Banks in Massachusetts, watch out. First Niagara is coming for your people.

First Niagara Financial Group Inc. gleefully announced this month that it is in the market for 10 new licensed personal financial advisors to cover its newly acquired territory in Western Massachusetts and Connecticut.

That’s in addition to the 10 it said it would hire earlier this year.

First Niagara gained entry to the Massachusetts and Connecticut markets after its acquisition of NewAlliance Bank earlier this year. Bank officials say First Niagara is well on its way to hiring all 20 of its targeted personal finance professionals.

And for the most part, the new hires are coming from other banks.

“They’re coming from the financial industry, from other banks, from other brokerage firms,” said Marlene Piche, First Niagara’s regional sales manager for New England. “Primarily from local players within our footprint, and that’s great for us, too.”

Piche said she couldn’t discuss whether any of the new hires, who earn a salary and bonuses at First Niagara, were bringing existing clients with them.

“That’s often a touchy subject. Often, they’ve signed non-compete clauses.”

Still, aggressive hiring by one player in the market should have the others preparing to give raises, industry experts said.

Stephen J. Coukos, general counsel for Cambridge Savings Bank and former partner at Boston-based law firm Chu, Ring & Hazel, said banks understand that competition for employees is fierce. A hiring spree by one, Coukos said, means “you should be aware of who your valuable employees are, and make sure your people are feeling good about what they’re doing. You can’t be complacent.”

“It is a dogfight out there,” Coukos continued. “If you have some good [employees], you better make sure they’re happy.”

In Or Out?

That may be especially true in an area like wealth management. More banks are trying to get into the business, and some are having more success than others.

Valerie Carlson, spokesman for Bridgeport, Conn.-based People’s United Bank – which has aggressively entered the Eastern Massachusetts market in recent months – declined to comment on whether First Niagara had pinched any of the bank’s financial advisors. But she did note, “Our securities group is growing.”

A high-performing, licensed financial advisor isn’t going to sit around waiting for a lukewarm bank to provide the kind of support he or she needs to get ahead.

“Are you going to be in or out of this business?” Coukos asked. “Because if you’ve got somebody good, and things are going slowly, that person might see a better opportunity with another bank. You have to be thinking about your people all the time.”

As of May 2010, the mean annual wage for personal financial advisors in Massachusetts was $91,220, according to the U.S. Bureau of Labor Statistics. In the Boston area, it was $120,620. In the Springfield area, where First Niagara has its greatest Bay State presence, it was $93,170.

First Niagara has a branch in Ludlow. Nearby Ware is home to Country Bank. Paul Scully, its president, said though Country Bank doesn’t offer wealth management products, banks are keenly aware of employee mobility.

“Financial institutions are continually in the market for new talent. It doesn’t take a market entry of someone like First Niagara” to drive that home, Scully said.

Still, now might be a good time for an impromptu review with top talent.

“When there is a new entry into the market, the thought process for some folks is, ‘If I want to make a career change, I might want to see what they bring to the table,’” Scully said. “You have to stay competitive on salary and benefits.”