Difference between Private Wealth Management and Financial Advising?

I'm a recent grad. A lot of people say work in PWM then go get your MBA. I was able to get a Financial Advisor role at an Insurance company. Is this considered PWM? Or are PWM more like Banks?

Edit: Also, is my role considered retail finance?

 
Best Response

It depends, generally a financial advisor can take on whichever clients they like. A PWM financial advisor would have a minimum in terms of AUM. The amount can very from bank to bank and often an advisor can have clients that have small AUM and clients with massive AUM. The thing that generally sets PWM apart from a traditional financial advisor is they are going to have more specialized teams to assist with advising. The majority of these services will be imbedded within the fees the client is paying. The teams will create different strategies for the clients ranging from estate planning, tax planning, business sales, and asset management. Where as a traditional financial advisor is going to be able to take on smaller clients as well as larger ones. Sometimes an advisor will not necessarily be specific to PWM but have larger clients that utilize the specialized services and are therefore classed under the private banking area.

Only two sources I trust, Glenn Beck and singing woodland creatures.
 

I interned for a FA at a major FA firm now I'm at a PWM at a BB. The FA one majorily sucked cock cause my boss was a racist douchebag and I was a traveling salesman selling CDs to my friends/family. OTOH, my work at the PWM has been more focused on doing analytical work (e.g working on Excel by analyzing a BB market report, Morningstar Report, etc.) and there has been some cold calling but it has never been with people I know, which is a huge huge plus can't emphasize this enough. There is very little overlap between these places at least in my experience and as far as writing it one a resume I put Financial Advisor Intern, Global Wealth Management.

I strongly strongly suggest that if you get a FA internship that is not with a BB you give it up unless its your only offer cause you will hate yourself for it. I know I did and I was only a senior in hs plus I could see the people at my ex-firm had huge chips on their shoulders. The work was utter bullshit with no marketability just look for PWM internships at a BB. If you're a freshman/perhaps sophomore, this will be your best opportunity unless you have some serious connections.

 

To answer the OP

No - they're completely different.

PWM, private wealth management, is actually managing the wealth of clients who give you X ammount. Your clients will be individuals, and your relationships will be forged over years.

Different from advisory, different from dealing with pension funds etc.

And since UBS got nailed for helping the rich get richer via a little tax dodging, its become a little more scrutinised.

 

Voluptas sit blanditiis ullam et. Est magni numquam numquam commodi. Saepe totam ut dolorem temporibus veniam distinctio voluptas modi.

Quasi quisquam non et. Quos ab qui qui omnis et ut qui. Quo aut temporibus sint.

Magni reprehenderit cupiditate nesciunt occaecati ab. Doloribus iusto eum iusto quo sit delectus voluptas. Enim odio aut velit impedit distinctio. Quam et commodi possimus qui illo voluptas cum. Perferendis quam voluptatem nihil praesentium ut quaerat quia quod.

Ab porro explicabo soluta minima. Autem dolorem et quae consequatur voluptas quis tenetur. Dolore fugiat inventore dolore. Velit cupiditate non minima pariatur esse eaque. Assumenda aut ab impedit possimus omnis quod voluptate. Rerum corporis at natus non voluptatem vero. Eligendi voluptatibus inventore aut ipsam perspiciatis aut aliquam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
dosk17's picture
dosk17
98.9
6
CompBanker's picture
CompBanker
98.9
7
kanon's picture
kanon
98.9
8
GameTheory's picture
GameTheory
98.9
9
DrApeman's picture
DrApeman
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”