Currently mulling a career in WM
I apologize if this isn't the right area to post this but there is no dedicated wealth management thread.
I'm a current US based corporate banking analyst at a large European balance sheet bank. My role consists of supporting the relationship managers on my team who cover F100 tech names. My team handles pretty much all coverage responsibilities for the names in our portfolio and is involved in early conversations as they relate to M&A, possible LevFin/DCM activity. I'm enjoying the role thus far but since I'm not working at a BB, I'm realizing that we are simply participants in everything and not really winning many RFP's (at least in the US).
I know a family friend who grew up with my father and uncle who is currently a MD at a large US BB’s private bank division. I am at an age where I'm exploring career options and was wondering what you all thought about WM and if a possible move into that area was worth it. I know that it's a 90/10 sales/finance job, but this MD works with ultra high-net worth clients and he has expressed interest in getting me over to his bank. I'm about to be 25 and really want to explore all my options and would love to hear all of your guys' opinions on this matter.
Hey Analyst 2 in IB - CB, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
More suggestions...
Hope that helps.
Bump
I actually went from WM to corporate banking, so I can share my perspective. Typically, the private bank (or most) functions more as a team. Meaning, they have the relationship manager or advisor, separate portfolio managers, trust officers…etc. I believe you typically get paid a bonus for the amount of money you bring in or how much the entire team does. In wealth management, you have a lot more control over your income in a sense and if you grind it out, you see immediate results via commission. It is a sales job but at a private bank, you need to be relatively sharp as you are dealing with HNW individuals who have $10MM+ in assets. The downside in my opinion at a private bank vs being at a wirehouse as an advisor is that you are not being paid advisory fees from your book of business, which acts like an annuity stream of income and at some point all you have to do is maintain a book of clients. Instead, at the private bank, you get a bonus of $X for every $X of business you bring in. Then again, I’ve heard numerous stories of private bankers taking their clients to a wirehouse. This may differ at other places but this is at most BBs I believe.
I think it’s a great career path but you need to be OK with getting out there, being social and being “on” at client events. It’s an outgoing role but sales imo is a fun gig. RMs in the corporate bank are almost similar in a sense but you are able to be an “RM” much sooner in the private bank. Hope this helps and best of luck!
Great analysis. For those just starting, I highly recommend the team approach (whether at a PB or RIA environment). Having done it the old fashioned way (even worse as I was independent), it's just way easier to get real experience working with clients, doing research, building presentation skills, etc. when you're part of a team with an existing book. From there you can climb the ranks or break out on your own. Lots of independent RIAs are looking for succession plans so having some experience with client facing and HNW/UHNW at a PB would be quite helpful.
At the end of the day, you need to be able to attract money but it's far easier to do that after you have experience working in the trade then it is starting at Merrill and cold calling. (Unless you can join a team there as well).
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