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Common PWM intern titles

Goldman Stanley's picture
IB
(Baboon, 103
 
Points)
 on 4/14/13 at 2:20am

Title says it all: when interning at a PWM shop, what are some common intern titles used?

I can think of the following:
-intern (generic)
-private wealth management intern
-wealth management intern
-private client services intern (?)

Anyone know of any other common titles for a PWM intern?

Thanks in advance guys.

Private Wealth Management/Private Banking Guide for Associates

navyrugby's picture
AM
 
Points)
 on 3/15/13 at 11:58pm

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?

pwm to IB (networking)

dinomonster's picture
(Monkey, 34
 
Points)
 on 3/9/13 at 4:20pm

I am in the process of cold calling/emailing boutique banks around my town for a summer internship. I have only contacted a few places and I'm not sure how successful my attempts will be. Should this fail, my back up plan would be to get a PWM internship at ML or Morgan Stanley Smith Barney. I've already done a PWM internship last year, and I know it isn't much real work, but it still is better than nothing. Morgan Stanley recruits at my school in the fall for IB interns - if I do their PWM this summer, will my boss (or any upper level manager/adviser) be able to give me a referral? Is this kind of networking normal/common?

Freshman College Summer Internship with Management Firm? Yes or No?

ogden.spencer's picture
RE
(Chimp, 2
 
Points)
 on 2/25/13 at 8:42pm

Hello Everyone,

I recently met a classmate that is older and is the floor manager at a Management Firm. They manage a bunch of different companies for some "rich old guy," (this is what my classmate told me.)

I told him I was looking for a summer internship and he said that he could line me up for an unpaid internship at his office, (he said he would vouch for me.)

He said I would work long hours doing somewhat trivial work.

My question to WSO is whether or not I should go ahead and take his offer or if I should try to find a paid internship or even an internship that is dealing more with financials. I've been looking to apply to a local Merrill Lynch branch as well as some smaller financial firms in my area.

Differences between BB PWMs - UBS/ML vs JPM/GS

Dreamgazing's picture
(Baboon, 162
 
Points)
 on 2/5/13 at 11:00pm

PWM is generally looked down upon, except for the opportunity to add "name" to your resume.

Just curious, what is the exact difference between these two categories of PWM gigs/shops?

I heard ML/UBS gigs are usually bich work. Would that be different for JPM/GS?

Read a lot of conflicting opinions on this forum about say JPM PWM/PB (some good some bad).

Case Study Interview Help

bankervol2371's picture
(Chimp, 4
 
Points)
 on 1/12/13 at 2:46pm

Monkeys,

I have a final interview for a PWM firm in Chicago coming up at the end of this month. It's for an entry level associate position. I've already been told I will do a case study. It will mimic first year tasks I will be expected to complete: client intros, reconciling activity in a client account, reading a client statement, etc...

Any advice from any monkeys that have experience with this stuff in PWM? Will a client statement be a balance sheet, or a list of investments and their respective returns? Also, what is reconciliation of account activity with respect to PWM?

TIA

Is PWM the same thing as Private Banking?

mongoose's picture
O
(King Kong, 1,028
 
Points)
 on 1/8/13 at 12:11am

Is PWM the same things as Private Banking? Aren't they both catering to HNW individuals? Is there a difference?

Thanks.

.

Dreamgazing's picture
(Baboon, 162
 
Points)
 on 1/4/13 at 10:10am

.

PWM Financial Analyst

same0's picture
(Monkey, 60
 
Points)
 on 12/30/12 at 4:46pm

I'm a senior economics major with not much experience. Active in investment club and student government. Would love to get into finance world.

Are PWM Financial analyst positions good place to start? Do they give me a good backgroup? What do they do? hours? salary at boutique?

I have a 3.2 gpa and come from non-target but top Liberal Arts college. I was told financial analyst at boutique firms get to do more stock picking/asset management. Is that true?

Where else should I be looking to get good finance experience.

Ultimate goal is to go to a top MBA program and become a CIO. I also plan on passing CFA while working.

pwm/am financial analyst

same0's picture
(Monkey, 60
 
Points)
 on 12/28/12 at 7:49pm

I was considering applying to boutique pwm firm. I was talking with an alum and he said stay away from the sales positions. I am applying to boutique because I was told at a boutique RIA/pwm it would give me more of an AM experience. I plan on studying for my cfa.
I ultimately want to go into ibd->pe/vc after business school but because I don't have any business I thought this would be the best path.
Is this path bad? Advice please.

PWM -> Institutional Sales

EU-IB-MBA's picture
(Monkey, 42
 
Points)
 on 12/28/12 at 8:37am

What do you think about this? Possible? Do you know anyone who has done/tried this before? Theoretically, this is what all insiders give as an exit option when I ask them.

Or even more generally, PWM -> ??? What would be next for a PWM Associate at a BB? Thoughts? Stories?..

