Hi everyone,
I am planning to get a pwm intern by cold emailing bb branches. I see some bb like JPM/DB have very few offices and JPM has two divisions (pb and securities), while bb like baml, UBS, ms have branches everywhere.
baml has private banking and investment group (pbig) and Merrill lynch wealth management
ms has wealth management and private wealth management
Are positions at all these places called pwm interns?
Are those at DB/jpm more "legit" compared to baml/ms (e.g. they dont offer such intern positions?)
Are groups like ms pwm/baml pbig much harder to land through cold emailing because they serve higher net worth clients?
Many thanks!
Yes, yes (as far as I can tell), and no.
Also private banking does not hire that many interns compared to PWM.
yes, pwm intern
baml/ms are wirehouses, DB/JPM you'll find are private banks, so the process will be different (2 different business models), but no one is not more "legit" than the other, they're just different. I did a blog post outlining the differences between pwm & pb, won't regurgitate that here .
no, this is the case because ms pwm and ML pbig are less prevalent than ms wm and ML wm, there are just simply less branches/brokers, and therefore less opportunity.
One point of clarification: JPMS is the legacy Bear Stearns wealth management group. The JPM PB is very different.
very true, similar to BAML/US Trust/ML PBIG. BAML and ML PBIG are similar, US Trust is different. JPM PB and US Trust are the PB model, the others are PWM model.
thank you so much for the replies!
many thanks!
still not quite right: pb and and ms pwm/ML pbig/UBS pwm have similar net worth requirements & number of branches (I'd argue that some PBs have more branches). I know that PB as a rule is more structured, but does that make it harder? I don't know.
yes, see my blogs, I detail the difference between WM/GWM divisions and PWM divisions (MS & UBS have PWM & WM, ML has PBIG & WM)
yes, sounds a lot better if you intern for a team with $1bn versus 1 person with $50mm. look for titles on brokers like SVP, MD, ED, etc.
if I were you and you didn't have a direct person to call, I'd call the branch managers, they will know how their firms intern practices work. for example, my firm does not allow unpaid interns anymore, so we're seeing a lot less, but many brokers don't know this, so I'd say your best bet is to go through management first.
With regards to number 1, to my knowledge they do not have unpaid internships at PBs vs a wirehouse, because at the PBs the recruiting is incredibly structured (much like and IBD/S&T analyst program), whereas at a wirehouse you are hired at the discretion of the broker team.
Thanks everyone for the reply!
I have previously done two internships (one in a commercial bank middle office another in a market research company) and I want to land a pwm intern during the winter break. I am an international student and I need to receive an offer by early September to obtain work authorization. I am not in US now and I could not meet them in person until I return in late August. How should I position myself? Should I e-mail my resume to branch managers/financial advisors at nearby branches and tell them I am interested in an unpaid internship?
call, don't email. PWM types prefer that.
target branch managers of regional wirehouses (Davenport, Stifel, regions, Baird, scott & stringfellow, Raymond James, RBC, janney). I say this because UBS, Morgan, Merrill, and Wells (not sure) may not allow for unpaid internships anymore. my firm (UBS/ML/MS) used to but doesn't anymore, the firm I interned with in college years ago (also big 3, just different from where I am now) used to, but not sure about now.
Thank you so much thebrofessor!
If an unpaid opportunity is impossible, do you think they would offer an internship with minimum wage? Also, is it possible for an intern to take more responsibilities such as doing research and analysis in addition to cold calling?
Calling is better than emailing, walking into the branch and asking for the branch manager would be the best. By doing that you will have differentiated yourself from the hundreds of other people that emailed and called. Be prepared to answer why you are interested in PWM before you show up.
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