Despite recent market volatility, there is some solace in the fact that the average financial services representative will earn $75,000 three years into their career.
But much of a young graduate”™s success rests on proper training and the securing of commissions, as is the entrepreneurial way in this particular industry.
A number of banks and financial services companies are in overdrive to recruit new talent and diversify the technologically shifting sector.
Nationwide, Northwestern Mutual Financial Network will hire some 2,000 financial services representatives and 2,500 interns at its 80 network offices throughout the year.
“We”™re looking to hire 45 representatives and 30 interns pulling from Pace, Fordham, Manhattanville ”“ a lot of the local colleges ”“ throughout the whole year,” said Rob Seery, managing partner of Seery Financial Group, an office of Northwestern Mutual with locations in White Plains, Newburgh, Poughkeepsie, New York City and Montvale, N.J. “We have six training classes throughout the year and plenty of opportunity to make sure this is a good fit.”
The financial services representative is typically an entry-level position with a growth track that can lead to a wealth management role or beyond.
“The demand for financial security products is booming,” Seery said. “People are looking for guidance and long-term strategies. There”™s been a resurgence of the appreciation for managing risk. Increasingly, they”™re more concerned about longevity and retirement.”
Northwestern Mutual and Seery Financial Group groom future financial leaders through mentorship and compensated internship programs that award achievers with a stipend and commission, Seery said.
“About 45 percent of our current field leaders ”“ the folks running the offices out there ”“ are former interns,” Seery said.
For Ruth Mahoney, president of Key Bank”™s Hudson Valley/Metro NY District, it was a similar management training program and a recruiter that kept her in-country and in the financial services sector instead of returning to her native Ireland after graduating from Marist College in 1991.
“It was a great way for me to kickstart my career in banking and I”™m really excited that Key has started the program back up 24 months ago,” Mahoney said. “For awhile, we had stopped it because it was an expensive proposition”¦ this year, the Hudson Valley/Metro NY region will hire five management associates who will start with us June of next year.”
The management association training program takes 12 months to complete, beginning first with retail-based banking positions and gradual transition into client service and relationship management roles.
Key Bank has extended the training program to include an additional 12 months for participants interested in commercial and business banking.
“We”™re growing our (private banking) teams here in the Hudson Valley and will continue on that track,” Mahoney said. “This trend in banking ”“ we”™re heading down a path of mobile banking and technology playing a bigger part in our lives. Gen-Y lives that way and they have a lot to offer us in terms of the transition from what we consider a traditional banking approach to accommodate this particular segment.”
Key Bank hired about 21 management associates in 2009 and 30 in 2010; Mahoney estimated the number could be closer to 50 this year to accommodate new banking districts.
Northwestern Mutual”™s surge in employment opportunities could be correlated to growth in its market share.
In 2010, new client relationships increased by 4 percent.
“In 2008, when the economy was in its greatest turmoil, our market share increased from 10 percent to 13 percent,” Seery said. “We plan to open over my career of 19 to 20 more years four more (Seery Financial Group) offices. The beauty here is the population is so great and you can travel pretty easily.”
