Do I have to aqcuire Clients in PWM? PWM VS. WM
In BB PWM, working with UHNW Clients, is it my job to actually attract those big time, 10M+ clients? How Am i expected to know/find these people? OR is my job merely to manage their funds.
I have a hunch that there is a difference between Wealth Management and PWM. Could someone please explain it to me? Thanks.
Depends on your function w/in the UHNW org. If you're in acquisiton/sales or FC role, you bet it's you job in addition to managing the portfolio of existing clients the firm has on your roster. If you're in PM or analysis for the accounts then not so much. Most of those 10M+ will be handled by Sr. Associates or VP-role(s), but as you move through it will be your job to have those conversations w/ those clients to "network" through their "network" and bring in those clients.
So with that being said, is a typical path to VP to start as an analyst, to PM, and eventually take over some clients and begin acquiring more as a VP?
I would say that would be one avenue, however the client acquisition role will start at the PM stage(in some form) in your scenario.
It depends on the firm and also the group you are hired to work with. As stated above you won't have direct responsibility to bring in new accounts if you are working as an analyst (and then later transition to being a PM). If you work on the relationship management side of the business then bringing in additonal assets as well as new clients is expected.
I'm seeking to start to work straight into RM, but I've seen that most grad programmes all start with the common 2 analyst years scheme... Which companies where you talking about?
If you're relationship manager side yes if you're client portfolio management no but can always look good if you happen to bring someone onto the team -- you'll be used to help close business by articulating investment ideas on this side of things
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