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  • Eva Keogan
    Eva Keogan

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    The 21st Century Financial Services career

    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.



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      We think we might just have the answer.
       
      When we created AlgoMe, we set out to empower professionals so they can manage their careers through technology, data and industry insight. With our career management platform, we‘ve delivered this but we know there‘s much more to be done.
       
      The Asset Management industry is in a state of flux. Right now lower fees, higher costs, new technology and increasing regulation, along with changes to the workforce, mean we need access to technology, data and industry insight more than ever before. This is why we‘re taking an exciting step by opening AlgoMe Community, the place that brings the Asset Management industry together to drive open conversation and essential innovation.
       
      AlgoMe Community is a members-only community exclusive to the industry and associated professions.
       
      Membership is free, members are verified and use their own names to create a profile – here are the key benefits:
       
      1. A community for Asset Management
      We have created a standalone space for asset managers meaning discussions and groups are centred around highly relevant areas and get to the heart of issues quickly. We will also be hosting regular events both online and offline to address industry challenges and help our members drive the agenda.
       
      2. Keep your finger on the pulse
      Not sure about Brexit or SMCR? Want to know what the latest research on AI is? The AlgoMe Community gives you direct access to all of these discussions. AlgoMe is working with a number of partner organisations to bring you the latest thought leadership, insights, blog posts and white papers to keep you abreast of the latest trends in Asset Management.
       
      3. Grow Your connections outside of your existing network
      There are a lot of bright minds out there. Over 40,000* people are currently working within the Asset Management industry according to the Investment Association. This number is likely to be 200k+ across Europe with the firms and organisations that make up Asset Management ecosystem. That’s a lot of new connections to make.
       
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      Join AlgoMe Community for free today and connect with the Asset Management industry.
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