Applying to BB where Family Trust is Managed
I am at the time in life when I am starting to seriously think about possible careers, but I have been interested in IB for a while. I currently go to a highly-ranked university, but not an Ivy.
The thing is, a large portion of our family money is being managed by the wealth management division of a BB (think $40-60 million at this bank). Would this help me in acquiring a job/internship at said firm? Would the recruitment process differ for someone like me if I already have a relationship with an MD at this bank, and they have a vested interest in managing part of our trust?
Thanks
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$40 to $60 million is a PORTION of your family money?
Forget banking, go into philanthropy or something
lol op do you really have a 40mil -60mil trust fund?
Ingram Micro?
Fuck Philanthropy.
If you want to do IB, I recommend you try it especially as an internship. As stated have your dad talk to the PWM rep, with that much money you are guaranteed an interview (maybe even a job, considering you go to a good school)
I am not sure what your father does/did to generate such wealth, but you should look to expanding the family business or taking some money and starting your own. It is a shame (and makes me a little sick) to see what has happened to the Rockefeller family with each descendant just waiting for the the other to die so that they can get a piece of the inheritance.
Slightly more. Please don't flame, I'm just looking for advice. Thanks.
Edit: And my user name is a pseudonym, so guessing won't help. Also, what year of college should I try to get the internship lined up?
are you emma watson :D
op go for it nothin to lose but you prob won't be put in pwm b/c of conflicting interests
The opposite of a conflict of interest?
Int'l Pymp, what would be the best way of building a "real" fortune through using my own capital?
well, obviously as an ibanker you're not really using your own capital, but if you start in ibanking you'll learn a lot. Then you could move into PE, where you'd learn even more about investment (and make ton of money in salary as well)... once you know what you're doing you can start throwing down a lot of money on individual deals. The great thing about being in PE is that, unlike the LP's in the fund who pay fees and carry, if you work at the fund and want to invest in projects or the fund you are generally exempt from all fees. You can also choose the best investments and the ones that suit your risk return profile instead of investing in only the fund and having the manager make decisions for you
going into real estate and learning how to invest your money effectively in income producing assets could be good too... lots of the richest kids I knew in college (and i went to ivy, and knew the rich kids) wanted to go into real estate / hotel management. The hours aren't as killer and you can still make the big bucks and multiply your families capital.
Any one else have any thoughts on "how a rich kid should become super-rich"? It's kind of an interesting topic.
you really have a 40mil -60mil trust fund?
edited post... i was a tad drunk when i wrote my original post
Become a venture capitalist?
I agree. Much more attractive career possibilities for someone like this than banking.
However, as a STARTING point, I still think working in M&A or an industry group or something like that even for just one year is an invaluable education. The only trade-off is the hours. If your family already has XX or XXX million in net worth, there is no reason to take years off your life working on pitchbooks at a bulge-bracket.
Therefore, if I were in the OP's shoes, I'd work for a regional "lifestyle" MM shop where you will not lose your hair at age 25. I know people here like to shit on these firms, saying the deals are smaller and not as impressive on a resume. But this isn't for his resume, it's a learning experience and, let's be honest with ourselves, you learn the same shit. Bigger is not necessarily better. In fact, working with mid-market clients is probably more relevant to this kid's future than multi-billion dollar pharma company mergers.
The thing is--if you have that sort of cash, you still need to do something respectable with your life. And at some point, you're going to need to know something about finance to be able to make intelligent financial decisions. I don't see why you shouldn't work in high finance.
Perhaps I-banking is the right fit, but who knows? You should try to get internships in PWM (shoot for the ultra high net worth division), sales and trading, and I-banking. If your family has good connections, you won't have to do the 'jubb jobs' most analysts do. If you can generate your own revenues for the firm through your contacts, then you're no longer an analyst. You're going to want to spend some time as an analyst regardless so you can 'learn the ropes,' but once that gets boring, start doing VP-level work, and you'll get promoted.
And if you don't like high finance, after a couple of years, switch to doing something else.
shit like this happens all the time in Asia
rough life
The best way to turn that money into more money IMHO is to go into real estate.... if you buy multifamily assets you can get good leverage(70%). $40mm can buy a couple hundred million in assets, with that kinda leverage and the tax benefits real estate is the way to go I think. If you are serious about RE, I would try to find an owner/operator and go work for them. Many people will tell you to go into real estate finance, but the real money is made on the operating side, the finance stuff is easy... many rich families lose their real estate because they cannot operate it effectively.
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