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S&W Partner Steve Peary Featured
S&W Partner Steve Peary, Financial Services practice, was quoted in the recent Bank Director article Banks Revisit Incentives As Deposit Competition Stays Hot. Discussing how he sees incentives shifting for bank executives, the article quotes Steve in the following excerpt:
Steven Peary, a partner in the financial services practice at the recruiting firm Smith & Wilkinson, says he has witnessed “a huge shift” in incentive structures as well as the role of the commercial banker more generally.
Organizations looking to recruit commercial banking talent are seeking out well-rounded bankers who are comfortable talking about the client’s holistic financial needs. They’re also increasingly seeking bankers who possess subject matter expertise in some vertical like healthcare or entertainment.
“Banks have made a huge push to not just incentivize commercial bankers to bring on board deposits, but actually build out teams solely focused on leading with a deposit-first strategy to bring in new commercial clients,” he says.
The article continues:
Banks that made this shift in their talent strategy six months or a year ago are now starting to see those efforts bear fruit, Peary says. The longer an institution waits to adapt, the less likely it may be to attract the bankers it wants to grow its business.
Fifty-seven percent of the executives and directors taking part in the 2024 Compensation & Talent Survey expect their bank to add commercial or business lending staff. The banks that are most successful at this will be able to clearly articulate a long-term vision for the banker’s role within the broader organization, Peary says, rather than pursuing a temporary “deposit-first” strategy that only lasts until the rate environment changes.
“They have a clearly defined business plan and business strategy, and they understand how these individuals fit into the overall structure hierarchy of their commercial banking function,” Peary says. “Those organizations are more successful. I actually think that’s probably a bigger driver than compensation.”
As a Partner in the Financial Services Practice, Steve Peary provides professional level, director level, and executive level search and talent advisory services to financial institutions throughout the country. His engagements have included C-suite positions, line of business executives, and board of director roles for community banks and credit unions ranging from $200MM to $50B in assets.
Steve received his BA from the University of Maine at Orono. Outside of work Steve can be found coaching or watching his 3 children’s sports, and in his free times enjoys taking advantage of all the State of Maine has to offer with spending time on the water and skiing in the Winter.