Finding Sales Managers for the Fintech Industry
One of the most common recruitment requests from the fintech industry—whether from stock/forex brokers, payment companies, or virtual currency companies (VASPs)—is to find sales managers.
Companies are looking for both retail and institutional sales managers.
In this article, we want to highlight the complexity of such recruitment requests.
1) Remuneration
Employers often structure the remuneration of sales managers as a combination of a fixed salary and an additional bonus based on a percentage of the revenue generated by the clients they convert.
In many cases, the fixed salary is set at or slightly below the median average for a given country—keeping the wolves hungry, so to speak, to maintain their motivation.
While this remuneration structure is a common industry standard, it also means that employers compete under the same conditions.
A key question arises: if a sales manager earns a similar fixed salary at a competitor, what would motivate them to switch to your company? Increasing the bonus percentage is a nice incentive, but it doesn’t always work. Building a client database takes time—often at least 3 to 6 months—so a potential employee might be underpaid until they have acquired enough clients to generate revenue for the company.
2) Client Book Requirement
It is also common for employers to require sales managers to have an existing client book and bring it over to their new employer. While this is a standard industry practice, it comes with certain challenges.
For instance, if the sales manager previously worked with a specific client segment, persuading those clients to move to the new employer may violate contractual agreements with the former employer.
Additionally, many sales managers fear that a new employer may initially retain them while they transfer their client base but then terminate them once the company has acquired most of their contacts and leads.We have encountered several employees who have experienced this scenario with their employers.
3) Country-Specific Salary Considerations
Some companies set a general median fixed salary for sales managers, such as:
$2,000 USD / €2,000 + bonus payments.
While this approach may be effective in countries where it aligns with the median salary, it may not be suitable in others. Employer soften seek sales managers from Scandinavian or Central European markets using the same formula, but finding an experienced sales manager with a client book for such a salary is highly unlikely.
According to data published by Relocate.me, in 2024, the average monthly salary in Sweden was SEK 34,800 (€3,060), equating to an annual salary of SEK 417,600 (€36,821) before taxes. This means that potential employers must adjust salary expectations to align with the local job market. Additionally, they should consider other compensation factors beyond salary, such as medical insurance, maternity/paternity leave, extended vacation days, and other benefits.
Contact HrFinEase for more helpful information and assistance with your recruitment needs – info@hrfinease.com