The financial sector is evolving. No one knows exactly what to expect from the end result, but one thing is certain: the future will be very different from what the industry experiences today.
“I think finance and banking [is] probably the last of the big, old industries to be heavily disrupted by technology,” Tyler Griffin, CEO of Prism (a company devoted to simplifying the way consumers pay bills), told StreetID. “We saw communication get massively disrupted by technology. From Skype to Facebook to even e-mail going back 20 years. And now transportation [is] being disrupted by things like Uber and Lyft. Finance is the one that hasn’t been totally disrupted yet.”
Harvest, a financial discovery and communication platform, started in Chicago. Now the company is getting ready to move to New York, the capital of the financial sector.
“We had a careers page opening previously, but frankly we were getting inundated with applications,” Peter Hans, co-founder and president of Harvest, told StreetID. “It took up so much of our time that we couldn’t focus on the core business. The people we were hiring were just in network. I hired a former trader at Citadel and a former trader at a couple of hedge funds. We hired someone from LPL who used to be a manager of due diligence.”
Harvest now needs talent in New York.
Job seekers can’t have a great career without growth, and they are more likely to grow if the industry they choose is growing is well.
The digital asset management space (also known as online asset management) has been growing steadily. As far as the financial sector is concerned, it may be one of the industry’s strongest categories.
“If you look at the collective companies in our space (there’s about 25 companies now in the digital asset management space), the growth of the category has been well over 100 percent per year,” Asheesh Advani, CEO of Covestor, told StreetID.
If you want to work for a startup that’s eager to grow, you might want to investigate Orchard Platform. This financial technology company wants to build the systems and infrastructure that are needed to bring the direct lending space to scale and transform into a major financial market.
In order to accomplish this goal, the company needs to grow. And to do that, Orchard Platform needs more employees.
“As a financial technology company, we have lots of [open] positions on the engineering side — both backend and front-end engineering, as well as UX user interface,” Matt Burton, co-founder and CEO of Orchard Platform, told StreetID.
Six years ago, Pimco was viewed as Wall Street’s savior. The company reportedly asked as many as 10 different banks to let their newly dismissed employees know about Pimco’s various job openings.
That strategy was unheard of, but it seemed like a good way to acquire new talent. If a company is growing, why not take advantage of those who are not?
Now the tables have turned and Pimco — which is struggling to maintain its position after losing Bill Gross — is the one that financial institutions are targeting. They have already taken $23 billion from a Pimco fund. Who knows — they might also lure away the company’s top talent.
Wall Street jobs are growing at a slower pace than expected, but things could turn around for the financial services capital of the world.
Earlier this year, New York State Comptroller Thomas P. DiNapoli told Bloomberg that while Wall Street jobs were on the rise, its contribution hasn’t made much of an impact on the overall job market. Since the recession, less than two percent of New York City’s job growth has come from Wall Street.
Acorns, a new app that allows individuals to invest their spare change automatically, is in need of new talent.
Walter Cruttenden, Acorns’ co-founder and CEO, told StreetID that the company is “growing like crazy.”
“We’re looking for a few people on the engineering side — database, DevOps,” Cruttenden. “We’re looking for people on the customer service side.”
No one likes to be strung along, but it happens to everyone.
Some employers do it on purpose. Others do it by pure absentmindedness. Regardless of the reason, the outcome is the same every time: the employer walks away happy with a new employee, while you (the job seeker) must continue looking for work.
This is one of the many reasons why people hate job hunting. The resume writing, lengthy applications, and multiple interviews are bad enough. Toss a little false hope into the mix, and it’s easy to see why so many individuals wish they could just give up.
In a perfect world, you could respond to these employers with complete honesty.
Catalyst Funds, an alternative-focused mutual fund company, recently announced that it has surpassed $1 billion in assets under management (AUM).
This growth (100 percent year-to-date) has allowed the company to continue expanding, all the while hiring additional talent.
“We’ve been building our sales force significantly,” Jerry Szilagyi, founder and CEO of Catalyst Funds, told StreetID. “We currently have about 15 wholesalers around the country and four internal wholesalers, mostly based in New York. We’ve added six wholesalers this year, plus three internals. We just hired two additional internal wholesalers that will be starting this month. We’re looking to add a few more external wholesalers, as well as another four or five internals.”
Szilagyi said that Catalyst Funds has several wholesaling territories available, including the Ohio Valley, the Western New York area, and the Pacific Northwest.
“In terms of our internal wholesaling, we’re looking for people to work out of our New York City office on Broadway,” said Szilagyi. “These are what are called ‘internal wholesalers,’ which help the external wholesalers manage their territory, marketing to financial advisors. And, as I said, we’re looking for at least four new people that we’d like to add over the next two or three months in that area.”
Sometimes a job seeker is perfect for a particular job.
He or she may submit a resume, impress the hiring manager and score an interview.
But after the interview, the trail goes silent. The hiring manager never calls back. Before you know it, the job is filled by someone else.
How — and why — does this happen?
Elinor Stutz, author of Hired!: How to Use Sales Techniques to Sell Yourself On Interviews, said that perception is a big part of the problem. She told StreetID that job seekers need to realize that the interview is not about them.