Advice Request- Career track in private wealth/ private banking

Advice request-what to do next:

I currently work for the Wealth Management unit for a one of the biggest Swiss Banks.

My position supports two advisors who in total manage approximately $450M. Went undergrad to a well respected private college majoring in business and am scheduled to finish a part-time MBA from the University of Connecticut in the Spring.

My current position is focuses on servicing the existing client base which also includes analytical work supporting the portfolio management process and outbound calling to solicit trades from existing accounts (individuals and small institutions).

The next logical step internally would seem to be the firm's advisor training program, however I get the sense that the decision makers won't promote me there because they don't see me bringing in 'big' prospects. Management is also intent on hiring full time MBAs from a handful of schools for most of these positions.

I've worked for the same team essentially since college (7 years) and have some great client relationships. My main boss is in his early sixties and wants to either retire or take a significant step back within the next couple of years. He has mentioned he wants to 'monetize' his book of business although the best way to do that may be to 'take a check' and jump to another firm.

My current thoughts are to pursue the following courses of action concurrently

1. Devote extra time at the office prospecting the registered investment adviser(RIA) market and spend significant time networking in efforts to land some big fish for the firm
2. Pursue other roles internally and externally such as:

a. Banking or product team at JPM Private Bank or competitor
b. Product centric role at fund of funds/ RIA

Pay is relatively stagnant where I now so I need to either get promoted or get out.

Location is NYC.

Advice on how to proceed ?

Thanks in advance!

Comments (3)

Sep 24, 2014 - 8:01am
thebrofessor, what's your opinion? Comment below:

first, have a candid conversation with your partners, because the win-win for both of you would be for you to come on as a junior partner, get a progressively larger share of the book as you meet goals that you agree upon, and the senior guy gets to monetize the book via retiree payouts. I'm pretty sure UBS has the same program as morgan and Merrill in that retiring brokers can get a portion of their would-be commission payout from all clients who stay with the firm, so this is an incentive for you to do right by the clients and for the senior guys to make for a smooth transition (their paycheck depends on it). these programs are usually 3-5 years, but it's a great deal for the retiring broker, for you, and for the client. so #1 is talk to your team possibly at your year end review or whenever appropriate (you'll know more than we will), if that goes nowhere, talk to your branch manager.

Sep 24, 2014 - 12:38pm
ShortNYLongCT, what's your opinion? Comment below:


Thanks for the response. I'm not at UBS but another Swiss firm.

The team is all for me being promoted especially because my promotion would allow the team to be assigned another support person.

The issue is getting this approved by the branch manager and head of private wealth.

There is currently no retirement program at the firm.

I feel the need to get into the FA seat as I need to be there to inherit the accounts when my boss eventually retires and I also see at is the only place I can actually and legally build long term transferrable equity.

Best Response
Sep 26, 2014 - 12:50pm
DoYouLikePhilCollins, what's your opinion? Comment below:

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