Public Finance Blog

When I first started thinking about AI, I had no idea how these two letters were permeating every aspect of our lives.  I never thought that I’d be concerned about its impact or what effect it would have on the recruitment of public finance professionals.  I knew that I could choose to allow AI to help me write my blogs or help with handling objections (as many recruiters use the platform for).  However, I refused and still refuse to use these crutches.  So, why am I writing about AI at all now?

Where Is The Pendulum Now?

The reason is that I am now getting questions about how AI is going to affect public finance banking in general. One question being: will there still be a need for bankers or is AI replacing us?  The answer is (and I give this to you as a student of this industry since 1981, when I first got my Series 7 and was a banker like most of my readers)  absolutely not.  Over the year, we have seen the pendulum move from investment banking to the advisory side, and then back again after Glass Stegall; whereas now the pendulum is moving towards AI, but it is not replacing bankers.  Issuers still need that personal contact.  They need the financing ideas that only a live banker can present.  They need that living body to stand before the public at hearings, whether or not on the consent calendar for BPA approvals.

Assist, Not Replace

Yes, AI is a tool that can benefit issuers with number crunching or help write the meeting agendas or minutes; however, the need for a banker is not going away at all.  One of the litmus tests I use for the strength of our cottage industry is the number of firms that are requesting bond counsel recruiting.  As you all are aware, bond counsel is the first player to get involved if a deal is going to be generated.  Therefore, looking at the hiring needs across the board today, there is a great desire for more senior counsel and thus senior bankers as well.  This is evidenced by the number of law firms and banks requesting our recruiting services.

Speed Matters

In conclusion, do not be concerned that the hiring of bankers and counsel is going to slow down because of AI.  On the contrary, AI may bring deals faster to the market, thus allowing more bond issues having to be worked on, creating a myriad of opportunities for those qualified professionals of public finance individuals or teams.  Let us help you find your next opportunity.  Firms are being very generous in their offers for qualified “Rock Stars.”  Reach out today for a confidential chat.

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. We have also been mentioned in this year’s Forbes, click HERE to read more.  

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.