Hello,

I'm a Sophomore majoring in Finance at the University of Illinois at Urbana Champaign. I'm interested in the prospect of possibly working as broker under a company that has a wealth management division. Most of my focus has been on real estate finance, but I have had a small, personal portfolio for going on four years that I actively manage. The equities market has always been a big interest of mine, and I'm wondering how competitive these types of positions are.

Additionally, how much would it help if I brought around 500k-1MM worth of clients with me. Thanks for the advice

Once and for all - Here is the best guidebook I can give you for PWM/PB at the Associate level. Enjoy and show me some love...

1.1 What is Private Wealth Management?
1.2 Who is a High Net Worth Investor?
1.3 Industry Today
1.4 Career Paths within Private Wealth Management
1.5 How to Build a Book
1.6 Training and Placement
1.7 Incentive structure
2 Main Private Wealth Management Programs and Recruiters
2.1 JPMorgan
2.2 Goldman Sachs
2.3 Credit Suisse
3 Recruiting and Interview Process
4 Useful Resources and Interview Questions
4.1 Industry Research
4.2 Sample PWM Interview Questions

1.1 What is Private Wealth Management?

Hey everyone, I'm on my gap year and doing a part-time PWM internship at a boutique asset management firm. It's definitely not what I expected it to be. I do some administrative stuff (like formatting documents, random bullshit) and work on marketing stuff on PowerPoint. Overall it's a pretty chill internship and I even get to grab lunch with the CEO and some of his buddies as well. Since I came in an hour ago I've just been browsing the web (though I have work in the background in case someone walks in hehe).

Besides the grabbing lunch part, has this been typical of your PWM internships? I'm not complaining, I'm just wondering whether this internship I'm doing will even be useful in the future.

I have a GS PWM interview coming up too. Will they ask specific questions: stock pitch, recent M&A's, etc? I know they will ask these for ib interviews, but I don't know what PWM interviews will be like.

Hi all,

I am currently a senior student majoring in economics and psychology in a liberal arts college. Have to admit that I am not a strong candidate to apply for PWM division in big banks, since I have a 3.43 GPA (Econ major 3.8) and from a non-target school. In the past three years, I have done internships in hotel management, big 4, and government agency (as a market research analyst).
In order to leverage my low gpa, I am going to take Gmat in January. Would it be helpful? Also, should I study for CFA as well?

Please help. Any advice will be much appreciated!

Happy Holidays!

I am a senior economics major who will be graduating in may with a 3.2 gpa. I was pre-med and then decided i really didn't love it and was doing it for the money. I do have passion for helping people and definitely find the financial markets interesting. I have been active as student body treasurer and investment club president so it's not totally out of the blue.

My internships have been pre-med focused and actually quite good. Have 2 publications. But i was wondering how I can break into finance/business.

Here are my options/questions.

1. I think business school is probably in my future./? I kinda think PE/VC is really cool/interesting/pays well. PM and HF is interesting as well to me.

So last week I interviewed at this boutique investment bank, for a wealth management position. I'm waiting on the decision, but in the mean time, during the interview, they told me I'd be doing a lot of cold calling. I know what cold calling is, I've worked on political campaigns. But there we had a list of people who signed up their email addresses on a website.

If I get this wealth management position, WHO exactly will I be cold-calling? Where will the names come from? I hope this isn't like Primerica is, who offered me a job but told me I'd be cold-calling every friend and family member I had.

Hey guys, new to the forum looking for career advice

My background: I graduated from a top 50 school with a Anthropology major and marketing minor. I did two internships in college with Metlife and Northwestern Mutual. I did reasonably well on the sales side of insurance, and thus pursued a full time career with Penn Mutual. I have been working for a few months and obtained my series 6 and 63 license, but I feel the job is too slow for me (not to mention very little base salary.) I was originally drawn into the industry by an uncle of mine with the promise of "Unlimited income, make your own hours in finance" but the job has fallen out of favor with me.

What is the best way for me to get a FT job in private wealth management. I am graduating in 2 months and have already had an investment banking internship and just started a PWM internship. Will a financial advising training program help me for this or is that a waste? What would you do in my position?

Thanks

Monkeys,
I interned this summer at a BB in one of their IBD sector teams and decided not to continue this part further. It is still an option and I also have some interviews lined up but I would also like to keep my eyes open for some alternatives. Recently I got invited to GS PWM for an interview after applying for their Investment Management Division. I don't know much about PWM so maybe some of you can shed some light?

Some experiences with GS PWM? Whats the difference in terms of hours and in terms of pay? How is it in terms of prestige and what could be possible exit opps after a couple of years. I am not aiming IBD or PE at the time of exit but rather consulting or industry.

Hey guys,

I have an interview coming up with Wells Fargo for the WBR (Wealth, Brokerage, and Retirement) Analyst Program. Has anybody had experience with this group? Any insights to their interview/recruiting process? Thanks for all your help.

I am starting a Private Banking internship in a few weeks at Credit Suisse ,in NYC, for the fall semester. I know most posts about Private Banking, PWM or what have you are mostly about freshman summer internships or just resume fillers but this however is what I am pursuing for a career. I am very passionate about the business and I am looking for any input, advise, etc.. on everything I can do or read over the course of the next couple of weeks to prepare for the internship to stand out and impress the team I will be working with. I want to learn everything there is to know about private banking before I start.

