This asset manager has been doing well in digital for some time. It co-manufactures with banks and direct-to-consumer platforms, and it's now looking harder at the retail banks. The timing matters. For the first time since RDR, the banks look serious about getting back into advice, and they'll want broader wealth solutions behind it.
The role
A Digital Business Development Director, selling into banks, direct-to-consumer platforms and the newer digital challengers rather than to financial advisers.
Why it was hard
Digital distribution isn't new, but only one or two firms have made real headway with it. Plenty of active managers are trying, and at most of them it's one person doing it on their own. That person usually has a lot of autonomy and a grand title to match.
So to the people I approached, my client looked like a step down. An established player, with a title that seemed more junior on paper and, they assumed, less freedom. In practice it's the same job, done with a stronger brand behind you and a far better chance of winning the big deals. It was chicken and egg: the people best placed to do it were the ones the title put off.
How I mapped it
Mapped properly, the market came to around 35 to 40 people genuinely capable of the job. At that seniority, pay ruled a lot of them out. The client's brand helped a great deal, but even then only three were suitable, within budget and open to joining a bigger team.
Where it stands
This is an exclusive search, and it's still live. Two of those three are on the shortlist, and the client is looking seriously at both.
What it's taught me so far
In a market this new, the same title means different things from one firm to the next. A title tells a candidate very little. What moves them is understanding the job itself, and that takes a proper conversation.