Q&A: Asia Private Wealth Management
Hi all, long time lurker here on WSO. WSO has been one of the earliest platforms that I have used to get up to speed regarding the intricacies surrounding various segments of the finance sector, and now that I have finished undergrad and got a job that I love, it is only fair that I share my insights with the community to widen our collective knowledge. My background: Asia semi-target university, Accountancy/Finance major, 1:1, internship experiences in VC, Big 4 CF, investment research at an AM, corporate banking at a regional bank, and SA at a BB PWM division. Completed a short stint in corporate development/strategy at a regional conglomerate before accepting a job with the discretionary mandates team of a large EU private bank.
Comp?
About 450k HKD all in for first year
So ~$60k USD... wow. How do you afford the crazy COL in HK?
Do you see PWM as a long term play or are you looking to transition after a couple years into something else ?
Currently leaving it open. Doing portfolio management work in PWM would open doors for AM jobs down the line, but am currently happy with where I am and am learning a lot! Could very well be a long term play for me, who knows.
Also, client money tends to be stickier in PWM. With the asset outflows that AM houses are facing right now, PWM may be a safer play at the moment.
How long is each promotion, in IB its A-A-VP etc so just wondering how long between each promotion?
Can a 3.3 econ major from ucsd stand a chance to be hired here? I have 1 internship as an investment banker intern at a southeast asian boutique level securities. Another internship at an insurance company.
Here as in my firm, or in Asia?
Both in your firm or in Asia
Say as an analyst/associate you consistently bring in UHNWI clients including billionaires using your own network, what is the upside potential of year-end bonus? For example's sake, you assist the bank in adding US$500mn AUM in a year, what % cut?
AUM is just 1 factor. You don't earn much from deposits. If you put that money to work, you generate fee revenue. Total comp for relationship managers is about 15-20% of total revenue generated.
Are there any Asia specific resources that you used to find a role?
Not quite sure what you mean by that, I just applied online when I saw the opening on LinkedIn
What areas do you see the most fund inflow/outflow? Curious where pwm type is putting money right now.
Any tax advice do you typically give to clients that you think would be useful for the masses as well?
Do you see any flow impact resulting from recent unrest? (Pure economic question, not political)
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