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- Recruitment philosophy and remuneration background
- Career Ladder and Job Opportunities
Recruitment philosophy and remuneration background
At Mondial (Dubai) LLC we do NOT operate a “turnstile” policy of taking-in salesman with a view to see who sells and who doesn’t. We have a very definite ambition and vision of building:
“A world Class, client-driven, financial planning and wealth management consultancy”
Semantics? No. The Mondial environment is not one for the get-rich-quick salesman. It is the environment in which only the professional excels.
With that out-of-way, it’s also important to note that the world of financial services distribution and advice is one in which the skills of the salesman and the skills of the adviser are both important to the whole art of relationship management. It is also stating the obvious to say that all professionals have to start somewhere on the career ladder. The “Mondial Academy” is therefore structured in a manner that sets out a structured career progression from selling skills and product sales at one end of the spectrum to the provision of holistic advice at the other end of the spectrum.
What gets measured gets done; people do what they get paid to do
The two adages in the heading: “What gets measured gets done” and, “people do what they get paid to do” aptly reflect the realities of the world of financial planning and wealth management. At Mondial, we look to measure client servicing, yet, traditionally, wealth managers are not paid for the process of servicing. The advent of a trend (reflected in, for example, the UK’s Retail Distribution Review) and the slow collapse of commission payments as a form of income has put greater emphasis on client servicing and the collection of fees through the provision of advice. The Mondial strategy can be seen to embrace the trend from commission to fee-based income.
At the time of writing, this means that advisers are paid from a mix of the following:
- Commissions from selling product.
- Trail fees from assets under management.
- Renewal fees from policies being serviced and maintained.
- Service fees.
- Discretionary asset allocation mandates
The Career Ladder is designed with two remuneration objectives in mind:
- To deal with the current selling versus advice environment.
- Lean towards the separation of selling products from selling advice.
Career Ladder and Job Opportunities
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Career Ladder
The strongest drivers in terms of how Mondial (Dubai) LLC drives its career ladder consists of a mix between: business strategy, adviser professional competence, adviser performance and loyalty/service. These areas will, eventually, form the basis of an “Adviser Competency Matrix”. On the basis that “people do what they get paid to do”; advisers will eventually be remunerated according to their positioning on the Competency Matrix.
The main objective of this approach is to build a culture which supports the Business Strategy. That strategy is (we hope) clearly stated on the website… one which enables clients to CHOOSE THE RELATIONSHIP they wish to evolve with the brand. Relationships vary from the simple delivery of product, to the explanation of products, and differing levels of advice. That environment clearly requires competency tests and professional exams.
At the time of writing we are awaiting Regulator guidance on which “professional” exams are required to work within our business space. Nevertheless, advisers can expect a series of internal exams and competency tests to ensure that the career ladder is established. A novice adviser would therefore expect to be “developed” along the following path:
- Selling and the ethics of selling.
- Understanding asset classes
- Understanding products
- Understanding financial planning
- Understanding asset allocation and wealth management.
- Holistic Balance Sheet advice
Job Opportunities
Financial Advisers:
In order to develop a balanced team, the following business and demographic target areas are preferred:
- Advisers with English/Arabic communication skills.
- Advisers with English/Indian sub-continent communication skills.
- Female advisers.
Our recruitment procedure consists of the following general approach:
- After initial exploratory discussions, an ‘Offer Letter’ is provided for the attendance to an “Induction Boot Camp”. All job offers are subject to the satisfactory completion of The Induction Course and the exams within that course.
- The Company will pay for air flights and accommodation during the course as well as breakfast. Course meals during the day are provided.
On Recruitment:
- Income is derived from a mix of:
- Commissions
- Trail fees and renewals.
- Service fees from the Helicon service.
- The company covers the cost for two months accommodation.
- Other support can be provided depending on the circumstances of the adviser, and that advisers experience as well as the value of that adviser’s demographic to the overall team building process.
Co-ordinators
From time-to-time opportunities exist for “diary managers” to work with advisers in order to manage existing clients and strategic reviews. The more experienced advisers will generally be working off their client base and referrals system which is very strong. However, newer advisers, looking to build into new areas may prefer co-ordinators with telephone warm calling skills.
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