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!