Breaking out of consulting into PWM

Hey y'all!!

I wanted to ask about breaking out of management consulting in the financial services industry, and transitioning into a private wealth management/private banking role.

Generally on my background:
*Consulting sales experience
*Solid network of HNW individuals
*Speaks Mandarin and German
*No Series 7
*Great people skills

I've really loved working in the financial services industry, but have never provided investment advice, although have worked directly on sales and client campaigning at the MC firm (big 4). Strong personal network of HNW individuals and some UHNW individuals.

I'm very passionate and serious about making this happen, but so far cold applications have not been working, and I don't know anyone close enough in my network who works in the industry.

Would definitely take an entry-level position and work my way up (although btw what would the salary range look like?), and thinking that applying to small shops that might need fresh blood with a list of potential clients to come in.

What do you guys think? How should I work this and break into PWM/PB?

Any advice at all would be great and so much appreciated!!

Thank you!

Comments (7)

Oct 13, 2017

I have a comment and a question.

First off: What is your passion? At much of PWM, unless you are already nailed down enough to enjoy a holding pattern of assets and income, it is about gathering AUM, not planning. If you can take enough of these "contacts" with you, great, if not, expect to be trying to build business 24/7.

Second: Don't worry about any licencing exam. They are minimum competency exams. (like a Driver's Licence Exam) At my current company, ~175 external and 300 internal wholesalers had to move from a 6 to a 7 in under six months, and I didn't hear of a single person not making it.

    • 1
Oct 14, 2017

Thanks so much for the reply whatever1984! My passion is working with people. I love building long-term client relationships and getting to know my clients. Having worked in the financial services industry for 6 years, I feel that is the best industry through which I can help them achieve their goals. I think the idea of helping a family organize their resources is pretty exciting, and again I would love being able to work with clients in that capacity. It's also something I feel I would be good at!

Super good to know about the Series, I heard the 65 was killer too, but if it's not a dealbreaker in getting into the industry that's a relief!

Oct 13, 2017

Normally the opposite is done, but do whatever floats your boat.

Oct 14, 2017

Haha thanks goldmanorbust. Just thinking about longer-term career goals, and I'm not crazy about the culture of selling at the Big 4, although I love the people relationship building part and still keep in touch with quite a few big clients!

Oct 14, 2017

I'm not crazy about the culture of selling

You might want to read a bit more on what it takes starting out as an advisor...

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Oct 16, 2017

Lol I meant specifically at the current firm I'm at. Their approach is almost pump and dump, we do a lot of small projects with clients and don't care for them enough. I want to work somewhere where clients are 100% #1 and way more detail oriented in our approach to everything.

Oct 16, 2017