The advent of technologies like artificial intelligence (AI) revolutionized many industries, including finance. While this technology promises to save time for both finance professionals and consumers, it can’t handle everything. Finance requires a human touch for finance professionals like Justin Nelson, the Managing Director and Head of the Asset Management and Financial Principals Coverage Team for J.P. Morgan Private Bank.
However, hiring savvy finance experts is anything but straightforward. In Nelson’s experience, consumer expectations and the job market are changing rapidly, and that requires thinking outside the box. Finance may be a conservative industry, but Nelson believes it’s time to rethink hiring. Justin Nelson shares his unique approach to recruiting the best and brightest for his 20-person team at J.P. Morgan.
Justin Nelson’s Eye for Talent Beyond the Résumé
Nelson’s hiring philosophy breaks away from traditional check-the-box approaches. For him, a candidate’s major in college matters far less than their potential, drive, and ability to learn. In fact, he embraces candidates with backgrounds that are seemingly unrelated to finance. “When I’m out looking to hire people, I actually couldn’t care less what your major is. I’m just looking for the right people,” he says.
This perspective stems from his own unique career path. With a BS in Chemistry and Economics from Tufts University and an MBA from Columbia, Nelson’s multidisciplinary background shapes his ability to synthesize diverse ideas. Justin Nelson looks for other candidates with diverse backgrounds because they have the varied experience required to dig deep and get results for their clients.
Adapting to Generational Shifts
Millennials and Gen Z are working their way up the career ladder. It’s no secret that these generations are different from those who came before them. After managing these employees firsthand, Justin Nelson believes hiring managers need to toss out their old playbook and embrace new hiring practices.
Nelson acknowledges the profound impact of generational changes on recruiting and team dynamics. After all, Millennials and Gen Z bring different expectations to the workplace.
Nelson emphasizes spending time with team members and being flexible to attract and retain top talent. It can be difficult for a space like finance, which is usually entrenched in its ways, to make such a big change. Still, it’s necessary for the future of the industry.
Competing for Talent
Pivoting the hiring process and management styles to fit younger generations is a must for attracting talent. However, that might not be enough. Banks and traditional institutions increasingly compete against flashy private equity firms for talent. While this tug-of-war isn’t new, Justin Nelson believes it’s intensifying with the growth of private equity.
Nelson is acutely aware of the competitive environment for hiring top finance professionals. As private equity firms grow, they increasingly compete with full-service banks like J.P. Morgan for the same talent pool. “What was so attractive for startups was that people thought they could jump-start their careers and move ahead faster, he explains. This environment means it’s even more crucial for financial institutions to incentivize young talent through flexible work arrangements, mentorships, and other valuable perks that give banks an edge over private equity.
Building Pathways for Future Leaders
Justin Nelson also believes mentorship and giving back are crucial to bolstering the finance talent pipeline. If college students don’t understand what a finance career entails, they’re less likely to explore it as an option, leading to a loss of talent that the finance industry just can’t afford.
To that end, Justin Nelson regularly volunteers at his alma mater, Tufts University, to foster opportunities for students interested in finance. Recognizing that Tufts was not a traditional pipeline for institutions like J.P. Morgan, Nelson worked tirelessly to establish finance-focused initiatives on campus. I loved being involved there and being a part of it,” he shares. “It’s amazing how much it’s changed over 25 years.”
Shifting From Credentials to Impact: A New Way of Hiring
Like many industries, finance is evolving. Banks and other financial institutions need high-quality talent to fuel their ambitions, but impressive salaries alone might not be enough to bolster effective hiring. Justin Nelson believes that flexible hiring, management, and mentorship are key to engaging young workers and strengthening the long-term health of the industry. “At the end of the day, the only thing I can do is, you got to spend time with people on your team and be flexible about what’s important to them, and if you don’t do those things, you will lose them,” he says.
