Winning the Race for Tech Talent

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Recently, my firm surveyed a group of registered investment advisor (RIA) firms, banks and wealth management firms about their plans for technology in the upcoming year. Approximately 75% will increase their tech investment in the next two years. Similarly, the majority of firms plan to hire more tech talent over the next two years. In contrast, however, the great resignation has seen high rates of attrition in the technology departments at many firms, and the landscape for hiring qualified talent is complex and obstacle ridden.

These conflicting narratives present a problem for firms that are in the race to hire the best technology experts. But knowing the landscape and how to navigate is a critical advantage. For firms looking to hire tech talent this year, here are some critical components to consider:

Demand dominates tech talent supply in financial services

Thanks to a never-ending news cycle and the prevalence of social media, many in the financial advisory profession have been inundated with news of the recent wave of tech layoffs. But that doesn’t mean that firms are suddenly looking at a massive pool of tech talent. For example, in the case of the most recent wave of Salesforce layoffs, many of the employees affected held customer service and success-related positions, not the firm’s top technology jobs.