Guys/Gals

I'm wondering what the actual work is like in PWM. Is there an analytical aspect to it ala wealth management, ER, etc?

Thanks

................

Hello,

I am currently an undergrad in my sophomore year. I have just accepted my Private Wealth Management National Internship offer from Morgan Stanley. It is a summer internship through their National Program so I hope that if I do not like PWM that I will be able to network through the program to obtain opportunities in other fields within Morgan Stanley (IB, PE, etc.).

I am currently interested in pursuing an Investment Banking internship next year. Do any of you have advice on whether to pursue a life in IB or PWM? Any advice on how to network in Morgan Stanley PWM for a Morgan Stanley IB internship?

Thanks

I am a senior in HS interested in markets/finance and i'm looking for something to do this summer. Is it too late to start cold-emailing some PWM boutiques/regional offices for a part time internship??

Hi WSO,

Any thoughts on PE as a function of private wealth management? Is it legit? Do people see it as legit? Are there exit opps to PE?

I'm interviewing for a firm that's similar to this description of a PE group within PWM. Example:

"Wilshire Private Markets currently manages nearly $5 billion in client assets from a global investor base of more than 100 institutions and has been providing private equity services to clients for 27 years, investing in primary partnerships, secondary partnership interests and co-investments with an exclusive focus on private equity."

Much appreciated!

The other day some alums from GS returned to campus to present their PWM recruiting for next fall.

I had conversations with all three presenters and all of them suggested to keep in touch.

As of now, I have sent them thank you emails peppered with some specifics of our conversations e.g. sports with one, WSJ & The Economist with the other, and non-traditional career paths with the third.

How do I begin developing these relationships? I do not want them to think I am just another finance monkey looking for that golden banana.

Thanks

Hello fellow monkeys,

I was just introduced to a case study via the finance association at my school and we are to construct a portfolio for a married couple with these objectives and credentials.

-Husband and Wife both age 30 (don't want kids)
-Each make 125,000 a year
-Want 150,000 annually starting at age 60 (expected to live to 95)
-After-tax return is 7% and inflation is 2.5%
-They currently have 1,000,000 portfolio (and an adequate cash reserve)
-Aggressive Investment philosophy (sounds like up to 10% drop in portfolio before they start feeling uncomfortable)

I am an underclassmen and this is my first time creating a portfolio. Here is what I am thinking so far:

60-65% Equities - mix between domestic-international, large-small cap diversified through each sector

I'm looking to get into Private Wealth Management/ Equity Research.

Any suggestions would be very appreciated.

http://www.razume.com/documents/24837

Hi all, I need some advice/criticism on my resume.

http://www.razume.com/documents/24776

Here's a quick summary to fill in the gaps.

After finishing my undergrad, I was working in investment consulting/wealth management as an analyst for a few years until I was laid off in 2010. I was discouraged since I had sacrificed a lot for the firm, but realized it wasn’t easy for them either. So I took it in stride and I spent several months trying to get back into the industry. Unfortunately I was unsuccessful.

Hi all, I am at a crossroads in my life and would appreciate some input. I am currently a sophomore at Michigan State University studying finance, basically into the B school, in the process of applying to the Finance Association E-Board and another group within the B school called the Financial Markets Institute. I have a 3.75 GPA and an internship for the upcoming summer at an RIA with about 3 billion AUM.

Is there any one that can spare me a copy of the vault guide on private wealth management? Pleaes PM me and I will send you my email address. I appreciate the help, it is greatly appreciated.

Did the DB Online assessment 2-3 weeks ago and it says that they will contact me shortly.
Haven't heard back yet... Anyone in the same situation? Is this typical?

Thanks,
Pit

I am currently a sophomore in college studying finance, and this summer I have my first PWM internship at an RIA. I am wondering if there are any veterans in the field that are willing to share any advice/tips they might have for me as I pursue a career in this field. Any thing I should be doing/reading to prepare for this summer and any general knowledge that you believe is worth knowing. I appreciate the time and help.

I am just starting to get into the markets, and I can't seem to get a clear breakdown of the different asset classes. Is there a way to efficiently label them into 3-4 classes and then list subcategories within them?

Sorry for sounding like an idiot if this is wrong, but here is what I have come up with so far...

Equities
-growth, value, small-mid-large cap
Fixed Income
-bonds (investment and junk), emerging market
Money Market Funds, ETF's, Mutual Funds

Alternative Investments
-commodities, hedge funds, reit's

And the last question I have is if active and passive just refers to the investors attitude, or are there specific classes that can be labeled as active and passive such as indexes?

Anybody have experience with GS/MS PWM? If so, what are the pros and cons? What did you do as an analyst/associate? Thanks!

Hi,

Does anyone know where could I apply to undergrads PWM positions. (IE, job boards, specific companies)

Thanks

Hypothetically, what would you do in this situation:

Say you have an offer for PWM at a BB already. Additionally, you are waiting on an offer from a MM DCM gig where you have been given encouragement that you have a very good chance (will know for sure in March). You have to decide on the PWM before march. What would you do?

(This is both for NY btw)