Wealth Management USA Hiring Outlook 2026

Private banks and wealth managers are heading into 2026 with a sharper focus on building teams that can adapt quickly to new client behaviours, regulatory expectations, and technology-driven workflows. The past year highlighted the need for advisors and leadership teams who can operate in more complex environments and deliver a stronger, more consistent client experience across channels.

In this outlook, Dilusha Nagamoorthy, Senior Vice President – Head of Wealth Management at Selby Jennings, shares how these developments will influence hiring strategies, role requirements, and the capabilities firms will prioritise for wealth management teams in 2026.

What changed in wealth management in 2025?

"North America strengthened its position as a global wealth magnet in 2025, attracting an estimated 7,500 high-net-worth individuals (HNWIs) and $43.7 billion in net inflows, making it one of the world’s top destinations for millionaire migration. Private banks responded by expanding cross-border advisory, embedding immigration planning into wealth strategies, and upgrading digital and compliance capabilities to deliver frictionless global banking for UHNW clients."

What hiring challenges will the wealth management sector face in 2026? 

"With more wealthy clients moving into North America, firms are scrambling to find experts in cross-border tax, immigration, and compliance, as well as private bankers who understand multiple jurisdictions. 

"Meanwhile, AI is reshaping onboarding and portfolio management - so if firms don’t hire people who can combine global advisory skills with tech know-how, they’ll lose out to competitors delivering smooth, digital-first experiences."

What are the hardest-to-fill wealth management roles in 2026? 

"Private banks need cross-border tax and immigration experts, global wealth planners, and digital specialists who can harness AI for onboarding and compliance - critical skills to serve internationally mobile clients effectively. With 81% of wealth management firms prioritising AI-driven insights for better investment decisions, digital fluency is a competitive necessity."

How should firms update their wealth management hiring strategy for 2026? 

"Firms can update their hiring strategy for 2026 by strengthening their global advisory capability and widening their talent pipeline. Many companies are building partnerships with immigration, tax and mobility advisors, creating clearer career tracks for bankers who want to develop cross-border expertise, and recruiting from family offices that already manage complex UHNW structures. Standard Chartered reports that 54% of UHNW families are considering relocating family offices, driven by tax and regulatory complexity and access to specialist talent.

"Family offices now manage average assets of $1.1bn, according to UBS’s 2025 Global Family Office Report, and they play a central role in international planning, governance and specialist services for UHNW families. Private banks are responding by formalising development paths and rotational programmes. Goldman Sachs, for example, has introduced initiatives that give analysts defined routes into wealth management roles after early-career rotations. These programmes aim to reduce attrition, improve mobility readiness and build a stronger long-term talent base for global advisory work."

How are wealth management candidate expectations changing in 2026?

"Wealth management professionals’ priorities are shifting toward roles offering global client exposure, flexible work supported by tech-enabled platforms, and purpose-driven opportunities in ESG and impact investing. Interest in sustainability remains strong – Bloomberg Intelligence estimates that ESG assets could exceed $40tn globally by 2030, reinforcing the appeal of roles connected to responsible investing and long-term impact."

Which tasks and processes are being automated in wealth management functions?  

"AI and automation will soon handle the heavy lifting in private banking. Banks like UBS and Citi are rolling out AI platforms that streamline onboarding, strengthen compliance checks and give advisors real-time analytics to support more responsive client conversations. These initiatives show how digital-first advisory is emerging, with automation taking on routine tasks while advisors focus on cross-border, tax and strategic planning."

Which regulations will impact wealth management teams in 2026?

"FATCA continues to expand reporting scrutiny for foreign financial accounts held by US taxpayers, while global CRS obligations are increasingly affecting cross-border clients interacting with US institutions. To stay ahead, firms are turning to RegTech – 93% of financial institutions plan to adopt AI compliance by 2027." 

What will be the biggest growth areas in wealth management in 2026?

"Private banks are moving deeper into cross-border wealth services as investment-migration demand rises. Global millionaire relocations were estimated to have reached 142,000 in 2025, with strong inflows into the US as well as Canada, Portugal and the UAE.

"HSBC and Citi now offer cross-border lending and multi-currency real-estate financing to support globally mobile families investing in prime markets like New York, while other leading global investment banks like UBS and JPMorgan continue to expand their family-office capabilities to meet rising demand for integrated, international wealth planning."

Where are firms increasing their wealth management headcount in 2026? 

"Firms are doubling down on talent in key locations, with private banking headcount in US hubs like New York, Miami, and LA growing 12% on average over the past five years and Canadian metros such as Toronto and Vancouver seeing steady growth as companies including RBC and BMO expand their wealth teams. Specialist desks focused on global mobility and tax planning are becoming essential to serve internationally mobile clients."

What compensation trends will impact wealth management hiring in 2026? 

"Compensation packages will continue to grow in 2026, and at Selby Jennings we’re seeing private banks offering 20-30% premium packages for cross-border advisory and immigration specialists. 

"Equity-linked incentives are also gaining traction, with a growing number of top-tier banks now tying bonuses to global inflow growth and family office mandates. Firms like UBS and JP Morgan are leading the charge through long-term equity programmes for senior bankers."

How should firms adjust wealth management pay and incentives to stay competitive?

"To attract and retain wealth management specialists, offering global mobility bonuses for advisors handling relocation-driven portfolios and retention equity tied to expanding multi-jurisdiction client bases are strong incentives."

What’s causing wealth management retention challenges in 2026?

"Advisors are feeling the squeeze from complex compliance requirements and the need to master immigration rules, while cultural gaps in serving globally diverse clients are widening without proper training. Many North American private banks report challenges serving globally diverse clients, but firms like RBC and Citi now offer cross-cultural training and global mobility desks to support advisors handling relocation-driven portfolios."

How can leaders reduce attrition risk and strengthen retention in wealth management?

"Leaders can reduce attrition risk by building capability, clarity, and career mobility into their talent model. To keep talent engaged and future-ready, firms are expanding structured development, adding training in areas such as cross-border wealth planning, tax coordination, and family-office fundamentals as client needs become more global. Advisors see clearer pathways into specialist roles, particularly in family-office and succession-planning work, which helps retain mid-career talent seeking progression rather than pure production targets.

"Technology adoption also supports retention. Digital onboarding, automated KYC and modern portfolio and compliance platforms remove administrative load and free advisors to focus on client work. Tools from providers such as SEI and FusionIQ, along with internal AI initiatives at major banks, shorten cycle times and create a more manageable work environment. As processes become more efficient, firms can shift attention to coaching, client strategy, and long-term relationship development, all of which strengthen engagement and reduce turnover pressure."

How can leaders build stronger wealth management teams in 2026?

"To build stronger wealth management teams in 2026, firms need to align talent strategy with evolving client expectations. This means hiring advisors with cross-border expertise, including global mobility, international tax, and estate planning. Strengthening in-house capabilities, rather than relying solely on external partnerships, will be key. 

"Firms should also fast-track AI adoption by bringing in talent with the skills to integrate automation into compliance, client reporting, and portfolio management. Combining traditional relationship skills with digital fluency and cross-jurisdictional insight will enable teams to improve compliance and deliver a better client experience."

Speak to Dilusha Nagamoorthy and the Selby Jennings wealth management team

If your firm is expanding its wealth management team, request a call back from Dilusha for support with your candidate search, wider talent strategy, and compensation or competitor benchmarking. Learn more about our wealth management talent solutions.

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