Australian private banking recruitment looks set to keep rising on the back of a growing and largely untapped potential client base. And the senior openings aren’t only for those already working at a private bank.

David Hewett, general manager of St George’s private bank, tells us that many of the 160,000 Australians with more than AU$1m in assets-to-invest don’t realise they qualify for the private treatment. “Private banking is certainly growing as Australians start to understand the value private banks can offer over a retail banking relationship. Only 30% of high-net-worth individuals in Australia use a private bank.”

All this means plenty of job opportunities in private banking, even for those new to the sector. Hewett explains: “We look for people with a wide range of banking and financial services skills and not necessarily with private banking experience. We don’t look to hire people on the basis of the clients and assets-under-management they bring with them.”

But to make the switch from corporate banking into private banking Hewett says you still need expertise in dealing with high-net-worth individuals. “We look for mature, experienced professionals who can easily talk to our clients who are in a similar age demographic. Sophisticated relationship building skills are key.”

Carl Piesse, a senior manager at recruiters Hays, says hiring remains robust, if not as heavy as last year. ANZ and other large domestic banks see private banking as a growth sector for employment as they aim to offer more investment products and give clients a single-point-of-contact service, adds Pieese.

Smaller banks in Western Australia and Queensland, such as BankWest, have expanded their teams recently on the back of the resources boom in their home states, but are now taking stock of the market before considering more recruitment later this year.

Many global players are entering the market as the importance of wealth management and creation intensifies in Australia, says Hewett. “However, many clients identify more closely with local retail brands as the ‘brand for me’ over the more prestigious international banks,” he adds.

Hewett says St George’s private banking brand, which is focused on self-made wealth, will survive the Westpac merger. The bank is still actively recruiting for relationship managers, business developers and financial advisors.