Private Banking Relationship Manager Questions

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?

3) if your working with HNW individuals, do you need to find them or do they come to you for the most part? Bringing in a multi-million dollar account sounds much more difficult than your traditional account in a lower-level PWM book.

4)how is job security in this industry (compared to other fields of finance, I know it doesn't have the job security of a teacher)

5) how is the lifestyle of SENIOR PEOPLE? I don't mind working hard in the begginning, but does it have the work life balance of other parts of PWM? From the posts that I read it seems as if PWM has a decent lifestyle.

Thanks

Comments (8)

Sep 13, 2012 - 1:33pm
SirTradesaLot, what's your opinion? Comment below:

RE: #3 You need to bring in the business by networking and cold-calling. You will NEVER get an inbound phone call asking if they can give you money. If you are college aged, it is nearly impossible to make it work. Rich people don't want to give money to people who are their kid's ages or younger.

Best Response
Sep 13, 2012 - 7:43pm
SirTradesaLot, what's your opinion? Comment below:
my man:
Thanks man. Do you really need to cold call at a PB level? This was probably discussed, but people seem to have mixed opinons
If it's JP Morgan private bank, probably not. If it's Goldman, Credit Suisse, Morgan Stanley, Merrill Lynch, Deutsche Bank, Barclays, etc. you have to bring in business. Absolutely zero will be handed to you. If you don't have a bunch of rich people you can bring in without cold-calling, guess what you will be expected to do?
Sep 16, 2012 - 10:05pm
Recap, what's your opinion? Comment below:
my man:
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.

You normally get in through networking or a formal scheme. You typically start off supporting a RM and then once qualified, you can start building your book.

my man:
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?

See above. You have to spend 2-3 years supporting RMs and learning the business.

my man:
3) if your working with HNW individuals, do you need to find them or do they come to you for the most part? Bringing in a multi-million dollar account sounds much more difficult than your traditional account in a lower-level PWM book.

It doesn't matter how much the client is worth. Bringing in revenue to a HNW desk is tough and requires some serious 'bullshit taking skills'.

my man:
4)how is job security in this industry (compared to other fields of finance, I know it doesn't have the job security of a teacher)

What many people forget is that it's not just about bringing in new business; you also need to keep the business within the bank. Clients will often blackmail you and threaten to leave. Finding the balance between taking shit and telling them to fuck off is the real key.

my man:
5) how is the lifestyle of SENIOR PEOPLE? I don't mind working hard in the begginning, but does it have the work life balance of other parts of PWM? From the posts that I read it seems as if PWM has a decent lifestyle.

Most of the senior guys on my desk stay till really late but that's because they love what they do. Many play Golf on the weekends, and let the markets guys do all the grunt work.

Sep 17, 2012 - 8:35pm
my man, what's your opinion? Comment below:

wow, thanks a lot Wakio. Just one follow up question.

Do most people make it after supporting a RM after 2-3 years? Or is it a type of environment where many get essentially royally screwed and are fired after a few years.

Thanks

Oct 3, 2012 - 9:47pm
chi312, what's your opinion? Comment below:

No, it usually takes at least five years. You would have serious headwinds otherwise. This is an area of finance where "grey hair is good." The older you are, the more seasoned you are in the market cycles. Lifestyle is good at a senior level. The compensation to work-life balance is incredible at the junior level, if you are at a top private bank.

Sep 30, 2012 - 2:16am
StrongMan, what's your opinion? Comment below:

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It is not about the title that you have, it is about how much money that you have.