MBA '13 from a top10 US school; position in Europe- for what it's worth.

Best time to call for a PWM internship?

kstyles's picture
(Chimp, 15
 
Points)
 on 12/27/12 at 12:00am

Hey guys. I'm a freshman and looking for a PWM internship this spring semester. Should I wait till after the New Years to start cold calling? Or will people be busier that time of year or on vacation?

Sophmore year internship help

jt183's picture
 
Points)
 on 12/22/12 at 10:51pm

Hi WSO,

I am a community college student transferring to a university next fall. So far I have only applied to some universities. One is a target, one is a semi-target and the others are non-targets but safeties. I just have a few questions regarding an internship before I transfer.

There are a couple boutiques in my area and some BBs (BAML, Citi) and some smaller PWM firms. I am trying to get an internship for this upcoming summer. Should I start cold calling/emailing after the holidays or should I wait until the Spring? Being in a CC, I have absolutely 0 alumni networking/help so I will likely be on my own.

Sophomore summer... besides IBD?

pwmmonkey's picture
(Chimp, 7
 
Points)
 on 12/13/12 at 12:38am

Sophomore at a non-target (T50) trying to get into banking. 3.9+ GPA & currently doing a school-year-long BB PWM internship a couple days a week. After talking to some of the regional MM firms I am not too optimistic about landing a IBD gig for this coming summer (firms are looking for juniors). Not sure what my best options are to go for if I don't get MM IBD. I don't want PWM again, but I don't know what I should be looking for.

Where to go from here

emtee106's picture
(Chimp, 5
 
Points)
 on 10/27/12 at 1:47am

Hey guys,

Private Banking Relationship Manager Questions

my man's picture
(Baboon, 110
 
Points)
 on 9/12/12 at 10:40pm

Hey guys,

I'm interested in looking into a Sales related career. I think that I would have the qualities to succeed in a sales-type position and I think that talking to people seems a hell of a lot more interesting than looking at charts and numbers and shit. I was hoping that someone could answer a few questions about a RM in a private bank (high net worth, such as JPM or GS).

1) how exactly do you get into the RM part of the business? I know that there are many parts of a PB but I was looking for the sales-based position.

2)do you start as a RM in the beginning? Like do you essentially shadow/help a RM manager and eventually pick up part of his book?

Goldman Sachs Market Solutions Group

baws's picture
 
Points)
 on 9/8/12 at 5:49am

Hey,

Has anyone got any experience on this group? Below is a brief description I found and it looks like a good group sitting within PWM

'The Market Solutions Group is a Capital Markets desk that sits within Private Wealth Management. The desk provides structured solutions and cross-asset trading opportunities to Family Offices and Private Clients. We help clients by providing top-class investment ideas and trading capabilities across all asset classes. We cover the entire spectrum of products, from cash equity and fixed income, to structured products and exotic OTC derivatives. To do this effectively, we often work closely with structuring and trading in the Securities Division (Equities, Fixed Income, FX, Credit and Commodities).'

Any info would be much appreciated!

What are some common acronyms used on WSO?

If you are confused by all the lingo getting thrown around Wall Street and the WSO forums, you've come to the right place. We know it can be confusing but don't worry, we are here to help! Below you will find a comprehensive list of finance acronyms for words and phrases in finance. This is a great place to start so that you can follow along in forum discussions easily.

-AM (Asset Management): Refers to the industry which manages assets, whether institutional or personal (PWM, PB)

First Year MBA -> PWM

widowson's picture
O
(Monkey, 33
 
Points)
 on 8/28/12 at 10:10pm

Greetings fellow monkeys.

I am a 1st year MBA student beginning Sept 4, 2012. I have decided to pursue a career path of becoming a private banker in PWM. However, I do lack much relevant experience, and was hoping some fellow monkeys can go ahead and critique/destroy my resume into bits and pieces.

A couple questions would be: What are my chances of becoming a Private Banker? Am I currently taking the correct steps? What should I provide in my resume? Should I strive for a summer internship as a Summer Intern Private banker associate, and then apply for some private banker developmental program? What should I be doing to further dive into my career path of becoming a Private Banker?

All comments are appreciated, and I thank all of my fellow monkeys for the guidance and support!

question about westchester (purchase) Morgan Stanely Internship

jiggider's picture
 
Points)
 on 8/27/12 at 7:28pm

hell everyone....

I was wondering what internships were specifically offered at the MS headquarters in purchase, ny. I looked online and couldnt find much. I interned this summer at MS in a near by location and got some really good connections and networked well I think I have a strong chance of getting into the headquarters next summer. I really wanted to try to get into S and T or something along those lines but I had no idea what was offered at the purchase head quarters. If anyone knew what internships were offered there please let me know.

