Executive search firm Korn/Ferry International’s newest headhunter sees no let up in the wealth management industry’s talent shortage.

“It will get worse before it gets better,” said John Murphy, the former chairman, chief executive and president of OppenheimerFunds, who joined Korn/Ferry in the firm’s Boston office yesterday as managing director for the asset and wealth management sector of the global financial market.

The high demand for skilled wealth managers leaves experienced executives “in a very good position,” he told this publication. “I have global list of contacts I hope to network with,” Mr Murphy said.

What does he think are the ideal qualities in a candidate for a high-level wealth management executive position? “A high degree of integrity, honesty, openness with a fair degree of empathy,” Mr Murphy said.

In the current economic environment, wealth management executives also “have to be able to explain to clients where a firm is going and why they are going there", he said, adding that he was confident that wealth management will remain a “growth industry” for many years to come.

“There’s going to be a tremendous amount of rollover money coming out of defined contribution plans and a significant amount of money that needs to be managed,” Mr Murphy said. “It’s a tremendous opportunity for wealth managers.” 

Mr Murphy has also worked for Mass Mutual Financial Group and has served as chairman of the Investment Company Institute, the mutual fund industry’s trade association.