This may seem kind of random, however I randomly searched "Drakes financial manager" on google just to see his qualifications and how much he/she is paid every year to handle that.
Came across this and was quite intrigued.
Then I realized most celebrities don't have just one person advising them on investments and spending etc. they have a firm doing the work.
Has anyone considered attempting to break into this industry? I guess its just PWM with ultra-high net worth clients, but I haven't seen it discussed on here before. Does anyone know how to break into this industry? I am completely clueless on the process. Anyone think it would be a good path to pursue? Why or why not?
Yeah I have been posting too much on here in the last few days, but I am quite addicted to this website and always want to learn more about careers in finance.
I may be wrong, but private wealth management would combine financial advisory/planning services with Asset Management/investments. In my brief internship at an asset management boutiqe firm, most had or were working on their FINRA Series 6, 7, 63, CFP and/or CFA.
I assumed that you would need licensing and such to perform the job, but is it just randomly getting into one of these firms and managing celebrity money? or do you think people from top firms are recruited to these firms? I assume the firms themselves make a good amount of money.
We need thebrofessor to explain this if he has any knowledge on it.
The smartest people have their money at well known firms to prevent another madoff situation. And very few have all their assets at one place
The way to break in is through the agents, they are the toughest gatekeepers out there. You get in with an agent, you're set. It's tremendously hard unless you grew up with the famous person.
Yeah, my back up plan if all else fails is to work in PWM and manage money for up and coming rappers like lil Uzi & lil yachty. I figure once you get into that circle it wouldn't be too hard to build a book of B list rappers and manage a couple mil.
You really think Lil Uzi, Lil Yachty & co. are having their money managed by anybody? They're spending it as fast as they can make it.
ironically I've met Lil Uzi we had him for a fraternity party fall 2016. He seemed like a guy who would let you manage his money if you knew what happened to bond prices when inflation rises. Guess I did not take advantage.
having one person manage your wealth at that level opens up the possibility of meeting another Bernie Madoff.
I know many celebrities on the west coast get their money managed through Bel Air Investment Advisors -- pretty tough to get a job there from my understanding.
In West Philadelphia born and raised... (someone had to)
Smith Barney? Bunch of bitches.
My ultimate life goal is to start my own shop called "Wu-Tang Financial". Once this is accomplished I will release the cost of the naming rights, and how clients react to the name of the business.
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