From Law to PWM, now back to Law?

Hi guys,

Maybe someone has some advice for me or just dropping ideas. I am 29 years old and I am actually a law graduate. After my law studies in my early 20s, I have realized, that I am somehow more interested in client work and finance. Therefore, after my law studies, I pursued a Master's in Finance in the UK (i.e. yes lots of degrees on my resume)

Following this I got a private banking offer at one of the bigger banks in Europe (think UBS, CS, DB, Citi, JPMorgan). So I started as an investment advisor and after 3 years I got an offer as Junior Private Banker. In detail, management gave me a client book of about 80M USD, and in addition, I am supporting the MD on his 750M USD book. I have been in this Junior Private Banker Role for 3 years; however, I don't see progression anymore (which is on one side also somehow normal since I am "only" 29). Now I am currently looking around and networking with other private banks or family offices, however, their requirement is always the same. Bring in 150M USD of client assets within 3 years, which seems impossible.

My comp is currently around 120k + 30k bonus for a 50h week. What are my options to improve my situation?


  • Staying where I am, and waiting for better times, after a while, I might get more clients, etc. (i.e. ultimate goal would be then to have in 10 years a reasonable client book to open my own external asset manager/wealth management shop)

  • Switching the shop and trying to acquire 150M USD in 3 years

  • Switching roles? e.g. try to switch to investment advisory or investor relations (i.e. although I like the client work with HNWI/UHNWI clients)

  • Switching industry. As mentioned I still have a law degree and could pursue a law career, however, I would make a pay cut at the beginning (i.e. 1-year training scheme and afterward 1 year of studying for the bar), however afterward could be a rewarding career. I could see myself opening my own law firm, I like law, but I like finance more. (i.e. in detail I like banking and financial market law a lot)



Appreciate your feedback.

 

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