According to a report by Korn Ferry, the world is expected to reach a global talent shortage of 85 million jobs by 2030. Effective recruiting is one of the biggest challenges people managers face — not to mention retaining acquired employees long-term. It’s something Justin Nelson, the Managing Director and Head of the Asset Management and Financial Principals Coverage Team for J.P. Morgan Private Bank, knows all too well.
His 20-person team advises some of the most influential people in finance and oversees more than $15 billion in assets. A lot is at stake for Nelson’s clients, who expect the best. It’s no wonder why Justin Nelson puts so much energy into recruiting effective team members for J.P. Morgan. However, he isn’t as interested in recruiting traditional finance graduates. Justin Nelson takes a more open-minded approach that allows him to connect with dark horse candidates who just need an opportunity to excel in the high-pressure world of finance.
Justin Nelson shares his innovative recruiting practices and explains why he believes thinking outside the box is key to financial advisors’ long-term success.
Justin Nelson’s Recruiting Philosophy
Justin Nelson earned his BS in Chemistry and Economics from Tufts University. That might sound like an unusual combination for someone in finance, but Nelson believes this multidisciplinary background set him up for success. While his unusual degree path made finding jobs challenging, his network eventually got him into an internship at J.P. Morgan — where he’s worked to rise through the ranks ever since.
Nelson was Barron’s number two-ranked Advisor in Connecticut and made the Financial Times 400 list in 2020. He wasn’t expected to succeed in finance but proved everyone wrong. This experience makes Nelson so eager to invite non-traditional graduates into finance. “When I’m out looking to hire people, I care more about the person and their skill set and less about a candidate being a finance or economics major,” he explains. “But you need to show me that you are interested in Finance.”
That’s not to say hiring has been easy. Effective hiring managers must learn to relate to candidates and stay open to non-traditional job seekers. “We are always trying to understand the ideal work experience for our hires,” Justin Nelson says.
Navigating the Competitive Talent Landscape
Finding the right people is a challenge, but Justin Nelson also acknowledges just how competitive the finance space can be. Competitive offers from private equity firms are making it harder for banks like J.P. Morgan to onboard rising talent. “We are always in competition for talent in every market environment. Candidates consider other banks, finance and alternative asset management firms,” Nelson says.
Startups are also attracting their fair share of talent. “I think that what was so attractive for startups was that people thought they could advance faster in their careers,” Nelson explains.
If banks are a starting point for new graduates, it’s up to these organizations to give new employees a reason to stay. In Justin Nelson’s experience, that comes down to understanding what young workers need. “I think that it’s really about trying to understand what each successive generation wants from their experience with us,” he says.
To remain competitive, businesses must be willing to change and offer greater flexibility.
Creatively Overcoming Talent Shortages
Effective recruiting is becoming even more critical as the global talent shortage intensifies. Justin Nelson’s unique recruiting approach enables him to connect with overlooked candidates who excel under pressure and know how to get results — all they need is a chance. As businesses face the ongoing talent shortage, adopting Nelson’s innovative recruiting practices will be essential for attracting and retaining top talent in the finance industry.
