Foreign private banks aren’t in the mood to relax their rigid recruitment rules in Australia. If you’re from another sector of financial services, or (worse of all) unemployed, you just aren’t welcome in the high-net-worth world.

The “real” private banks – like Credit Suisse and UBS – want to poach relationship managers with bulging client books who can generate revenue almost instantly.

“In the boom times, if you were a good banker, you might be hired with no book. Now most firms want at least $100m,” says Paula Horta, a consultant at the Brooklyn Group.

Private banks expect most, but not all, clients to come across. “And they are willing to pay sign-on bonuses, which means they want advisors who can get the ball rolling from day one,” says Caan Krsztew-Ivanow, a search consultant at H Capital.

But it’s not only about having plenty of FUM, banks want RMs who can keep their clients happy in the longer term too.

“All firms are always after big writers of business, but during these tough times, they are also seeking what I call ‘veterans’ in financial markets who understand how to look after their clients by offering financial products that are suitable in this market,” explains Krsztew-Ivanow.

There are, however, limits on the power of foreign private banks in the Australian employment market. UBS is fussy about who it hires, but its financial woes in Switzerland and recent changes to its commission structures in Australia, mean other firms have targeted its staff over the past few months.

Having a damaged brand is a particular disadvantage in a relation-driven sector like private banking. “RMs have been moving due to the strategy that their firms are choosing, but also because some banks were hit hard from a reputation prospective during the global financial crisis, and that meant their clients lost trust in what they were offering,” says Krsztew-Ivanow.

Are Australian banks looking to capitalise on the plight of some of their foreign competitors?

NAB’s takeover of Goldman Sachs JBWere means that one of the Big Four has finally joined Macquarie as a major local player in HNW banking. And NAB recently appointed former UBS Asset Management chief executive Colin Woods as MLC’s sales general manager.

“The domestic banks have historically been more lending-focused, but that’s changing as they seek to broaden their investment offering,” says Tim Beach, a front-office recruiter at Robert Walters.

But for most bankers servicing Australia’s ultra rich, the idea of joining the likes of ANZ, CBA or Westpac is still laughable. “Aside from this recent NAB/JBWere deal, a lot of true private bankers look at the Aussie retail banks as kids trying to play in the big league,” comments one headhunter, who asked not to be named.

There are also signs that Bank of America Merrill Lynch might be re-emerging as a credible employment choice. The firm has announced that it's attracting the assets of rich Australians at the fastest pace in 18 months.