I've been out on my own working with HNW families as a CFO for a couple of years. Through that experience I have had the opportunity to work closely with several BB Private Bankers. Late last June I mentioned to one of them, quite offhandedly, that I would be interested in learning a little more about their HNW group and if they had any room for someone with my background.
Within a few days I was sitting down to breakfast with the MD for the local office and talking about my interest. By the first week of August I had several interviews with members of the HNW group at the bank. There were Analysts, Associates, VPs, as well as a couple of EDs through out the 5 hour process.
A week later I was asked to come back to the office and meet with the regional MD for about an hour.
Since then I have had several coffees, lunches, and other meetings that have all been positive in nature, but things seem to have stalled. I continue to follow up with the local ED that has been working most closely with me, but nothing seems to be moving along.
I had breakfast a couple of weeks ago with the ED and he said they are still very interested in me. I don't want to be pushy, but this has been going on for 9 months.
In the beginning I was just curious about private banking, but after learning more about what they do and how it works I actually really want to pursue it. I'm at my wits end with how to push it to the next level. Any help would be appreciated!
This drawn out delay is likely more a function of them being slow / lazy to get everything processed and present you an offer rather than anything negative about you as an applicant, assuming your read on the conversations is true and given the fact that they are still talking with you 9 months later.
Want to get the offer? Get ANOTHER offer or at least start talking with another firm so you can politely let this firm know that you are in "2nd rounds" with XYZ, but that they are still your first choice.
Just like anything in life, perception is very important. If they view you as a valuable asset that may be gone, action will be MUCH faster.
Why have you only been talking / having coffee with only this firm? I think branching out and getting a few competing buyers would dramatically change the sense of urgency here. :-)
Good luck! Patrick
Thanks! This was great advice. I reached out to a friend of my father's who is an ED at another BB in HNW. He has agreed to meet for lunch this Saturday to talk about his firm. Crossing fingers!
The reason I have only been dealing with this firm is things started moving quickly and the MD said I was in that they just needed a slot to open up. But that was in October...so I guess I just got lazy as well. Lesson learned. Placing some of my eggs in a different basket.
yeah, this happens in all industries. A friend of my wife was trying to join a private derm practice and was strung along for months..."oh yeah, just need to review contract with my lawyer" type of stringing along. horrible...luckily she had backup options, but you can either drive yourself crazy trying to figure out what is going on behind closed doors (are they trying to push someone else out first, are they looking at other candidates, etc), or you can get options and force their hand. She did that and quickly realized that the "offer" and "contract" was not really concrete. Typically the best option is to stay professional/calm/polite, but also keep talking with other parties until you have contract in hand.
Even then, never hurts to keep building your network and making more friends across the industry just in case.
This is solid advice here...turn the tables and make them chase or they risk losing all of the time they have already invested in you
That is my plan. Already set up lunch with another BB for this Saturday.
also, you're right not to be pushy - the worst thing you can do here is start getting pushy and look needy.
Keep things professional / relaxed and just subtly let them know on your next coffee chat that you have started speaking with X bank and Y bank and you found the way they did XYZ interesting. Ask a follow up question related to that and suddenly you aren't the guy hovering around them and hoping, you are the guy that is knowledgeable, personable and might disappear if they wait.
"I had breakfast a couple of weeks ago with the ED and he said they are still very interested in me." What exactly did he say? any specific timing given?
He apologized that it has taken this long and that he was going to try and get a timeline put together so I wouldn't be "swinging in the wind" (his words) any longer than I have to.
I feel your pain. I started interviewing with a MM IB last October. I had a few phone interviews before going down to the office in January. I felt like I was starting to get annoying asking for updates etc. so I started interviewing elsewhere. I plan to (hopefully) leverage my offer with the other firm in the next week or so, assuming I get it.
Good luck with your situation. Keep us posted on how it works out.
Thanks. I sure will.
Okay @"WallStreetOasis.com" and @"Going Concern" I had my lunch over the weekend with an MD at a competing BB. I decided to test the theory of competition by mentioning that I was already talking to another BB. He took the bait and texted me the contact information for someone he wanted me to have coffee with this week to "get the ball rolling as quickly as possible".
