Account managers a loyal breed

“We have a lot of recruiting activity on campus all year,” says Michelle Height, assistant director of business career services at the University of Alberta’s School of Business in Edmonton. “Banks are very active here.”

JoAnne Akerboom, director of Dalhousie University’s career and alumni services in Halifax, notes that many business-school students will be recruited by a bank and will stay with that bank for some time. “A lot of the time, graduates discover these neat niches and they’re like, ‘Wow, this really fits me’,” she says.

In many cases, graduates start off seeking positions in investment banking, only to find they’re unsuited for the job, she says: “Banking tends to draw more customer service people.”

Customer service skills are exactly what banks are looking for. “First and foremost, we are looking for people who like dealing with customers, dealing with people — who have a customer service attitude,” says Wendy Hannam, executive vice president for domestic personal banking and distribution at Toronto-based Bank of Nova Scotia. “We can always train people in the functional skills, but they definitely have to enjoy dealing with people.”

Many advisors surveyed in this year’s Report Card note that one of the best aspects of working at their financial institution is dealing with clients on a one-on-one basis.

“The amount of time we’re allowed to spend with clients is the best part of my job,” says a TD Canada Trust advisor in Toronto. “They want us to become friends with them. There’s no ‘Hi, here’s your investment plan; sign here, bye’.”

Steve Eccles, vice president of investments at Vancouver-based Vancity Credit Union, says the most sought-after attributes in an advisor are customer service skills and an ability to build relationships within Vancity to facilitate client referrals among sections of the credit union.

“[Advisors] have to have a fantastic character that will earn the trust of their colleagues,” he says.

University graduates are not generally hired on directly as account managers; rather, ascension to the position is part of a process of climbing the ranks within a branch. “We generally recruit from within,” says Sue Miller, sales manager of investment services at Vancouver-based Coast Capital Savings Credit Union. “We like having our advisors homegrown. They understand the culture of our organization, they understand the business model. They’ve been here a while and they want to pursue the next step of their career.”

Scotiabank also complements its university and college recruitment program with in-branch hiring of account managers, Hannam says.

Toronto-based Bank of Mon-treal, on the other hand, is steadily recruiting from other financial institutions, and hopes to have 100 new advisors by October.

“I’d say we are probably attracting most of our financial planners from similar organizations nationally,” says Jim Lund, BMO’s national program director for its investment solutions network. “Right now, most of the people we see coming in are from other large financial institutions.”

Yet advisors, for the most part, stay with their firms.

“I was someone who started at the bank at 19, straight out of school, and I’ve never wanted to go anywhere else,” attests a Scotiabank advisor in Manitoba. “I’ve been headhunted, and I still refuse.”

Interviews with account managers revealed several recurring reasons for staying where they are: in-branch culture, the personal rewards of serving clients and, in particular, job flexibility.

That flexibility might be one of the reasons why banks and credit unions — more than investment dealers or mutual fund dealers — have a higher percentage of women among their ranks.

“I have a good set-up here,” says a female Vancity advisor. “I work part-time three days a week. The company’s all about helping employees, the environment and all that good stuff.” IE

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