{"id":1732,"date":"2018-08-21T07:00:49","date_gmt":"2018-08-21T07:00:49","guid":{"rendered":"https:\/\/www.careerone.com.au\/career-advice\/?p=1732"},"modified":"2019-08-29T01:10:00","modified_gmt":"2019-08-29T01:10:00","slug":"wealth-industry-execs-reluctant-to-jump-ship-until-post-rc-fallout-revealed","status":"publish","type":"post","link":"https:\/\/www.careerone.com.au\/career-advice\/career\/wealth-industry-execs-reluctant-to-jump-ship-until-post-rc-fallout-revealed","title":{"rendered":"Wealth industry execs reluctant to \u2018jump ship\u2019 until post-RC fallout revealed"},"content":{"rendered":"<p>Photographer: Oliver Sj\u00f6str\u00f6m,\u00a0<a href=\"https:\/\/ollivves.com\/\">https:\/\/ollivves.com<\/a><\/p>\n<p>With many executives within the financial services sector deciding to \u2018stay put\u2019 amid the mayhem surrounding the sector, head-hunters are finding it tougher to convince would-be candidates to throw their hat in the ring for new positions. Ironically, there\u2019s no shortage of senior wealth industry jobs up for grabs, and they\u2019ll be even more on offer once the CBA Bank spins off its $6 billion-plus wealth operation the CFS Group.<\/p>\n<p>However, Jane Stevenson a US-based CEO recruiter with Korn Ferry is witnessing an unwillingness by executives to even look at what\u2019s on offer. She expects the recent \u2018hunkering down\u2019 of executives to continue until the dust from the high-profile and highly damning the royal commission findings into the sector finally settles, and post-royal commission recommendations become public.<\/p>\n<p>What concerns executives are calls for a future dismantling of the \u2018vertical integration\u2019 that\u2019s played out within the financial services sector in recent years, plus a scrapping of commissions on legacy products, and the prospect of corporate regulators permanently looking over their shoulders. Another great unknown for executives is what impact the new Banking Executive Accountability regime \u2013 which may also be applied to wealth companies \u2013 will have on future bonuses that they\u2019ve come to expect.<\/p>\n<p><strong>Values before personal ambition<\/strong><\/p>\n<p>With AMP currently facing no fewer than five class actions for misconduct, Stevenson suspects the appointment of a new CEO will be exceptionally tough, with those who may have put their hand up, shying away from what they see as a \u2018poisoned chalice\u2019 role. What\u2019s going to make the new CEO job at AMP even harder, adds Stevenson is the degree of transparency the market and regulators will demand into their plans to reform the business.<\/p>\n<p>While the AMP is looking for a new CEO with financial sector experience, first and foremost, acting CEO Mike Wilkins said \u2018the company needs someone with a good set of values who is going to put the customer first\u2019.<\/p>\n<p>Rather than focusing on getting themselves noticed, Stevenson reminds young executives that if they concentrate on \u2018making a difference\u2019 within their existing role, then good jobs will find them.<\/p>\n<p>\u201cYoung executives should take opportunities to build skills and capabilities, and harness the power of individuals to create outcomes\u2026 These are people who will get noticed because they will create exponentially different outcomes than people who are motivated by personal ambition,\u201d Stevenson told <em>AFR Weekend<\/em> during a recent visit to Sydney.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seeking refuge in your current job until the tsunami of change hits the financial services sector makes perfect sense<\/p>\n","protected":false},"author":1,"featured_media":1733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,136,137,123,129,1,131,45],"tags":[],"class_list":["post-1732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career","category-career-progression","category-exit-strategy","category-job-hunt","category-management-leadership","category-news","category-salary","category-to-stories"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts\/1732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/comments?post=1732"}],"version-history":[{"count":4,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts\/1732\/revisions"}],"predecessor-version":[{"id":4421,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts\/1732\/revisions\/4421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/media\/1733"}],"wp:attachment":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/media?parent=1732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/categories?post=1732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/tags?post=1732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}