Even amidst the market turmoil, wealth management recruitment remains busy in Scotland

It is, perhaps, a sad fact of life, but even in tough economic conditions, the rich are still able to get richer. The upside, from an employment perspective, is that ongoing round of musical chairs is continuing among Scotland's wealth managers.

In the last month, Barclays Wealth has hired another three financial advisers as it continues to build out its Scottish team, while prolific recruiter Williams de Broë has poached yet another senior wealth manager from the UK bank with the appointment of Paul Mefford as investment director.

Barclays says it's likely to add another two advisers by the end of the year (assuming this is expansion rather than replacement), but wealth management recruiters north of the border suggest the going has never been so good in the sector.

"There's a lot of competition in the market place, among smaller new players and the more established firms, and private bankers are realising that now's a good time to move," says one head of a wealth management boutique headhunter in Edinburgh. "It's the first time in a long time where a lot of people are receptive to a cold call."

We've mentioned on previous occasions that there's been a gradual gravitation of talent away from large, established wealth managers north of the border - particularly Adam & Co and Barclays Wealth - because of greater freedom in the role and the chance of more lucrative pay packets.

With competition for assets heating up, it's easy to understand why more wealth managers are trying to secure the best people. Within an increasingly difficult market, however, it's questionable whether wealthy investors still have much of a risk appetite.

Perhaps a recent article by Reuters helps explain why financial advisers are still being recruited. It suggests that high net worth individuals are continuing to make money throughout the turmoil.

"They're getting good advice, they're getting access to stuff that other people don't have access to," one London-based financial adviser said.