Asset Management is undergoing such a radical upheaval that the norms of yesteryear are long gone. A new paradigm is needed for success in this still burgeoning, though challenging Financial Services environment.
Asset Management has historically been a sector with very low attrition and slow career progression. Senior management has tended to be in post for a considerable time. In the wider Financial Services industry, people are wanting to more proactively manage their careers and move from institution to institution in a shorter period of time. The ‘new career’ is not a life-long commitment to one particular firm or career route, and this is slightly out of kilter with the standard form within Asset Management.
This is a big challenge for individuals. Line managers are still looking at how many different roles a candidate has had over the last ten years or so. They see three as a big issue, when in reality, that is not an issue in other sectors – moving around often results in candidates who have more diverse exposure to different topics and desired areas of expertise, and a better ability to learn and adapt. This characteristic plays directly into the ‘diversity of thought’ aspect of new external candidates, which is a direct benefit. On the other side, companies are now also having to adapt to the reality that knowledge is now more at risk of walking away.
In terms of enabling these new career paths for Financial Services professionals, the onus is on the individual to ensure that they are up-to-date with knowledge and Continuous Professional Development (CPD).
So how does this translate to any kind of career mobility or ‘gig economy’ evolution in Asset Management and its ecosystem?
The ‘rumour market’ for new roles is highly fragmented. The candidate has to be in touch with a lot of head-hunters and recruiters to access the broad number of companies for which their talents and skill-sets may currently be in demand; the hunt becomes almost a job in itself.
Traditional recruitment agencies are generally focused on specific industry sectors and not cross-fertilisation of external industry sector candidates. The established players do not tend to consider accumulated skills, or even aspirations to broaden a candidate’s career horizon, beyond that of their retrospective CV. As a result, a valuable talent pool may be lost to the wider Financial Services sector due to recruitment agency’s inability to handle or manage the demands for ‘diversity of thought’ into sectors such as Asset Management. The candidate becomes more frustrated too.
Job seekers using generic platforms such as LinkedIn, recruitment and head-hunting agencies are crying out for a smarter and relevant way to market their skillset to potential employers. The only way forward is to disrupt the status quo and innovate; this is where AlgoMe comes in. It’s a solution for industry players and outsiders who have valuable transferable skillsets, as well as the organisations who seek them.
AlgoMe provides tools to tailor job searches and appointments to match specific needs and skillsets to potential employers using algorithms and smart technology. Additionally, it provides the access to mentoring and learning support on the platform too, creating a unique and new way for people to manage their careers now and in the future.
New regulations such as MiFID II; agile management systems such as DevOps and SaaS; and changes in investment and distribution strategies (e.g. team-based investing) will transform Asset Management. It will move from a passive sector into a new burgeoning crucible of activity.
The diversity of personnel set to enter the sector will create a paradigm shift in attitudes as well as systems and processes. This will make it a highly-attractive area for professionals to consider in their planned career moves around the Financial Services sector and possibly beyond. Making these life-changing transformations more successful is the remit of new smart tools such as those offered by AlgoMe, which is at the forefront of this paradigm shift making the search for a successful career move a lot easier than ever before.