A surge in private banking?

According to The Wealth Report - WSJ.com, the growth in numbers of millionaires has been accompanied by a shortage of personnel qualified to provide them with financial advice. Blogger Robert Frank reports:

Whenever I interview private-banking chiefs and wealth managers, they almost always ask me the same question: “Do you know any good hires?” Salaries for experienced bankers are soaring. Banks are increasingly poaching each other’s top talent. And training programs for wealth managers and private bankers are popping up around the world.

The biggest shortages are apparently in Asia and the Middle East.