R E LO C AT ION M OTIVATION S
INTRO D U CT I O N Welcome to Carlton Senior Appointments' Relocation Motivations Report for 2013. Carlton Senior Appointments, part of the Phaidon International Group, regularly produce specialist market reports and Industry Insights to provide our clients and candidates with niche market intelligence, whilst further re-enforcing our specialism within our chosen vertical markets. We hope you find this report useful and informative. If you have any feedback or comments about this report or require any information on recruitment and careers within the Private Banking and Trusts Space please do not hesitate to contact us.
Adam Buck CEO, Phaidon International
CONTE N T S INTRODUCTION – regional comparison – GENDER COMPARISON
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– SECTOR OVERVIEW: P rivate ban king & T rusts – ABOUT CARLTON SENIOR APPOINTMENTS
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1
Eregional xecutive overview Summary
Which region would you mos
E NORTH AMERICA 12.8%
A
LATIN AMERICA 3.8%
ANYW 13 2
st likely consider relocating to?
EUROPE 45.5%
AFRICA 0.9%
MIDDLE EAST 6.8% ASIA PACIFIC 16.6%
WHERE 3.6% 3
gender comparison
Likelihood of relocation:
38.6%
Actively looking to relocate
44.2%
Likely
45.6%
Likely
41.3%
Unlikely
14.0%
Unlikely
13.7%
Never
0.8%
Actively looking to relocate
1.8%
Never
Salary change expected/ required for relocation: MALES
FEMALES
42.5%
40.8% 28.6%
27.2%
18.4% 8.2%
8.1%
10.6% 11.5%
4.1% No Willing to take a change reduction
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0-10% 11-20% 20%+ increase increase increase
Willing to take a reduction
No change
0-10% 11-20% 20%+ increase increase increase
Ideal period of time to relocate for:
46.9%
12.2%
10.3%
3-5 years
0-2 years
30.6%
6-10 years
As long as possible
16.2%
41.7%
6.8%
35.3%
0-2 years
3-5 years
6-10 years
As long as possible
Most likely motive for relocation:
1. Career Progression 20.3%
1. Career Progression 26.0%
2. Work/ Life Balance 17.7%
2. Experience Another Culture 23.9%
3. Experience Another Culture 17.7%
3. Work/Life Balance 15.3%
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SE ctor overview: P rivate B an k ing & Trusts permanent Within the Private Banking and Trusts Sector over 34.5% of professionals say they are actively looking to relocate for a permanent role and the majority of respondents (48.3%) are 'likely' to relocate. The region respondents would most likely consider relocating to, is Europe (28.6%). The three main drivers for relocation in the Private Banking and Trusts sector are "to experience another culture or location", followed by improved "work/life balance" and thirdly for "career progression".
KE Y FAC TS - 35.7% of Private Banking and Trusts professionals would ideally relocate for as long as possible, compared
to only 17.9% who would ideally relocate for less than 3 years.
- 32.1% of respondents would expect or require a 21%+ increase in salary in order to relocate. - 10.7% of respondents would be willing to take a reduction in salary to relocate.
Most popular region to relocate to:
Europe 28.6%
Likelihood of relocation: Actively looking to relocate
34.5%
Likely
48.3%
Unlikely
17.2%
Never
Salary change expected/ required for relocation: 30 25 20 10
10.7% 10.7%
14.4%
5 0
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Most likely motive for relocation:
32.1% 32.1%
35
15
0.0%
Willing to take a reduction
No change
0-10% increase
11-20% increase
20%+ increase
Experience Another Culture/ Location 28.6%
commentary on results found Respondents are looking to relocate for both personal and career related reasons, with “experiencing another culture or location”, “work/life balance” and “career progression” being the three key motives for relocation. As the traditional home of Private Banking and where the majority of Private Banking still takes place, Europe is unsurprisingly the most popular region to relocate to. Furthermore, several respondents currently living within Europe expressed a preference to move within Europe, in order to experience another culture whilst developing their career, yet still being close to their home country/ family. The most popular individual country to relocate to however is the US (17.9%). Candidates also naturally expressed a high level of interest for relocation where there is high potential for an increase in compensation, with 32.1% of respondents expecting or requiring a 21%+ salary increase in order to relocate. Professionals also expressed interest to relocate to certain countries for tax reasons. The Middle East, for example, is often a desirable location for Trust Professionals to relocate to, since there is no tax and it is generally considered a more sought after location for greater earning potential. Only 10.7% of respondents would be willing to take a reduction in salary to relocate.
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A B O U T C A R LTO N SE N IOR A P P OIN TM E N TS Carlton Senior Appointments are market leading specialists within the Wealth Management and Trusts market. As a brand we believe our exclusive focus within this market place has enabled us to consistently deliver above our more generalist competitors. The team within Carlton Senior Appointments contains experienced consultants who work purely within these markets, developing an in depth understanding of their specific geographical segments. Structuring our teams to mirror the demands of our clients and candidates, we deliver expertise across the following niche markets: Wealth Management -- Private Banking -- Relationship Management -- Portfolio Management -- Investment Advisory Services -- Business Development -- Strategy & Development -- Sales & Marketing Trusts and Corporate Services -- Wealth and Tax Planning -- Trust and Fiduciary -- Corporate Service -- Fund Administration We offer both Contingent Recruitment and Executive Search, as well as Market Intelligence services.
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C O N TAC T U S enquiries@carltonseniorappointments.com www.carltonseniorappointments.com
LONDON
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T +44 207 078 0510
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T +41 44 2083 680
We are part of Phaidon International: Micro-Specialist Staffing Group
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I N T E R N AT I O N A L
Carlton Senior Appointments is part of Phaidon International
enquiries@carltonseniorappointments.com www.carltonseniorappointments.com
LONDON
SINGAPORE
N E W YO R K
ZURICH
33 King William Street 8th Floor London, EC4R 9AS T +44 207 078 0510
Samsung Hub 3 Church Street, #09-02 Singapore, 048493 T +65 6589 4458
245 Park Avenue 39th Floor New York, NY 10167 T +1 212 209 7322
Stockerhof Dreikoenigstrasse 31 A Switzerland, 8002 Zurich T +41 44 2083 680
London: Phaidon International (UK) Ltd. Registered in England. Company No. 5134675; Singapore: Phaidon International (Singapore) Pte Ltd. Licence No. 13C6685. Company No. 201314810G; New York: Phaidon International (US) Inc. Registered in NY State; Zurich: Phaidon Capital (Schweiz) GmbH. Licence in Geneva and Zurich. Company No. CH-6600972012-8. For further information regarding our global presence, legal structure, business entities and trading styles please visit: www.phaidoninternational.com/global-presence.