By: Yolanda Rivas
2 min read January 2020 — An increase in high-net-worth investors, financial professionals moving back to the city and changes to organizational structures are some of the trends financial institutions are experiencing in Philadelphia. Janney Montgomery Scott LLC Head of Capital Markets Group Joseph Culley shared with Invest: some of the adjustments it has implemented amid the change in demographics and advances in technology.
What are some trends in Philadelphia’s financial sector?
We are starting to see more finance professionals leave cities like New York when they are at the age to start a family and coming back to Philadelphia. Although young talent retention has been a challenge, Philadelphians who moved to other cities after they graduated college are relocating back to the area. Our education system, arts and culture, transportation system, housing affordability and diverse environment are some of the drivers for residents.
What impact is technology having on banking?
The pace of change is happening more rapidly due to the disruption of technology in financial services. We have invested significantly in our technology platform and recently hired some of our first data scientists. Our company culture is starting to feel less like an investment firm and more like a technology firm. While we provide our client base with human experience and advice beyond investments, we are focusing on offering them more technological, mobile-friendly and artificial intelligence types of innovations and solutions.
What is the investment profile in Philadelphia?
We have seen an increase in high-net-worth investors coming to Philadelphia. We have significantly addressed the need we had for higher-end, condo-type properties that we lacked for years, and with that has come more international investment and out of state investment. One of our newer initiatives is focused on investment education and ways to provide more basic, fundamental knowledge about saving for retirement and investing.
What are some of the challenges facing financial institutions in today’s landscape?
The change in demographics is one of the challenges we are facing. Based on our internal projections, our workforce will be majority millennials within six years. That creates numerous opportunities for a firm like us to modernize and adjust. We recently made changes to our employee benefits, parental leave and dress code policies, based on feedback from our employee population. Organizational development and diversity and inclusion are some of the other areas we have been investing in due to these demographic and generational changes.
To learn more about our interviewee, visit:
Janney Montgomery Scott LLC: https://www.janney.com/