation than the average of the networks.
Added to this is the fact that bankers’ satisfaction with their bank, although still lower than that of consultants, is growing compared to last year, certainly thanks to the record results of the banks which have allowed salary increases, a return to greater protagonism also at an international level and a consequent increase in trust in management.
The difficulties in promoting and enhancing the role of the financial advisor, demonstrating the potential of the networks, explaining their evolution over time, supporting and helping to overcome the fears of those who do not dare to make the leap are still today the real barriers to the massive exodus of banking.
Nicola Ronchetti