Thanks

What To Do Before PWM

Knowledge Kick's picture
 
Points)
 on 8/1/12 at 8:01am
Business Dinner

What experience do you think is necessary or just beneficial to have before getting into PWM? I'm pretty sure I've decided that's what I ultimately want to do. Right now I'm working in a BB doing Operations for the Investment Bank.

What kind of position should I be aiming for that would give me good experience and a good shot at PWM? I'm favoring PWM over PB.

Basically, right now I'm entry-level IB. Would it be any better for PWM hiring if I was entry-level Asset Management? They're literally a 5 minute walk from me.

Client Pruning: Is there an algorithm for this?

ans2389's picture
 
Points)
 on 8/2/12 at 3:00am
client pruning.jpg

Hi, all. I was wondering if any of you have ever been in or seen a situation in which one FA's book had just gotten TOO big and he or she needed to decide which accounts to keep and which to pass on to younger financial advisors. How did they decide? Was there some kind of a science to it? How would you go about deciding what is a good client from a bad one?

My thoughts were, analyzing production credits gained from a clients transactions and dividing that by the amount of "effort" it takes to maintain the client. This effort could be defined by "Number of minutes spent on the phone per week" etc.

PWM and Ops Internship - Overkill?

browniepoints's picture
(Monkey, 33
 
Points)
 on 7/22/12 at 9:48pm

I have done a summer Ops internship and am looking to get into IBD.

If I have the opportunity to take a part-time unpaid PWM internship during my junior year, should I take it? Or do PWM internships show the same qualities as Ops internships in the context of getting an IBD SA (brand name, showing early interest in finance etc.)?

While I know that adding things to your resume is always a good thing, there probably will be costs (lower GPA, no time for anything else etc.)

Would love to get the opinion of those in IBD..

Trying to get a PWM internship this late in the summer

wsrookie's picture
(Monkey, 39
 
Points)
 on 6/19/12 at 2:49am

Probably a dumb question but here is a basic rundown. Just finished my freshman year from a large non-target with a 3.7. Currently no internship, just working odd summer jobs. Looking back I really effed up, I really didn't even try that hard.

Part Time PWM Internships

Chazz Reinhold's picture
EN
(Orangutan, 262
 
Points)
 on 6/17/12 at 9:30am
PartTime.png

I have heard a lot of people on here talk about part time PWM internships they did at BBs during the term, and I was never sure how they approached it.

Part time internships seem tailored to each applicant, and thus you would probably have to email them about it, but when you look on the BBs' websites, they just have online applications (that don't accept part time applicants). They also give out very few emails, unlike boutiques or other places you might apply part time.

To those of you who did part time BB PWM internships, how did you go about getting in?
Can these part time internships take place at regional offices (e.g Boston, Chicago) or is it just local branches?

Thanks

Hometown PWM versus Social Media start up for sophomore year

poprockpop's picture
(Chimp, 2
 
Points)
 on 6/14/12 at 9:57pm

Hi, I just ended my sophomore year at a semi-target school (at Penn but not in Wharton). I was very late in securing an internship, but now have the choice to work for either a small wealth management company in my hometown or do a remote unpaid internship for a tech start up. The start up internship involves recruiting more interns, acting as a student ambassador, and contacting venture capitalists. I want to do banking next summer and I know neither one of these internships looks great on a resume, but I'd still like to choose the one that would be best for my sophomore summer.

Which do you think looks better when I'm doing OCR?

Thanks!

Deutsche Bank PWM

KhakiPete's picture
AM
(Monkey, 30
 
Points)
 on 6/11/12 at 8:40am

What are WSOs thoughts on Deutsche Bank's PWM division? I have an upcoming interview and wanted to see how folks in the industry compared it to places like JPM, GS and MS. Thanks!

Far too late?

ibdfromapublic's picture
(Monkey, 42
 
Points)
 on 6/5/12 at 10:59pm

Just finished my freshman year from a non-target and literally have no plans for the summer. Is it far too late to get anything relevant even if unpaid pwm?

Should I just get a job at a minimum wage joint that is completely irrelevant?

Offshore account? Think again.

Yuriy A's picture
AM
 
Points)
 on 5/9/12 at 7:00pm
singapore bank.jpg

The primary response to the financial crisis by the U.S. government was to put in place many new regulations that covered everything from setting up a business to centrally clearing all derivative trading.

I was recently listening to a video blog posted by Peter Schiff, he was mentioning that he would like to expand his Europacific Capital business, but said that it is becoming increasingly hard to do so state side because of the massive compliance measures and regulations set forth by U.S. government entities that make it too expensive for Europacific and other businesses to create jobs here. The alternative is to set up the new business overseas which would take away any new tax revenue in the U.S. and more importantly any new jobs that the U.S. desperately needs.

PWM Hours

A Fellow Linguist's picture
 
Points)
 on 4/19/12 at 12:46pm

PWM