Now, I need to figure out the best way to use this strategy on the original BB without sounding like I am making a threat. Any ideas?
I was thinking that I could email my contact that I have been dealing with and say that there are a couple of other offers that will be coming in soon and wanted to see where things stood. Good idea?
"a couple of other offers coming in soon" imo is too vague. More credible to say "I've been speaking with another bank and expect to get an offer within the next 1-2 weeks...I wanted to give you the heads up since we've also been talking for several months and to be honest, I'm still very interested in working for X, but if a similar job is available at Y I'd be forced to take it...."
Just be careful, they may call your bluff and say something along the lines of "well let me know when you have the other offer"...which would be dick of them, but I've seen it before.
Good luck! Patrick
Update: Email from original BB yesterday inviting me to lunch to talk compensation. Have been invited by 2nd BB to discuss compensation and timing next week as well. Should have two offers on the table within the week.
Thanks for all the advice. I'll let you know when the offers come in and which I accept. Might even do an AMA about networking my way from non-target schools and self-employment to BB PWM if it all works out. This site has been extremely helpful.
@"WallStreetOasis.com" @"thelittlemushrooms"
Success! Had lunch with the MD of the original BB today and he offered me a position. I will be receiving an offer this week for a VP position in PWM and then we can work out a start date.
Thanks a TON for all the help and advice from this site. I hope I can give back 1/10 of the free advice I received here.
+SB
is it regional or in a metro area?
I will be working regionally in the Southeastern US, however, I might be a special case due to some of my unique network specifics. I'm sure I'll learn more about the who/what/where when I get started.
awesome news! BIG CONGRATS! Once again, showing you are in demand is the trump card to get action...
Congrats. Great story.
Were you an accountant beforehand? Also, do you think your HNW contacts were invaluable to getting the job at hand?
On another note, networking with the right people seems so incredibly important. I managed to secure a top BB internship on a 10min interview and a CV while others did online apps and super days.
I was/am an accountant. I'll be doing an AMA about my career path here in the next few weeks once the ink is dry on my offer letter. Stay tuned.
Congrats! Nice use of leverage.
Thanks. Credit should go to @"WallStreetOasis.com" for the idea!
Advice even though you have a position now.
Depends on how big your balls are. What would I do? Lay out a number. Tell them it is going to take at minimum X to get you to come aboard. If you are interviewing for a production level position (VP and above) they respond to people who take control of the situations. Passive people do not survive in these types of roles. Advice for anyone who might find themselves in this position in the future.
1 Get multiple possible offers going 2 If it seems things hit a wall and don't appear to be progressing let the firm know your intentions. Lay out your requirements to take the position. If they can't meet them no sense in wasting your time or theirs. Of the people I have reviewed for hiring the ones that turn you down, after going through the whole process that takes months, because they feel they get a better compensation package from their existing employer are the ones that really piss me off. I would rather you tell me upfront what you need to leave than waste both of our times. This also has the advantages for you, if the company will meet your requirements you have a pretty good idea that they are willing to support you to succeed. Both in your own personal goals and the company's goals.
Cool story and fun to see the updates roll through. Good job!
Thanks!
Awesome, congrats
Thanks!
Congrats! You were really patient and took some solid advice from fellow monkeys and that paid off.
I enjoyed following this thread.
Thanks! I'm looking forward to receiving the official offer in a couple of days.
Congrats.
Looking forward to an AMA thread once you get your feet wet in the new job.
Congrats! Pretty awesome story and fast paced read, solid advice from Patrick, offers the following week guess Charlie Sheen would call this an example of bi-winning.
Looking forward to your AMA. Would you mind sharing comp info across both BBs? I know you are coming in as Vp but does your BB have a structured program such as JPM where entry level hires come in as analysts and do analytical work in support of portfolio/PM rather than coming in and expecting to source business, sell/build a book.
I would rather keep that under my hat for now. Don't want to say anything that might be a dead giveaway in either case.
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