IB vs PB or WM
Hey there,
I am currently a sophomore in college and am just looking for some input on my dilemma. Please don't take any of this background info as me bragging or trying to flex I'm just trying to provide the whole picture.
Background: I am an extremely skilled networker and have established relationships with standout individuals. I know tons of successful company owners, three billionaires (that I regularly talk to), C suite executives, pro athletes, models, the list goes on. I don't come from a super wealthy family I just used skills I developed and a love for fast cars to get me in certain rooms. I am nineteen and really started meeting people like the ones I mentioned when I was sixteen. The main point I am trying to get across is there are a lot of really wealthy people that would trust me with their money in the future and have vocalized that.
Dilemma: I think the obvious route right now is either private banking or PWM and then eventually starting my own WM firm. I also like the idea of maybe doing IB for a little while. I'm really ambitious and have some pretty outlandish goals that I'd like to reach in my 20s. I have really great connections at JPM PB in Seattle and also at D.A. Davidson. I think that PB and WM is what I want to do especially considering I think I could build a decently sized book fairly quickly. I don't want to take something in M&A off the table though.
I want to hear from some people in wealth management about whether you think I could do well being someone who is incredibly well connected and loves networking.
Anything helps!
Based on the most helpful WSO content, it seems like you're in a great position to leverage your networking skills in either Investment Banking (IB) or Private Banking/Wealth Management (PB/WM). Here's a breakdown of considerations for each path:
Investment Banking (IB): - Skillset: IB requires strong analytical skills, attention to detail, and the ability to work long hours on complex financial transactions. - Networking: While your networking skills are valuable, IB is more transactional and less relationship-driven compared to WM. - Career Trajectory: IB can provide a solid foundation in finance and open doors to various opportunities, including private equity, hedge funds, or corporate roles.
Private Banking/Wealth Management (PWM): - Relationships: PWM is heavily relationship-driven, and your ability to network and establish trust with wealthy individuals could be a significant advantage. - Client Base: Given your connections with high-net-worth individuals, you might be able to build a client base more quickly in PWM. - Long-Term Goals: If your ultimate goal is to start your own WM firm, gaining experience in PWM could be a more direct path.
Considering your networking prowess and connections, a career in wealth management could indeed be a good fit. You could potentially excel in building and maintaining client relationships, which is a cornerstone of success in PWM. However, if you're drawn to the deal-making aspect of finance, starting in IB could provide valuable experience that you could later apply to your own firm or a career in PWM.
Here is a question that you might be interested in and I can help you with: How does one's networking ability impact their success in private banking or wealth management?
Sources: Some Thoughts on Networking, https://www.wallstreetoasis.com/forum/asset-management/qa-breaking-into-the-asset-management-industry?customgpt=1, Networking into a Hedge Fund? It's Unstructured., Some Thoughts on Networking, Private Wealth Management: Is it a Zero-Sum Game
with how ambitious you sound I highly recommend against wealth management in all forms. go after an internship in IB or a HF where you can develop real skills
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