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A Shifting Broker-Manager Relationship

Don’t believe any rumors involving the death of the prime brokerage. In fact, prime brokers are still very much alive despite the introduction of the Basel III capital adequacy regime, its Liquidity Coverage Ratio (LCR), and, most importantly, the Net Stable Funding Ratio (NSFR). While the industry’s entire business model was brought into question with the emergence of this regime, prime brokers have not only survived the rising cost of capital, but continue to thrive despite the constraints.

Will Artificial Intelligence Take Over Your Banking Job?

Digitisation has changed banking forever. Cashless transactions, mobile and online communications, paperless submissions, and automated teller machines (ATMs) have changed the face of banking. Disruption is a norm and organisations, both large incumbents and financial technology start-ups, are creating new markets and controlling consumer experience like never before.  

Aon Names Ray Everett Global President of McLagan

Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced it has named Raymond Everett as global president of McLagan. In this role, Everett is responsible for leading a team of experts who provide compensation, performance and talent intelligence to companies in the financial services and insurance industries. He leads the McLagan executive committee and is a member of Aon’s Talent, Rewards & Performance executive committee.

Into the Wilderness: Shifting the Digital Discourse from Protection to Progression

“We are releasing the computer into the wilderness,” announced Hendrik Leber of Acatis Asset Management in March. He was, of course, referring to the recent launch of the first global equity fund to be fully controlled by artificial intelligence. Computer-based research and trading solutions may have been around for some time, but Leber’s technology is particularly smart. It is able to discern patterns of non-linear developments; it is capable of deep learning.

Risk versus Reward in the Kingdom of Saudi Arabia

The 2030 reform agenda is now in full swing within the Kingdom and the IPO of Saudi Aramco is finally taking shape. The landscape in the Kingdom will look very different if the 2030 plan goes according to plan however as well as requiring a strong hand from the government to push it through it will also require capital, and lots of it.

Infographic: The Path to Financial Advisor Success

With rising pressure to grow profit margins, continuous improvement within the ranks of financial advisors has never been more important. But, what are the key building blocks and tools proven to drive financial advisor success? This week we explore and share with you ways in which implementation of a performance improvement strategy can make a BIG difference, how market intelligence sets the foundation, and ways to build an action plan for performance improvement. 

Agile Working and What Makes a Great Advisor

Increasingly firms must be tuned in to the changing needs of clients. During his 2009 TED talk, Marketer Richard St. Curtis argued that we must stop discussing ‘success’ as though it is a ‘one-way street’. Too often, he explained, we focus on everything that will lead us to success and, when ‘we figure we’ve made it, we sit back in our comfort zone’ and stop trying.

Repairing the Wealth Management Client Team Engagement Crisis

The wealth management industry looks a lot different today than it did ten, five, or even just two years ago. Disruption has become the norm. Financial advisors and relationship managers are on the front lines of these added pressures, squeezed by new regulations that add work to their desks, and forced by new entrants to reduce costs. Increasingly more advisors are choosing to set out as independents or even leave the industry entirely. Without this critical talent, firms are left with a big gap and risk in effectively meeting and exceeding client and firm needs.

Success in Succession Planning

While all eyes have been watching the DOL / fiduciary developments, another risk continues to loom over the industry: the dual trends of a rapidly aging FA force and their aging clients.

Battling for Top Talent in the Insurance Industry

With increasing competition and demand for top talent and best-in-class employees across all functional levels of insurance carriers, talent is a hot topic across the industry. Executive and manager-level calendars are filled with meetings focused on hitting agreed upon goals from 2016. Efforts to attract, engage, and retain new and existing staff are being re-energized. Determining which initiatives will provide the biggest boost is a key. 

Missing Tricks From Your Top Bankers? The Latest Appliance of People Science

Missing some tricks from your top bankers and relationship managers? Paying them too much? Evidence suggests you are likely doing both.

There is More to Frankfurt and Paris than Meets the Eye

Germany’s financial capital, Frankfurt, is the metropolis on the Main River. Frankfurters like to regard themselves as Main-hattan, a slice of Wall Street where upcoming financiers cut their teeth before moving to the killing fields of larger London and New York. We believe that the stage is set for this talent flow to reverse, which merits a little more consideration for your future location strategies.

Where Human Meets Capital

Where Human Meets Capital explores the evolution of human capital in wealth management. In this week’s article Peter Keuls, McLagan’s Global Head of Wealth Management, explores how technology continues to change the wealth management workforce, and considers how firms can best position themselves for tech-enabled success.

Demon-etization in India

On the 8th of November, the Prime Minister of India, Narendra Modi held a surprise press release and withdrew the tender of Rs 1000 and Rs 500 currency notes with a motive to eradicate black money (non-declared / taxed wealth) and fake currency. This move however led to the scrapping of 85% of the available cash in an economy which is almost 90% reliant on it.

Building a Meritocracy

Most firms pride themselves on being meritocracies, yet financial services firms are increasingly struggling to rationalize a pay for performance culture.

