PWM/PB-BB
Hi All,
Does anyone have any information in regards to PWM/PB at a BB within the UK, in terms of career progression, Salary expectations and exit s ? Any information will be greatly appreciated!
Trending Content
Career Resources
WSO Free Modeling Series - Now Open Through
April 30, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
Hey there! It looks like you're curious about the career progression, salary expectations, and exit opportunities for Private Wealth Management/Private Banking (PWM/PB) at a Bulge Bracket (BB) bank in the UK. Based on the most helpful WSO content, here's what I can share:
Career Progression: In PWM/PB at a BB, the typical career path might start with an analyst role, progressing to an associate, and then moving up to vice president and beyond. The progression can be quite stable, and as you build your client base and experience, your responsibilities and compensation can increase significantly.
Salary Expectations: While the context doesn't provide specific numbers for the UK, it does mention that in PB at a BB in the US, analysts start at $70K base with a $10K sign-on bonus. Salaries in the UK might be different due to the market and currency, but you can expect a competitive salary structure that aligns with the cost of living and market standards in the UK.
Exit Opportunities: The context suggests that exit opportunities in PWM are not as common because the career tends to be more of a long-term play, with the best years and compensation coming later in one's career. However, for senior individuals, there might be some exits to consider, although these are not specified for the UK market.
Remember, the specifics can vary greatly depending on the firm, the market conditions, and individual performance. It's always a good idea to network with professionals in the field to get the most accurate and up-to-date information. If you're looking to break into PWM/PB, focus on building strong relationships and a deep understanding of financial products and client management.
Sources: How PWM really works (part 3): PB v. PWM, lifestyle, hours, day in the life, BB PWM vs MBB, Career progression and salary for Market Risk in BB, How PWM really works (part 2): Breaking In, Staying In, and Getting Out, BB AM Salary Progression
The roles all vary at different bbs and firms.
Pwm can be:
1. Joining an FA development program and building a book completely from scratch (do not recommend unless you’re gonna get licensed and jump) (usually 50-60k salary that decreases each year as you build a book and reach their goal of 30-50m within 3-5 years where they Commission and aum should supplement). Hours can vary you’ll probably be doing 60-80 to try your best but that’s not required it’s just something you’ll have to do.
2. Joining a group as a ca or fa associate handling existing clients requests and helping with growing the book with a salary and bonus and a path to build out a smaller book and move you up to fa without being forced into a sales role (recommend this if you want to make a career in pwm) (60k base with 15-30k bonus on average I’d say but RIAs might pay as high as 100k-150k) hours can vary but expect 45-55. This is cushy and the best path for wanting to truly become a financial advisor as your future in 2023.
Private banking side:
1. Joining an analyst program for a pwm team that handles UHNW only or GS who only does UHNW. 100-150k pay or more. You’ll be doing similar things as pwm but it’ll be more about providing white glove service and almost no exposure to bringing in new business, they have a team dedicated to that or upper management/ book owners take care of this. The firms usually have a solid pipeline of inbounds and leads sent to the teams too. The hours will be closer to 50-70 weekly.
2. Joining the private bank side of a bb that truly separates pwm from pb. Similar responsibilities as above and pay generally but there are no mix of clients, all exclusively UHNW.
Personally I’d recommend if there is a choice, getting in to a private bank at jpm/ms or joining a gs wealth mgmt team. Private bankers get exposure to specialized deals outside of general 60/40 and are much more marketable for lateraling into different jobs.
Source: I’m a wholesaler, my clients consist of these roles I mentioned…other than the young fa.
Good take!
Amazing insight ! How does one get into PB ? In the UK, it seems quite limited, I see a lot of people joining groups like Coutts etc. Again, thanks for taking time to write this, appreciated indeed.
Illo enim quis voluptatum eos. Eos modi id officiis.
Placeat quam dignissimos sint velit harum aut ut. Et consectetur at non cumque debitis in voluptate.
Sit error cumque molestiae nihil qui accusamus explicabo. Voluptas et dolorem nihil voluptas aperiam. Nemo dicta cupiditate suscipit consectetur sint repudiandae excepturi. Voluptas velit et qui consectetur voluptatem veritatis. Magnam et cum sit quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...