General Questions About Private Banking
I am an undergraduate student considering going into Private Banking. So far there seems to be a dearth of information about that field scattered throughout the site. Here are my questions, I would appreciate if someone could answer them.
1) Nature of Private Banking: My understanding is, that there are two similar fields in the Financial Advising sector. There are PWM's and then Private Bankers. PWM's seem to deal with less wealthy people, and there seems to be no career progression from analyst>associate>VP>MD, but rather they start out building their own book and are just called financial advisers (or something like that). Then there is Private Banking which has a career progression similar to IB (analyst>associate>VP>MD) and this field seems to be much more lucrative. Am I getting this right?
2) Lifestyle: I am looking for a career with a good lifestyle (therefore I probably won't go for IB/HF/PE). My understanding is that Private Banking has a decent lifestyle with 9-10 hour days and basically no weekends. Is this correct?
3) Pay: My understanding is that the pay in Private Banking, while lower than that of other careers in finance is still very high. The Vault Career Guide to PWM (which I assume really is talking about Private Banking) suggests that it is typical to be making $500,000 a year within 10 years in the field. Is this accurate? (I know that in Private Wealth Management, where one deals with less wealthy clients, that while this is possible it is not by any means typical). Any thoughts on this?
Thanks so much!