The Shrinking Pools

Burdened by low oil prices and macroeconomic instability, the regional banking sector is suffering from squeezed earnings as liquidity tightens and credit growth remains tepid. Given these conditions, many banks across the GCC will not meet profit targets, subsequently reducing bonus pool funding. How should banks in the region respond to the new economic climate and can they somehow convert this into an opportunity to derive competitive advantage?

The Kingdom Reforms (Part II)

Saudi Arabia has announced a spate of cuts around compensation within the government and the public sector. While there may not be immediate ramifications of these curbs for the private sector, firms irrespective of their ownership structure, should be wary of these changing times. In this second part of the series, we explore what organizations in the Kingdom could do to effectively adapt to these circumstances.

White Paper: Why Work?

If you won the lottery, would you quit your job? Our latest white paper draws on insight derived from interviews with CEOs at leading financial services firms and academics, to investigate the role pay plays in how and why executives work, especially in the absence of economic needs, and how this can help you retain and engage your top performers across your organization. 

White Paper: The Quiet Corner of Financial Services

Past sales practices within many banks are no longer tenable given the lack of transparency, risks, administrative burden, and confusion most incentive plans have instilled. This white paper explores the complex landscape of retail banking, including the values of the firm and the HR systems that support them. We have provided recommendations for navigating the gaps that exist. 

The Troubled Waters for Retail Banking

Incentive opportunities and the mix of pay continue to be examined as the effectiveness, administrative burden, and risks of low dollar programs are under scrutiny in retail banking.

Further Ramifications of New DOL Fiduciary Ruling on FA Training

In addition to the compensation implications discussed previously, another area demanding firms' attention will be roles and training. Compliance departments will require additional staffing, including new roles dedicated to all things fiduciary.

Implications of New FLSA Minimum Salaries and DOL Fiduciary Ruling

It's certainly not a stretch to call 2016 a very challenging year for HR / Compensation professionals in the financial services industry as they respond to two sweeping regulatory changes: the Department of Labor's new fiduciary standard for Financial Advisors and new FLSA minimum salary rate for exempt employees.

Regulatory Update: Solvency II – Remuneration Requirements

Our consultants have summarized the Supervisory Statement (SS) on Solvency II remuneration requirements, released today by the Prudential Regulation Authority (PRA), and what it means for insurance firms in the UK.

What Next for The Kingdom of Saudi Arabia’s Capital Markets?

Recently The Kingdom of Saudi Arabia announced a grand economic vision to take the economy to 2030, diversifying the area’s reliance on oil. This comes at just the right time. Depressed oil prices and a tumultuous 24 months in the region, where state coffers have been tested and economic growth has lagged, has now been met with a new sense of optimism and a way forward. This has been further spurred on by the recent increase in oil prices that are back at approximately $50 USD a barrel.

McLagan Alert: The UK Decides to Leave the EU

On 23 June the UK voted to leave the European Union (EU). This historic decision is creating near-term volatility in the capital markets, but it is important to note that the full impact of this decision for the UK and European financial services sector will unfold over a period of at least two years as the UK negotiates the terms of the exit.

Employee Turnover Slows in Brazil, Even as the Tech Sector Remains an Economic Bright Spot

Voluntary employee turnover at technology companies in Brazil has slowed for the past four years, suggesting limited job opportunities amid the country's political and economic crisis. However, if we peel back the layers, we find sales employee turnover has rebounded in the past year and the Brazilian startup scene is attracting government support and foreign investment.

Corporate Titles: An outdated concept or a building block for excellence?

As we look across a set of industries—Financial Services, Technology, Fin Tech, and Consulting—we see dramatically different approaches to job architecture in general, and the use of corporate titles in particular.

White Paper: The Modern Approach to Managing Compensation for Strategic Near Shoring Locations

​In recent years financial services firms have increased their focus on deployment of their workforce to strategic near shoring locations to help manage compensation and other expenses. As a result of exponential growth of the near shoring centers and increased competition from industries outside of financial services, firms have been facing new challenges in managing pay for support staff and applying regional differentials appropriately.

Incentive-based Compensation Arrangements: A Summary of Dodd-Frank Section 956 (Part II)

The update provides an executive summary of critical strategic issues, a deeper dive on tactical implementation issues, and definitional clarity on key topics. McLagan has been in communication with members of several regulatory bodies and based upon those communications developed our perspective for this alert. While we believe the substance of each agency's proposal is aligned, we acknowledge the potential for nuances as the proposals range from approximately 300 - 700 pages in length, depending on the agency.

The Kingdom Reforms

The past few months have presented unpredictable consequences for oil exporting countries - the price of oil has nosedived by over 70% compared with June 2014 levels. The extent of the impact has been as unrelenting as the pace of the fall in the prices. These are troubling times for Saudi Arabia as the country faces an economic crisis of sorts - from its peak in 2014, Saudi reserves are estimated to have depleted by a whopping $150 billion. In 2015 alone, the Kingdom consumed $115 billion in reserves, when the crude oil prices averaged under $50 per barrel.

 

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