Sunday, December 23, 2012

Wall St. nixes Alpha traders and hires Beta baby sitters

Wall Street has had its fill with the Type-A risk takers who can cost a firm billions after they have made their millions and moved on.  The hiring focus now is on the back-office compliance staff to rein in the risk takers.  But the Street also can’t find enough rock-star talent to advise America’s wealthiest individuals.

These financial advisers and private bankers belong to an exclusive club — one of the few bright and rewarding exceptions in a generally dismal Wall Street jobs scene.

“It’s a solid business, more the tortoise than the fast-moving hare,” said adviser Gerry Klingman of Klingman & Associates on Avenue of the Americas. “Before the financial crisis, sales and trading, derivatives and hedge funds were strong,” he added. “Not anymore. Now the baby boomers are aging and need financial advice….”

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